19850 ABOVE 19633; 19400-19350 IS THE SUPPORT AREA
WORLD MARKETS
On Monday, Dow inched up
0.2% while S & P 500 and Nasdaq ended lower by 0.1% and 0.2% respectively.
Yesterday, U.S. indices
surged 1.4%-2.4% after a soft inflation reading boosted hopes of the Federal
Reserve nearing the end of its interest rate-hiking cycle.
CPI was flat last month,
as against expectation of a gain of 0.1% month over month. In the 12 months
through October, CPI climbed 3.2% after rising 3.7% in September. Core CPI,
which strips out food and energy prices, was up 4%, the slowest rate in two years.
U.S. 10-year treasury
yield fell 13 bps to 4.451%. Dollar index nosedived 1.5% to 104.07. Gold rose
0.9% to $1963 per ounce.
Late Tuesday, the House
of Representatives passed a bill to avert a government shutdown.
Brent futures fell 5
cents to $82.47 a barrel, while WTI crude held steady at $78.26.
European markets gained
0.2%-1.7%.
AT HOME
Benchmark indices fell
nearly half a percent, giving away most of yesterday's gains. Sensex settled at
64933, down 325 points while Nifty lost 82 points to finish at 19443. Nifty
mid-cap and small-cap indices gained 0.1% and 0.7% respectively. Except 2.6%
and 0.4% higher PSU Bank index and Metal indices respectively, all the NSE
sectoral indices ended lower, with Consumer Durables and IT indices being the
top losers, down 0.8% and 0.7% respectively.
FIIs net sold stocks and
stock futures worth Rs 190 cr and 98 cr respectively but net bought index
futures worth Rs 616 cr. DIIs were net buyers to the tune of Rs 95 cr.
Rupee appreciated 1 paise
to end at 83.33/$.
India's retail inflation
eased to four-month low at 4.87% in October from 5.02% in September.
OUTLOOK
Japan’s provisional GDP
fell 2.1% in the third quarter compared to a year ago, against an estimate of a
0.6% decline.
Today morning, Asian
markets are trading with gains of 0.7%-2.4% and GIFT Nifty is suggesting nearly
200 points gap-up start for our market.
In Monday's report we had
said that 19633, the 78.6% retracement level of the recent 19850-18837 fall,
was next upside target to eye while 19329, the low made on Friday, was the
immediate support, with the stop-loss of which, trading longs could be held on
to.
Nifty fell to 19414
before closing at 19443. The benchmark is set to open above 19600 today.
19633, the 78.6%
retracement level of the recent 19850-18837 fall, followed by 19850, the top
made in mid-October, are the next upside targets to eye; 19400-19350 is the
immediate support zone, with the stop-loss of which, trading longs can be held
on to.
For Banknifty, 44153, the
78.6% retracement level of the recent 44700-42100 fall, followed by 44700, the
top made in October, are the next upside levels to eye; 43600 is the immediate
support on the hourly chart, with the stop-loss of which, trading longs can be
held on to.
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