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.

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