TRAIL STOP-LOSS TO 19600

 

TRAIL STOP-LOSS TO 19600

 

WORLD MARKETS

 

U.S. indices ended with modest gains on Friday.

 

U.S. 10-year treasury yield rose 2 bps to 4.268%. Dollar index was flat at 105.06. Gold eased 0.1% to $1918 per ounce.

 

Oil prices rose to 9-month high. Brent futures rose 0.8% to $90.65 a barrel while WTI crude rose 0.7% to settle at $87.51.

 

European markets gained 0.1%-0.6%.

 

For the week, U.S. indices fell 0.8%-1.9%. Dollar index rose 0.8% for its eighth consecutive up-week. Gold fell 1.1%. Oil gained around 2%.

 

AT HOME

 

Benchmark indices climbed half a percent each, extending the winning streak to sixth straight day and closed at the highest level after 26th July and 20th July respectively. Sensex settled at 66598, up 333 points while Nifty added 93 points to finish at 19820. Nifty mid-cap and small-cap indices gained 1% and 0.6% respectively, rising for the ninth consecutive day and hit fresh record highs.

Nifty Realty and Financial Services indices climbed 2.1% and 1.5% respectively, becoming top gainers among the sectoral indices while Media index was the top loser, down 1%, followed by 0.4% lower Healthcare and Pharma indices.

 

FIIs net sold stocks worth Rs 224 cr but net bought index futures and stock futures worth Rs 407 cr and 483 cr respectively. DIIs were net buyers to the tune of Rs 1150 cr.

 

Rupee appreciated 26 paise to end at 82.94/$.

 

For the week, Sensex and Nifty gained 1.8% and 2% respectively, extending the winning streak to second straight week and posting highest weekly gain since the week ended 30th June.

 

OUTLOOK

 

Today morning, Shanghai is up 0.3% but Nikkei and Hang Seng are down 0.4% and 1.2% respectively. GIFT Nifty is suggesting around 50 points higher start for our market.

 

In Friday's report we had said that 19795, followed by 19867, the tops made on 1st August and 27th July respectively, were the next upside targets to eye and that immediate support on the hourly chart had moved up to 19525, with the stop-loss of which, trading longs could be held on to. 

 

Nifty surged to touch a high of 19867 before closing at 19820.

 

19991, the record high made on 20th July, is the next upside level to eye; 19600 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 45777, the 78.6% retracement level of the 46370-43600 fall seen since 21st July, is the next upside level to eye, above which, 46370, the record high made on 21st July can be retested; On the way down, 44600 is the immediate support on the hourly chart.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.