19300 CONTINUES TO BE IMMEDIATE HURDLE; 18940, 18837 ARE SUPPORTS

 

19300 CONTINUES TO BE IMMEDIATE HURDLE; 18940, 18837 ARE SUPPORTS

 

WORLD MARKETS

 

Dow surged 1.6% for its best day since June 2, while S & P 500 and Nasdaq climbed 1.2% each, kicking off a big week filled with a Fed rate decision, jobs report and Apple’s earnings.

 

U.S. 10-year treasury yield rose 5 bps to 4.894%. Dollar index fell 0.4% to 106.14. Gold fell half a percent to $1996 per ounce.

 

Brent crude futures fell 2.8% to $87.89 per barrel while WTI futures declined 3.5% to $82.57 per barrel.

 

European markets gained 0.2%-1.1%. German GDP recorded a 0.1% quarterly fall, slightly better than the 0.3% decline forecast.

 

AT HOME

 

Benchmark indices gained half a percent each, extending rising streak to second straight day. Sensex settled at 64112, up 330 points while Nifty added 93 points to finish at 19140. Nifty mid-cap and small-cap indices inched up 0.1% and 0.2% respectively. Nifty Realty and Oil & Gas indices were the top gainers among sectoral indices, up 2.1% and 1.3% respectively while Auto and Consumer Durables indices were the top losers, down 0.9% and 0.5% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 1762 cr, 298 cr and 1658 cr respectively. DIIs were net buyers to the tune of Rs 1328 cr.

 

Rupee ended flat at 83.25/$.

 

UPL missed street estimates on all fronts with a net loss of Rs. 189 cr and margin at 15.5%.

OUTLOOK

 

Today morning, Nikkei and Shanghai are down 0.2% each while Hang Seng is off 0.8%. GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 18837, the low made last week, was the important immediate support to eye while 19300 is the immediate hurdle on the hourly chart.

 

Nifty rose to touch a high of 19158 before closing at 19140.

 

19300 continues to be immediate hurdle on the hourly chart; 18940, the low made yesterday, is the immediate support, below which, 18837, the low made last week, would be crucial support to eye.

 

For Banknifty, 43400 continues to be immediate hurdle on the hourly chart, above which, 43715 and 44153, the 61.8% and 78.6% retracement levels of the recent 44700-42100 fall, would be next upside levels to eye; 42390, the low made yesterday, is the immediate support below which, 42105, the low made last week, would be next downside level to eye.

 

L & T, Tata Consumer and Bharti Airtel will report their quarterly earnings today.

Investment in securities market is subject to market risk.

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18837 IS IMPORTANT IMMDIATE SUPPORT; 19300 IS IMMEDIATE HURDLE

 

18837 IS IMPORTANT IMMDIATE SUPPORT; 19300 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow and S & P 500 fell 1.1% and 0.5% respectively while Nasdaq gained 0.4% on Friday. Dow was pressured by JP Morgan Chase while gains in Amazon boosted Nasdaq.

 

JPMorgan Chase fell 3.6% after CEO Jamie Dimon said he planned to sell 1 million shares next year.  Amazon surged more than 6% after beating analysts’ expectations for revenue and earnings in the third quarter.

 

Core personal consumption expenditures increased 0.3% in last month and 3.7% y-o-y, matching estimates. Consumer spending increased 0.7%, however, surpassing estimates of 0.5%.

 

U.S. 10-year treasury yield was little changed at 4.839%. Dollar index too was flat at 106.58. Gold surged 1.1% to $2006 per ounce.

 

Brent and WTI crude futures both rose 2.6% each to $90.18 and $85.35 a barrel respectively.

 

European markets fell 0.3%-1.4%.

 

For the week, U.S. indices fell 2.1%-2.6%.

 

AT HOME

 

Benchmark indices climbed 1% each, snapping a 6-day losing streak. Sensex settled at 63782, up 634 points while Nifty added 190 points to finish at 19047. Nifty mid-cap and small-cap indices surged 1.5% and 2% respectively. All the NSE sectoral indices ended higher, with PSU Bank index on the top, up 4.1%, followed by 2.6% higher Media index.

 

FIIs net sold stocks and index futures worth Rs 1500 cr and 111 cr respectively but net bought stock futures worth Rs 373 cr. DIIs were net buyers to the tune of Rs 314 cr.

 

Rupee depreciated 2 paise to end at 83.25/$.

 

For the week, Sensex and Nifty fell 2.5% each, extending the losing streak to second straight week.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are down 0.3% each while Nikkei is off 0.9%. GIFT Nifty is suggesting around 30 points lower start for our market.

 

In Friday's report we had said that 34-week moving average, placed around 18800, was the important support to eye while 19300-19325 was the immediate resistance zone.

 

Nifty surged to touch a high of 19076 before closing at 19047.

 

18837, the low made last week, around which 34-week moving average as well as lower band of weekly Bollinger band are placed, is the important immediate support to eye. Below this support, 200-DMA, placed around 18610, would be next downside level to eye. On the way up, 19300 is the immediate hurdle on the hourly chart.

 

For Banknifty, 42105, the low made last week, is the immediate support, upon breach of which, 41576, the 61.8% retracement level of the upmove seen since bottom made in March 2023, would be next downside level to eye. 43400 is the immediate hurdle on the hourly chart, above which, 43715 and 44153, the 61.8% and 78.6% retracement levels of the recent 44700-42100 fall, would be next upside levels to eye.

 

DLF, TVS Motors and Marico will report their quarterly numbers today.

Investment in securities market is subject to market risk.

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18800 IS THE IMPORTANT SUPPORT; 19300-19325 IS THE RESISTANCE ZONE

 

18800 IS THE IMPORTANT SUPPORT; 19300-19325 IS THE RESISTANCE ZONE

 

WORLD MARKETS

 

U.S. indices fell 0.8%-1.8%.

 

U.S. third-quarter GDP showed a 4.9% rise, better than the 4.7% increase anticipated. However, weekly jobless claims came in at 210,000, greater than the estimate of 207,000.

 

U.S. 10-year treasury yield fell 11 bps to 4.847%. Dollar index inched up 0.1% to 106.62. Gold rose 0.2% to $1984 per ounce.

 

Brent crude futures declined 2.1%, to $88.21 a barrel and WTI crude futures slid by 2.3%, to $83.46 a barrel.

 

The European Central Bank left interest rates unchanged as expected, snapping an unprecedented streak of ten consecutive rate hikes, and maintained its guidance which implies steady policy ahead.

 

European markets fell 0.4%-1.1%.

 

AT HOME

 

Benchmark indices nosedived 1.4% each for their worst cut since 13th March and closed at the lowest level in 4-months. Sensex lost 900 points to settle at 63148 while Nifty finished at 18852, down 270 points. Nifty mid-cap and small-cap indices fell 1.2% and 0.3% respectively. All the NSE sectoral indices ended in red, with Metal and Financial Services indices being the top losers, down 1.6% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 7703 cr, 3405 cr and 6703 cr respectively. DIIs were net buyers to the tune of Rs 6558 cr.

 

Rupee depreciated 5 paise to end at 83.23/$.

 For the October derivative series, Nifty fell 3.4%.

Asian Paints Q2 numbers were a mixed bag as Net Profit and margin were in-line with estimate but volume growth, at 6%, disappointed. ACC missed estimate even as revenue rose 11%.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.1%-1.2% and GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that upon breach of 19074, next support to watch out would be 18925, which is the 38.2% retracement level of the entire upmove seen since March 2023.

 

Nifty plunged all the way to 18837 before closing at 18852.

 

34-week moving average, placed around 18800, is the important support to eye; 19300-19325 is the immediate resistance zone.

 

For Banknifty, 41600, the 61.8% retracement level of the entire upmove seen since March, is the next support; 43400 is immediate hurdle.

 

Reliance Industries, Dr Reddy, Cipla, Bajaj Finance, BPCL, Maruti and SBI Life will report their quarterly earnings today.

Investment in securities market is subject to market risk.

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18925 BELOW 19074; 19500 IS IMMEDIATE HURDLE

 

18925 BELOW 19074; 19500 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

Nasdaq and S & P 500 tumbled 2.4% and 1.4% respectively while Dow fell 0.3% after disappointing quarterly results from Google-parent Alphabet and a rebound in interest rates.

 

Google-parent Alphabet plunged 9.5% for its worst day since March 2020 after revenue in its Google cloud unit came in below analyst estimates.

 

Data showed sales of new U.S. single-family homes surged to a 19-month high in September.

 

U.S. 10-year treasury yield rose 13 bps to 4.957%. Dollar index rose 0.3% to 106.54. Gold rose 0.4% to $1980 per ounce.

 

Brent crude futures rose 2.3% to $90.13 a barrel and WTI crude futures rose 2% to close at $85.39 a barrel.

 

In Europe, FTSE and CAC gained 0.3% each while DAX inched up 0.1%.

 

AT HOME

 

Benchmark indices tumbled eight tenth of a percent, extending the losing streak to fifth straight session and closing at the lowest after 28th June. Sensex settled at 64049, down 522 points while Nifty lost 160 points to finish at 19122. Nifty mid-cap and small-cap indices fell 0.6% and 0.2% respectively. Except 0.2% higher PSU Bank and Metal indices, all the NSE sectoral indices ended lower, with Media and Financial Services indices being the top losers, down 1.7% and 1.2% respectively.

 

FIIs net sold stocks and index futures worth Rs 4237 cr and 151 cr respectively but net bought stock futures worth Rs 2155 cr. DIIs were net buyers to the tune of Rs 3569 cr.

 

Rupee appreciated 1 paise to end at 83.18/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are down 0.2% each while Nikkei is off 2%. GIFT Nifty is suggesting around 75 points lower start for our market.

 

In yesterday's report we had said that 19223, the bottom made on 31st August, was the next downside level to eye while 19600 was the immediate hurdle.

 

Nifty plunged all the way to 19074 before closing at 19122.

 

Upon breach of yesterday's low placed at 19074, next support to watch out would be 18925, which is the 38.2% retracement level of the entire upmove seen since March 2023; 19500 is the immediate hurdle.

 

For Banknifty, 42500, the 50% retracement level of the entire upmove seen since March 2023, is the next support; 43600 is immediate hurdle.

 

Asian Paints and Colgate will report their quarterly earnings today.

Investment in securities market is subject to market risk.

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

19223 IS NEXT SUPPORT; 19600 IMMEDIATE HURDLE

 

19223 IS NEXT SUPPORT; 19600 IMMEDIATE HURDLE

 

WORLD MARKETS

 

On Monday, Dow and S & P 500 fell 0.6% and 0.2% respectively while Nasdaq rose 0.3% to snap a 4-day losing streak as Treasury yields retreated from their highs and market looked ahead to the release of corporate earnings from tech industry giants. U.S. 10-year treasury yield, after touching a high of 5.021%, reversed to end 6 bps lower at 4.852% as Pershing Square’s Bill Ackman disclosed that he had covered his bond short position.

 

U.S. indices gained 0.6%-0.9% yesterday on the back of several strong corporate earnings reports.

 

Data showed business output ticked higher in October as manufacturing pulled out of a five-month contraction and services activity accelerated modestly.

 

U.S. 10-year treasury yield fell 3 bps to 4.825%. Dollar index rose 0.6% to 106.24. Gold eased 0.1% to $1971 per ounce.

 

Oil prices fell for the third straight session on the back of soft economic data from Germany, the euro zone and Britain. Brent crude futures fell 2% to settle at $88.07 a barrel, while WTI crude futures fell 2.1% to $83.74.

 

European markets gained 0.2%-0.6%. Eurozone preliminary purchasing managers’ index for October showed an unexpected dip. German readings suggested a recession in that country is underway. Britain’s businesses reported another monthly decline in activity.

 

AT HOME

 

Sensex and Nifty plunged 1.3% each, extending the losing streak to fourth straight day, and closing at the lowest level after 28th June and 31st August respectively. Sensex lost 825 points to finish at 64571 while Nifty finished at 19281, down 260 points. For Nifty, this was the worst fall after 13^th March. Nifty mid-cap and small-cap indices nosedived 2.7% and 3.6% respectively. All the NSE sectoral indices ended in red, with Media and PSU Bank indices being the top losers, down 5% and 3.8% respectively.

 

FIIs net bought stocks and stock futures worth Rs 252 cr and 6372 cr respectively but net sold index futures worth Rs 328 cr. DIIs were net buyers to the tune of Rs 1112 cr.

 

Rupee depreciated 7 paise to end at 83.19/$.

 

OUTLOOK

 

Today morning, Hang Seng is up 2% while Nikkei and Shanghai are up 1% each. GIFT Nifty is suggesting around 30 points higher start for our market.

 

In Monday's report we had said that upon breach of 19512, 19400 would be next downside level to eye.

 

Nifty broke 19512 and plunged all the way to 19257 before closing at 19281.

 

19223, the bottom made on 31st August, is the next downside level to eye; 19600 is the immediate hurdle

 

For Banknifty, upon breach of Monday's low placed at 43029, next support will come at 42500; 43900 is immediate hurdle.

 

Axis Bank and Tech Mahindra will report their quarterly earnings today.

Investment in securities market is subject to market risk.

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19400 BELOW 19512; 19750 IS THE IMMEDIATE HURDLE

 

19400 BELOW 19512; 19750 IS THE IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices fell 0.9%-1.5% on Friday, as 10-year treasury yield topped 5% before retreating, prompting broader concerns about the state of the economy.

 

Regional banks tumbled as higher rates raised worries about the sector’s exposure to Treasury securities that are falling in value.

 

American Express shares dipped more than 5% following mixed results.

 

U.S. 10-year treasury yield, after touching a high of 5.001%. reversed to end 8 bps lower at 4.918%. Dollar index fell 0.1% to 106.16. Gold rose 0.4% to $1981 per ounce.

 

On the geopolitical front, Hamas released two U.S. hostages from Gaza, leading to hopes the Israeli-Palestinian crisis could de-escalate without engulfing the rest of the Middle East region. However, Israel levelled a northern Gaza district after giving families a half-hour warning to escape, and hit an Orthodox Christian church where others had been sheltering, as it made clear that a command to invade Gaza was expected soon.

 

Brent crude futures fell 22 cents to settle at $92.16 a barrel. WTI December contract closed 29 cents lower at $88.08 a barrel.

 

European markets fell 1.3%-1.6% to close at their lowest level since the start of the year.

 

China’s central bank kept its benchmark loan rates unchanged for October.

 

For the week, U.S. indices fell 1.6%-3.2%. In Europe, FTSE, DAX and CAC, all fell around 2.6% each. Asian markets saw cuts ranging from 1%-3.2%. In other asset classes, U.S. 10-year treasury yield jumped 30 bps to 4.928%. Gold surged 2.5% to $1981 per ounce. WTI crude oil rose 0.7%. Dollar index fell half a percent.

 

AT HOME

 

Sensex and Nifty fell four tenth of a percent each, extending the losing streak to third straight day and closing at the lowest level after 4th October and 9th October respectively. Sensex settled at 65397, down 231 points while Nifty lost 82 points to finish at 19542. Nifty mid-cap and small-cap indices fell 1.1% and 0.8% respectively. Except 0.1% higher Private Bank index, all the NSE sectoral indices ended lower, with Consumer Durables and PSU Bank indices being the top losers, down 1.6% each.

 

FIIs net bought stocks worth Rs 456 cr but net sold index futures and stock futures worth Rs 636 cr and 812 cr respectively. DIIs were net buyers to the tune of Rs 9 cr.

 

Rupee appreciated 13 paise to end at 83.12/$.

 

For the week, Sensex and Nifty fell 1.3% and 1% respectively, snapping a 2-week winning streak.

 

ICICI Bank's quarterly numbers beat estimate on all counts and asset quality was at it's best in 9 years while loan growth and deposit growth also hit mulity-quarter highs. Strong loan growth drove profit for Kotak Mahindra Bank and asset quality remained stable even as net interest margin decline more than expected.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.4%-0.8% and GIFT Nifty is suggesting around 40 points lower start for our market.

 

In Friday's report we had said that 19512, the low made Thursday, was the immediate support while 19750 was the immediate hurdle on the hourly chart.

 

Nifty fell to 19518 before closing at 19542.

 

Upon breach of 19512, i.e. the low made last week, 19400, around which a trendline adjoining bottoms made on 31st August and 4th October is placed, would be next downside level to eye; 19750 is the immediate hurdle on the hourly chart.

 

For Banknifty, 200-DMA, placed around 43200, is the next important support to eye. 44300 is the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts can be held on to.Investment in securities market is subject to market risk.

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

19444 BELOW 19512; 19750 IS IMMEDIATE HURDLE

 

19444 BELOW 19512; 19750 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices fell 0.8%-1% as 10-year treasury yield approached 5% mark after digesting comments from Fed Chair Powell.

 

Powell said inflation was still too high and would likely require lower economic growth, while also noting recent data showed progress toward slowing prices. He also said that monetary policy was not yet too tight.

 

Tesla slid more than 9% after the company missed analyst expectations on earnings and revenue in the third quarter. Netflix jumped 16% for its best day since January 2021 after the streaming giant posted third-quarter earnings that beat estimates.  AT&T climbed more than 6% after beating expectations for the third quarter, while investment firm Blackstone slid nearly 8% on a weaker-than-expected report.

 

Weekly jobless claims totaled 198,000 for the period ending Oct. 14, below the estimate for 210,000.

 

U.S. 10-year treasury yield rose 8 bps to 4.992%. Dollar index fell 0.3% to 106.24. Gold surged 1.3% to $1973 per ounce.

 

Brent futures rose 1% to $92.38 a barrel while WTI futures settled up 1.2% at $89.37 a barrel.

 

European markets fell 0.3%-1.4%

 

AT HOME

 

After falling eight tenth of a percent, benchmark indices recouped half of the losses to end lower by four tenth of a percent. Sensex settled at 65629, down 247 points while Nifty lost 46 points to finish at 19624. Nifty mid-cap index fell 0.1% while small-cap index rose 0.2%.  Nifty Metal and Oil & Gas indices were the top losers among the sectoral indices, down 0.9% and 0.5% respectively while Auto and Consumer Durables indices were the top gainers, up 0.5% and 0.2% respectively.

 

FIIs net sold stocks and index futures worth Rs 1093 cr and 392 cr respectively but net bought stock futures worth Rs 593 cr. DIIs were net buyers to the tune of Rs 736 cr.

 

Rupee appreciated 1 paise to end at 83.25/$.

 

Hindustan Unilever reported operationally strong quarter along with bottomline beating estimate while revenue and volume growth missed the estimate marginally. Nestle India met estimates even as volume growth of 4% was below estimate. Ultratech met estimate with revenue rising over 15%. ITC reported strong internals with Cigarette, FMCG and Hotel verticals beating estimate.

 

OUTLOOK

 

Japan’s September inflation came in at 3%, the 18th straight month above the BOJ’s 2% target.

 

Today morning, Asian markets are trading with cuts of 0.2%-0.6% and GIFT Nifty is suggesting nearly 100 points lower start for our market.

 

In yesterday's report we had said that, upon breach of first hour low, 19480, the low made last week, would be next downside levels to eye.

 

Nifty plunged all the way to 19512 and rebounded from there to end at 19624. The benchmark is set to open below 19550 today.

 

19512, the low made yesterday, is the immediate support, upon breach of which, 19444, the 78.6% retracement level of the recent 19333-19850 upmove, would be next downside level to eye; 19750 is the immediate hurdle on the hourly chart.

 

For Banknifty, upon breach of 43558, which is low made yesterday, 200-DMA, placed around 43200, would be next support to eye; 44300 is immediate hurdle on the hourly chart.

 

JSW Steel will report its quarterly earnings today.

Investment in securities market is subject to market risk.

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

19480 BELOW FIRST HOUR LOW; 19850 IS IMMEDIATE HURDLE

 

19480 BELOW FIRST HOUR LOW; 19850 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices tumbled 1%-1.6% as Treasury yields surged to multiyear highs.

 

Housing starts accelerated in September, but rose at a slower-than-expected rate. Building permits fell in the month, but lost less than anticipated.

 

United Airlines tumbled 9.7% after delivering soft guidance. Morgan Stanley dropped 6.8% for its worst day since 2020 as a weak performance from the bank’s wealth management division overshadowed beats on both lines. Procter & Gamble rose 2.6% after results beat expectations.

 

U.S. President Joe Biden met with Israeli Prime Minister Benjamin Netanyahu in Tel Aviv and suggested the Gaza hospital blast that killed hundreds appeared to have been caused “by the other team.”

 

U.S. 10-year treasury yield rose 8 bps to 4.917%, its highest level in 16 years. The average rate on the popular 30-year fixed mortgage rate hit 8%, the highest level since 2000. Dollar index rose 0.4% to 106.57. Gold jumped 1.3% to $1947 per ounce.

 

Brent futures rose 1.8%, to settle at $91.50 a barrel, while WTI crude rose 1.9% to $88.32 on a bigger-than-expected U.S. storage draw and after Iran called for an oil embargo on Israel over the conflict in Gaza.

 

European markets fell 0.8%-1.1%. British consumer price inflation (CPI) unexpectedly held at 6.7% in September, keeping alive the possibility of another rise in interest rates.

 

AT HOME

 

After a positive start, Sensex and Nifty tumbled to end lower by 0.8% and 0.7% respectively. Sensex lost 551 points to settle at 65877 while Nifty finished at 19871, down 140 points. This was the fourth negative close for both the indices in last five sessions. Nifty mid-cap and small-cap indices fell 0.9% and 0.3% respectively. Nifty Financial Services and Bank indices were the top losers among the sectoral indices, down 1.2% each while Pharma and Healthcare indices were the top gainers, up 0.8% and 0.4% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 1832 cr, 385 cr and 1496 cr respectively. DIIs were net buyers to the tune of Rs 1470 cr.

 

Rupee ended unchanged at 83.26/$.

 

Bajaj Auto reported an operationally strong quarter as margins expand and cash generation remain strong. Wipro reported weak set of numbers as revenue contracted for the third straight quarter and growth outlook has worsened. Indusind Bank's numbers beat profit and NII estimates while asset quality was its best in 11-quarters.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.9%-1.8% and GIFT Nifty is suggesting more than 100 points gap-down start for our market.

 

In yesterday's report we had said that 19882, the 61.8% retracement levels of the recent 20222-19333 fall, continued to be next upside level while 19635 continued to be immediate support.

 

Nifty, after touching a high of 19840, reversed and plunged all the way to 19660 before closing at 19671. The benchmark is set to open below 19600 today.

 

Upon breach of first hour low, 19480, the low made last week, followed by 19333, the low made on 4th October, would be next downside levels to eye; 19850 is the immediate hurdle.

 

For Banknifty, 43600 followed by 43345, the bottoms made in August and June respectively, are the next downside levels to eye; 44300-44400 is the immediate resistance zone.

 

HUL, ITC, Nestle and Ultratech Cement will report their quarterly earnings today.

Investment in securities market is subject to market risk.

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