21460, 21593 ARE UPSIDE LEVELS TO EYE; 20976 IS IMMEDIATE SUPPORT

 

21460, 21593 ARE UPSIDE LEVELS TO EYE; 20976 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. and European markets were closed yesterday for Christmas.

 

On Friday, Dow fell marginally while S & P 500 and Nasdaq rose 0.2% each.

 

The November core personal consumption expenditures price index rose just 0.1% last month, and gained 3.2% y-o-y, about in line with expectations. Expected figures were 0.1% and 3.3% respectively.

 

U.S. 10-year treasury yield rose 1 bps to 3.901%. Dollar index fell 0.1% to 101.71. Gold rose a third of a percent to $2053 per ounce.

 

Brent futures fell 0.4% to settle at $79.07 a barrel, while WTI crude fell 0.5% to $73.56.

 

In Europe, FTSE and DAX ended marginally higher while CAC was marginally in the red.

 

For the week, U.S. indices gained 0.2%-1.2%, extending the winning streak to eight straight week. This was the longest winning streak since 2017 for the S&P 500 and since 2019 for the Dow.

 

AT HOME

 

Sensex and Nifty gained 0.3% and 0.4% respectively, extending yesterday's rebound. Sensex settled at 71106, up 241 points while Nifty added 94 points to finish at 21349. Nifty mid-cap and small-cap indices gained 0.7% and 1.1% respectively. Nifty Realty and IT indices climbed 2.6% and 2.3% respectively, becoming top gainers among the sectoral indices while Bank and Financial Services indices were the top losers, down 0.7% and 0.6% respectively.

 

FIIs net sold stocks and index futures worth Rs 2829 cr and 225 cr respectively but net bought stock futures worth Rs 6232 cr. DIIs were net buyers to the tune of Rs 2167 cr.

 

Rupee appreciated 14 paise to end at 83.14/$.

 

For the week, Sensex and Nifty fell half a percent each, snapping a 7-week winning streak.

 

OUTLOOK

 

Today morning, Hang Seng is shut while Nikkei is flat and Shanghai is off 0.4%. GIFT Nifty is suggesting a modestly higher start for our market.

 

In Friday's report we had said that 21350 was the immediate hurdle on the hourly chart, upon crossover of which, 21593, the top made on Wednesday, would be the bigger resistance to eye while 20976, the low made Thursday, was the immediate support.

 

Nifty rose to touch a high of 21390 before closing at 21349.

 

21460, the 78.6% retracement level of the recent 21593-20976 fall, is the immediate hurdle, upon crossover of which, 21593, the top made last week, would be the next upside target/resistance to eye; 20976, the low made last week, is the immediate support.

 

For Banknifty, 48100-48200 is the immediate resistance zone, a crossover of which is required for a fresh upmove. If that happens, 49300-49400 would be the next target area. 46920, the low made last week, is immediate support, upon breach of which, 46500 would be the next downside level to eye.

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