TRAIL STOP-LOSS TO 19850

 

TRAIL STOP-LOSS TO 19850

 

WORLD MARKETS

 

Dow ended marginally in the green while S & P 500 and Nasdaq fell 0.1% and 0.2% respectively.

 

U.S. third quarter GDP accelerated at a 5.2% annualized pace, better than the 5% forecast and above the initial estimate of 4.9%.

 

U.S. 10-year treasury yield fell 6 bps to 4.259%. Dollar index inched up 0.1% to 102.84. Gold rose 0.2% to $2044 per ounce.

 

The WTI crude for January rose 1.9% to settle at $77.86 a barrel, while the Brent crude rose 1.7% to $83.10 a barrel.

 

In Europe, FTSE fell 0.4% while DAX and CAC gained 1.1% and 0.2% respectively.  German inflation on an EU-harmonized basis slowed to 2.3% in November, significantly more than the 2.6% forecast in a Reuters poll.

 

AT HOME

 

Benchmark indices surged just over a percent and closed at the highest level after 18th September. Sensex settled at 66901, up 727 points while Nifty added 206 points to finish at 20096. Nifty mid-cap and small-cap indices climbed 0.8% and 1% respectively, with both hitting fresh record highs and the former rising for the 19th consecutive session. Nifty Auto and Bank indices were the top gainers among the sectoral indices, up 1.6% each, while Realty index was the top loser, down 0.5%, followed by 0.1% lower Media and Consumer Durables indices.

 

FIIs net bought stocks, index futures and stock futures worth Rs 72 cr, 1334 cr and 3301 cr respectively. DIIs were net buyers to the tune of Rs 2361 cr.

 

Rupee ended flat at 83.33/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of upto 0.6% and GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 20222, the top made in September, was the next major target to eye while 19750 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty surged to touch a high of 20104 before closing at 20096.

 

20222, the top made in September, continues to be next upside target to eye; 19850 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44700 followed by 45400 are the next upside targets; 43800 is the immediate support, with the stop-loss of which, trading longs can be held on to.

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20222 NEXT; TRAIL STOP-LOSS TO 19750

 

20222 NEXT; TRAIL STOP-LOSS TO 19750

 

WORLD MARKETS

 

U.S. indices gained 0.1%-0.3% as comments from a Fed official raised hope that the central bank may not need to raise interest rates further.

 

Fed Governor Christopher Waller said current monetary policy appears to be sufficiently restrictive to cool inflation back down to the central bank’s 2% target.

 

Conference Board's Consumer Confidence index rose to 102 for November, higher than a downwardly revised 99.1 from October and ahead of the Dow Jones estimate for 101. U.S. home prices were up 6.1% on a year-over-year basis in September, up from an upwardly revised 5.8% increase in August.

 

U.S. 10-year treasury yield fell 6 bps to 4.323%. Dollar index fell 0.4% to 102.74, its lowest in 3-months. Gold surged 1.3% to $2041 per ounce, rising for a fourth consecutive session and hit a more than six-month high.

 

Brent as well as WTI crude futures settled up 2.1% each at $81.68 and $76.41 a barrel respectively.

 

In Europe, FTSE and CAC fell 0.1% and 0.2% respectively but DAX rose 0.2%. Consumer sentiment held steady in Germany this month, according to the monthly GfK survey, while figures from French statistics agency Insee showed households were slightly more optimistic.

 

AT HOME

 

Sensex and Nifty gained 0.3% and 0.5% respectively to close at the highest level after 17th October and 20th September respectively. Sensex settled at 66174, up 204 points while Nifty added 95 points to finish at 19889. Nifty mid-cap and small-cap indices gained 0.5% and 0.3% respectively with the former hitting fresh record high. Nifty Oil & Gas and Metal indices surged 2.3% and 1.8% respectively, becoming top gainers among the sectoral indices, while Healthcare and Pharma indices were the top losers, down 0.5% and 0.3% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 784 cr, 31 cr and 3823 cr respectively. DIIs were net buyers to the tune of Rs 1325 cr.

 

Rupee depreciated 3 paise to end at 83.34/$.

 

OUTLOOK

 

Today morning, Hang Seng is down nearly a percent while Shanghai and Nikkei are marginally in the red. GIFT Nifty is suggesting around 90 points higher start for our market.

 

In yesterday's report we had said that 19875 continues to be immediate hurdle, while 19600-19550 continued to be immediate support area.

 

Nifty surged to touch a high of 19916 before closing at 19889.

 

20222, the top made in September, is the next major target to eye; 19750 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44420, the top made in mid-November, is the next upside level to eye; 43600 is the immediate support, with the stop-loss of which, trading longs 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.

20222 ABOVE 19875; 19600-19550 CONTINUES TO BE SUPPORT AREA

 

20222 ABOVE 19875; 19600-19550 CONTINUES TO BE SUPPORT AREA

 

WORLD MARKETS

 

On Friday, Dow and S & P 500 gained 0.3% and 0.1% respectively while Nasdaq fell 0.1%. For the week, U.S. indices gained 0.9%-1.3%, extending the winning streak to fourth consecutive week. Yesterday, U.S. indices fell 0.1%-0.2%.

 

Data from the Commerce Department showed new homes sold at a slower than expected pace in October while still showing improvement from a year ago.

 

U.S. 10-year treasury yield fell 9 bps to 4.388%. Dollar index fell 0.2% to 103.19. Gold rose 0.6% to $2014 per ounce.

 

The Brent contract for January fell 0.7% to $79.98 a barrel, while WTI dropped 0.9% to $74.86 a barrel.

 

Main European markets dipped 0.4% each.

 

AT HOME

 

Benchmark indices ended little changed after a rangbound session. Sensex settled at 65970, down 47 points while Nifty lost 7 points to finish at 19794. Nifty mid-cap and small-cap indices gained 0.1% and 0.3% respectively. Nifty Pharma and Metal indices were the top gainers among the sectoral indices, rising 0.9% and 0.7% respectively while IT and FMCG indices were the top losers, down 1% and 0.5% respectively.

 

FIIs net bought stocks and stock futures worth Rs 2625 cr and 1347 cr respectively but net sold index futures worth Rs 2 cr. DIIs were net buyers to the tune of Rs 134 cr.

 

Rupee depreciated 3 paise to end at 83.37/$.

 

For the week, Sensex and Nifty gained 0.3% each, extending the winning streak to fourth straight week and with the latter posting highest weekly close since 15th September.

 

OUTLOOK

 

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

 

In Friday's report we had said that 19875 continued to be immediate hurdle while 19600-19550 was the immediate support area on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty ended little changed at 19795.

 

19875, continues to be immediate hurdle, a crossover of which is required for a fresh upmove. If that happens, 20222, the top made in September, would be next major target to eye. 19600-19550 continues to be immediate support area, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 43800 is the immediate hurdle on the hourly chart, upon crossover of which, 44420, the top made in mid-November, would be next upside level to eye; 43230, the low made last week, which roughly coincided with 200-DMA, is the immediate support.

Investment in securities market is subject to market risk.

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

NIFTY RESISTED AT 19875 YET AGAIN; 19600-19550 CONTINUES TO BE SUPPORT AREA

 

NIFTY RESISTED AT 19875 YET AGAIN; 19600-19550 CONTINUES TO BE SUPPORT AREA

 

WORLD MARKETS

 

U.S. markets were shut yesterday for Thanksgiving Holiday.

 

Main European markets gained 0.2% each. Preliminary PMI data from the euro zone for November showed employment fell for the first time in nearly three years. Business activity continued to decline, though the rate of contraction slowed in output and new business.

 

Dollar index fell 0.1% to 103.75. Gold inched up 0.1% to $1992 per ounce.

 

Brent futures fell 0.7% to $81.42 a barrel while WTI crude settled unchanged at $77.10.

 

AT HOME

 

Benchmark indices ended flat after giving away modest opening gains through the session. Sensex settled at 66017, down 5 points while Nifty lost 10 points to finish at 19802. Nifty mid-cap index too ended flat while small-cap index rose 0.7%, snapping a 3-session losing streak. Nifty Pharma and Healthcare indices tumbled 1.6% and 1.4% respectively, becoming top losers among the sectoral indices while Realty and Oil & Gas indices were the top gainers, up 1% and 0.9% respectively.

 

FIIs net bought stocks and stock futures worth rs 256 cr and 936 cr respectively but net sold index futures worth Rs 554 cr. DIIs were net buyers to the tune of Rs 457 cr.

 

Rupee depreciated 2 paise to end at 83.34/$.

 

OUTLOOK

 

Core inflation in Japan rose to 2.9% in October, higher than the 2.8% seen in September. The headline inflation rose to 3.3% from 3%.

 

Today morning, Nikkei is up a percent while Hang Seng and Shanghai are down 1.2% and 0.2% respectively. GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 19875, the top made last week, continued to be immediate hurdle, a crossover of which was required for a fresh upmove.

 

Nifty, after touching a high of 19875, reversed to end at 19802.

 

19875, the top made last week, continues to be immediate hurdle, a crossover of which is required for a fresh upmove. If that happens, 20222, the top made in September, would be next major target to eye. 19600-19550 is the immediate support area on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 43230, the low made Wednesday, is the immediate support, upon breach of which, 43000 and 42600, the 61.8% and 78.6% retracement levels of the recent upmove seen since 26th October, would be next downside levels to eye; 43800 is the immediate hurdle.

Investment in securities market is subject to market risk.

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

19875 CONTINUES TO BE IMMEDIATE HURDLE; 19600-19550 IMMEDIATE SUPPORT AREA

 

19875 CONTINUES TO BE IMMEDIATE HURDLE; 19600-19550 IMMEDIATE SUPPORT AREA

 

WORLD MARKETS

 

U.S. indices gained 0.4%-0.5% ahead of Thanksgiving holiday on Thursday.

 

Initial jobless claims for the week ending Nov. 18 came in at 209,000, which was 20,000 less than estimate and a drop from the prior week. Orders for long-lasting U.S. manufactured goods fell more than expected in October.

 

U.S. 10-year treasury yield, after touching a low of 4.363%, recovered to close 1 bps higher at 4.408%. Dollar index rose 0.3% to 103.88. Gold fell 0.4% to $1990 per ounce.

 

After falling nearly 5% on the news of postponement of OPEC meeting, oil recovered to end modestly lower. WTI crude settled at $77.10 a barrel, down 0.9% and Brent contract for January fell 0.6% to $81.96 a barrel.

 

In Europe, FTSE fell 0.2% while DAX and CAC rose 0.4% each.

 

AT HOME

 

After falling more than half a percent from the morning highs, benchmark indices recouped most of the lost ground in noon recovery to end marginally higher, extending the winning streak to second straight day. Sensex settled at 66023, up 92 points while Nifty added 28 points to finish at 19811. Nifty mid-cap index rose a third of a percent, extending the winning streak to 15th straight session and hit fresh record highs. Small-cap index tumbled 1.2%, extending the losing streak to third straight session. Nifty IT and Auto indices gained 0.7% each, becoming top gainers among the sectoral indices, while PSU Bank index slipped 1.1%, becoming top loser, followed by 0.9% lower Metal and Media indices.

 

FIIs net sold stocks and stock futures worth Rs 307 cr and 1102 cr respectively but net bought index futures worth Rs 369 cr. DIIs were net buyers to the tune of Rs 721 cr.

 

Rupee appreciated 5 paise to end at 83.31/$.

 

OUTLOOK

 

Today Japan’s markets are closed due to a public holiday. Hang Seng and Shanghai are trading with cuts of 0.6% and 0.1% respectively while GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday’s report we had said that 19875, the top made last week, continued to be immediate hurdle,  while 19550 continued to be immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a low of 19703, rebounded to end at 19811.

 

19875, the top made last week, continues to be immediate hurdle, a crossover of which is required for a fresh upmove. If that happens, 20222, the top made in September, would be next major target to eye. 19600-19550 is the immediate support area on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 43230, the low made yesterday, is the immediate support, upon breach of which, 43000 and 42600, the 61.8% and 78.6% retracement levels of the recent upmove seen since 26th October, would be next downside levels to eye; 43800 is the immediate hurdle.

Investment in securities market is subject to market risk.

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

19875 CONTINUES TO BE IMMEDIATE HURDLE; 19550 IMMEDIATE SUPPORT

 

19875 CONTINUES TO BE IMMEDIATE HURDLE; 19550 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.2% each while Nasdaq slipped 0.6% after minutes of the latest Fed meeting showed that monetary policy had to be restrictive and had little appetite for rate cuts.

 

“In discussing the policy outlook, participants continued to judge that it was critical that the stance of monetary policy be kept sufficiently restrictive to return inflation to the Committee’s 2 percent objective over time,” the minutes stated.

 

Existing home sales data for October came in at 3.79 million units, versus estimates of 3.9 million. This marked the slowest sales pace since August 2010.

 

U.S. 10-year treasury yield fell 3 bps to 4.395%. Dollar index rose 0.2% to 103.61. Gold jumped 1% to $1998 per ounce.

 

The Brent crude contract for January rose 0.2% to $82.45 a barrel while WTI for January fell 0.1% to $77.77 a barrel.

 

In Europe, DAX was little changed while FTSE and CAC fell 0.2% each.

 

AT HOME

 

Benchmark indices gained four tenth of a percent each, snapping a 2-day losing streak. Sensex settled at 65930, up 275 points while Nifty added 89 points to finish at 19783. Nifty mid-cap index inched up 0.1% but small-cap index fell 0.1%. Nifty Metal index climbed 1.2%, becoming top gainer among the sectoral indices, followed by 1.1% higher Media, Realty and Consumer Durables indices. PSU Bank index was the top loser, down 0.4%, followed by 0.2% lower IT and FMCG indices.

 

FIIs net sold stocks worth Rs 456 cr but net bought index futures and stock futures worth Rs 668 cr and 2286 cr respectively. DIIs were net buyers to the tune of Rs 722 cr.

 

Rupee depreciated 1 paise to end at 83.35/$.

 

OUTLOOK

 

Today morning, Nikkkei is up 0.6% but Hang Seng and Shanghai are down 0.2% each. GIFT Nifty is suggesting around 20 points higher start for our market.

 

In yesterday's report we had said that 19875, the top made last week, continued to be immediate hurdle, while 19550 continued to be immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty rose to touch a high of 19829 before closing at 19783.

 

19875, the top made last week, continues to be immediate hurdle, a crossover of which is required for a fresh upmove. If that happens, 20222, the top made in September, would be next major target to eye. 19550 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44064, the upper end of the gap created by gap-down opening on 17th November, is the immediate hurdle, above which, 44420, the top made last week, which coincided with 20-week moving average, would be bigger hurdle to eye. 43263 and 42990, the 50% and 61.8% retracement levels of the recent upmove seen since 26th October, are the next downside levels to eye.

19875 CONTINUES TO BE IMMEDIATE HURDLE; 19550 IMMEDIATE SUPPORT

 

19875 CONTINUES TO BE IMMEDIATE HURDLE; 19550 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices gained 0.6%-1.1%, boosted by strong tech gains led by Microsoft and Nvidia. It was the fifth consecutive day of gains for the S&P 500 and the tech-heavy Nasdaq.

 

Microsoft shares rose 2% to reach a new 52-week high, after CEO Satya Nadella said former OpenAI chief Sam Altman will be joining the tech giant to lead a new AI research team. Chipmaker Nvidia

 also added 2.3% to close at an all-time high ahead of its earnings report.

 

The Conference Board’s October leading economic indicator showed a decline of 0.8%, slightly below the estimate of a 0.7% decrease and its 19th straight monthly fall.

 

U.S. 10-year treasury yield fell 1 bps to 4.424%. Dollar index fell 0.4% to 103.45, its lowest level in more than 2-months. Gold rose 0.3% to $1983 per ounce.

 

Brent crude contract for January rose 2.1% to settle at $82.32 a barrel, while WTI contract for December increased 2.2% to $77.60.

 

In Europe, FTSE and DAX fell 0.1% each while CAC rose 0.2%. U.K. retail inflation slowed to 4.6% in October from 6.7% in September. Euro zone inflation was confirmed at 2.9%, down from 4.3% the previous month.

 

AT HOME

 

Benchmark indices fell a fifth of a percent each, extending the losing streak to second straight session. Sensex settled at 65655, down 140 points while Nifty lost 38 points to finish at 19694. Nifty mid-cap index inched up 0.1%, extending the winning streak to 13th consecutive session while Small-cap index fell 0.1%, snapping a 6-session winning streak. Nifty Auto and Media indices fell 0.8% and 0.6% respectively, becoming top losers among the sectoral indices, while IT index was the top gainer, up 0.6%, followed by 0.1% higher PSU Bank and Healthcare indices.

 

FIIs net sold stocks and stock futures worth Rs 646 cr and 1122 cr respectively but net bought index futures worth Rs 27 cr. DIIs were net buyers to the tune of Rs 78 cr.

 

Rupee depreciated 7 paise to end at 83.34/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 1.2% and 0.6% respectively while Nikkei is marginally in the red. GIFT Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 19875 was the immediate hurdle while 19550 was the immediate support; Nifty fell to close at 19694.

 

19875, the top made last week, continues to be immediate hurdle, a crossover of which is required for a fresh upmove; 19550 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 43263 and 42990, the 50% and 61.8% retracement levels of the recent upmove seen since 26th October, are the next downside levels to eye; 44064, the upper end of the gap created by gap-down opening on 17th November, is the immediate hurdle, above which, 44420, the top made last week, which coincided with 20-week moving average, would be bigger hurdle to eye.

Investment in securities market is subject to market risk.

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

19875 IS IMMEDIATE HURDLE; 19550 IMMEDIATE SUPPORT

 

19875 IS IMMEDIATE HURDLE; 19550 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow ended flat while S & P 500 and Nasdaq inched up 0.1% each on Friday.

 

October’s housing starts and building permits data revealed that both were stronger than expected. Private owned housing starts came in at a seasonally adjusted annual rate of 1.372 million, higher than the 1.35 million estimated by Dow Jones. Building permits came in at 1.487 million, also above the 1.45 million estimate.

 

U.S. 10-year treasury yield ended flat at 4.439%. Dollar index fell 0.6% to 103.82. Gold ended flat at $1981 per ounce.

 

WTI crude for December rose 3.03% to $75.11 per barrel, while Brent contract for January rose 3.2%, to $79.91 a barrel.

 

European markets surged 0.8%-1.3%. U.K. retail sales fell 2.7% y-o-y and 0.3% month-on-month, hitting the lowest level since early 2021 and coming in far below expectations. A final reading of euro zone inflation came in at 2.9% y-o-y in October compared to 4.3% in September.

 

For the week, U.S. indices gained 1.9%-2.4%, extending the winning streak to third straight week. European markets gained 2%-4.5%. Asian markets gained 0.5%-3.1%.

 

AT HOME

 

Sensex and Nifty fell 0.3% and 0.2% respectively, snapping a 2-day winning streak. Sensex settled at 65794, down 187 points while Nifty lost 33 points to finish at 19731. Nifty mid-cap and small-cap indices however gained 0.2% and 0.1% respectively, extending the winning streak to 12th and 6th consecutive day respectively and hit fresh record highs. Nifty Bank and Oil & Gas indices fell 1.3% and 1.1% respectively, becoming top losers among the sectoral indices while Healthcare and Pharma indices were the top gainers, up 1% each.

 

Rupee depreciated 4 paise to end at 83.27/$.

 

For the week, Sensex and Nifty gained 0.8% and 1% respectively, extending the winning streak to third consecutive week and closing at the highest level after the week ended 13th October, 2023.

 

OUTLOOK

 

Today morning, Hang Seng is up 0.7% bug Nikkei and Shanghai are off 0.2% each. GIFT Nifty is suggesting a flattish start for our market.

 

In Friday's report we had said that 19875, the top made Thursday, was the immediate hurdle, while 19500 was the immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty fell to close at 19731.

 

19875, the top made last week, roughly coincided with the upper band of daily Bollinger band as well as the top made in October and hence is the immediate hurdle, a crossover of which is required for a fresh upmove. If that happens, 20222, the top made in September, would be next major target to eye. On the way down, 19550 is the immediate support on the hourly chart, upon breach of which, 19350, around which 20-DMA is placed, would be the next downside level to eye. Meanwhile, trading longs can be held on to with the stop-loss of 19550.

 

For Banknifty, 44420, the top made during the week, coincided with 20-week moving average and hence is the important immediate hurdle, a crossover of which, is required for a fresh upmove. If that happens, 45400, the 78.6% retracement level of the entire 46310-42105 fall, would be next upside target. On the way down, 43263 and 42990, the 50% and 61.8% retracement levels of the recent upmove seen since 26th October, are the next downside levels to eye.

Investment in securities market is subject to market risk.

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