19464 IS IMMEDIATE HURDLE; 19250 IMMEDIATE SUPPORT

 

19464 IS IMMEDIATE HURDLE; 19250 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices fell 0.6%-0.9%, with the S & P 500 and Nasdaq snapping an 8 and 9-session win streak respectively, as bond yields jumped sharply following comments from Fed Chair Powell.

 

In prepared remarks for an International Monetary Fund event, Powell indicated more work may need to be done to bring down inflation, although the recent slowdown in pace has been an encouraging sign for policymakers.

 

U.S. 10-year treasury yield rose 12 bps to 4.628%. Dollar index rose 0.4% to 105.90. Gold rose 0.4% to $1958 per ounce.

 

Brent crude futures settled 0.6% higher at $80.01 a barrel and WTI futures rose 0.5% to $75.74.

 

European markets gained 0.7%-1.1%.

 

Data from China showed consumer prices shrank faster than expected in October.

 

AT HOME

 

Benchmark indices fell quarter of a percent with Sensex down 143 points at 64832 and Nifty finishing at 19395, down 48 points. Nifty mid-cap index rose 0.2%, extending the winning streak to sixth straight session while small-cap index fell 0.2%, snapping 5-day winning streak. Nifty Realty and Auto indices climbed 1.2% and 0.8% respectively, becoming top gainers among the sectoral indices, while FMCG and Oil & Gas indices were the top losers, down 0.9% and 0.8% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 1712 cr, 15 cr and 976 cr respectively. DIIs were net buyers to the tune of Rs 1512 cr.

 

Rupee depreciated 1 paise to end at 83.28/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are down 0.7% and 0.3% respectively while Shanghai is little changed. GIFT Nifty is suggesting around 100 points lower start for our market.

 

In yesterday's report we had said that 34-DMA, placed around 19490 was the immediate hurdle, while 19250 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 19464, slipped to end at 19395. The benchmark is set to open near 19300 today.

 

19464, the top made on Wednesday and yesterday, around which 34-DMA is also placed, continues to be immediate hurdle to eye; 19250 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 43876, the top made yesterday, coincided with 34-DMA, and is the immediate hurdle, above which, 44153, the 78.6% retracement level of the recent 44700-42100 fall, would be next upside target to eye; 43300 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Coal India and Eicher Motors will report their quarterly earnings today.

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