19437 BELOW 19600; 19900 IS IMMEDIATE HURDLE

 

19437 BELOW 19600; 19900 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow inched up 0.1% while S & P 500 and Nasdaq gained 0.4% each, all snapping a 4-session losing streak.

 

U.S. 10-year treasury yield rose 10 bps to 4.537%, reaching its highest level since 2007. Dollar index rose 0.4% to 105.95. Gold fell half a percent to $1916 per ounce.

 

Brent crude futures settled 2 cents higher at $93.29 a barrel while WTI crude settled 35 cents lower at $89.68.

 

European markets fell 0.7%-1.2%.

 

AT HOME

 

Benchmark indices ended little changed after a choppy session. Sensex settled at 66023, up 14 points while Nifty was absolutely flat at 19674. Nifty mid-cap index rose 0.7% while small-cap index was flat at 12481. Nifty Realty and Consumer Durables indices were the top gainers among the sectoral indices, up 1.5% and 0.5% respectively whereas IT and Media indices were the top losers, down 0.8% and 0.7% respectively.

 

FIIs net sold stocks and index futures worth Rs 2333 cr and 1466 cr respectively but net bought stock futures worth Rs 2339 cr. DIIs were net buyers to the tune of Rs 1579 cr.

 

Rupee depreciated 21 paise to end at 83.14/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are down 0.8% each while Shanghai is marginally lower. GIFT Nifty is suggesting around 45 points lower start for our market.

 

In yesterday's report we had said that 19605, the 61.8% retracement level of the recent 19223-20222 upmove, where 34-DMA is also placed, was the crucial support to eye.

 

Nifty, after touching a low of 19601, rebounded to end at 19674.

 

19601, the low made yesterday, which coincided with 34-DMA as well as the the 61.8% retracement level of the recent 19223-20222 upmove, is the immediate support to eye. If this level breaks, 78.6% retracement level of the aforementioned upmove, placed at 19437, would be next downside level to eye. 19900 is the immediate hurdle on the way up.

 

For Banknifty, 44360, the 78.6% retracement level of the recent 43830-46310 upmove, is the immediate support, below which, the benchmark might revisit 43830 bottom made on 1st September; 45400 is the immediate hurdle on the hourly chart.

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