19700 CONTINUES TO BE IMMEDIATE SUPPORT

 

19700 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow ended marginally in the red while S & P 500 and Nasdaq slipped 0.6% and 1% respectively after Oracle shares plunged on disappointing results, and tech stocks came under pressure.

 

U.S. 10-year treasury yield fell 1 bps to 4.284%. Dollar index was flat at 104.54. Gold fell half a percent to $1912 per ounce.

 

Oil prices jumped to a near 10-month high on a tighter supply outlook and OPEC optimism over the resilience of energy demand in major economies. Brent futures rose 1.6% to $92.06 a barrel while WTI crude rose 1.8% to settle at $88.84.

 

In Europe, FTSE rose 0.4% but DAX and CAC fell 0.5% and 0.4% respectively.

 

AT HOME

 

After starting around half a percent higher, benchmark indices gave away most of the gains through the session to end little changed. Sensex settled at 67221, up 94 points while Nifty lost 3 points to finish at 19993. Nifty mid-cap and small-cap indices nosedived 3.1% and 4.1% respectively, snapping 11-session winning streak and suffering the worst cut since 23rd December, 2022. Except 1% and 0.1% higher IT and Pharma indices respectively, all the NSE sectoral indices ended lower, with Media and Realty indices being the top losers, down 4.3% and 3.2% respectively.

 

FIIs net sold stocks and stock futures worth Rs 1047 cr and 1322 cr respectively but net bought index futures worth Rs 1106 cr. DIIs were net buyers to the tune of Rs 259 cr.

 

Rupee appreciated 11 paise to end at 82.92/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 0.6% and 0.2% respectively while Nikkei is down 0.3%. GIFT Nifty is suggesting a modestly higher start for our market.

 

In yesterday's report we had said that 20250 was the next upside target to eye while 19700 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 20110, slipped to end at 19993.

 

20250, around which, a rising trendline adjoining tops made in December 2022 and July 2023 is placed, continues to be next upside target to eye; 19700 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 46370, the record high made on 21st July is the next upside level to eye; On the way down, 44800 is the immediate support on the hourly chart.

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