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.

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