21600 COTNINUES TO BE NEXT TARGET; 21070 CONTINUES TO BE IMMEDIATE SUPPORT

 

21600 COTNINUES TO BE NEXT TARGET; 21070 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow ended absolutely flat while S & P 500 and Nasdaq rose 0.4% and 0.6% respectively.

 

U.S. 10-year treasury yield rose 2 bps to 3.935%. Dollar index eased 0.1% to 102.51. Gold inched up 0.4% to $2027 per ounce.

 

WTI crude futures gained 1.4% to trade at $72.46, while the Brent contract for February rose 1.9% to $77.97 a barrel.

 

In Europe, FTSE rose half a percent while DAX and CAC fell 0.6% and 0.4% respectively.

 

AT HOME

 

Benchmark indices eased a fifth of a percent after trading in a narrow range, snapping a 3-day winning streak. Sensex settled at 71315, down 168 points while Nifty lost 38 points to finish at 21418. Nifty mid-cap and small-cap indices however gained 0.2% and 0.6% respectively, hitting fresh record highs. Nifty Media and Pharma indices were the top gainers among the sectoral indices, up 1.2% and 0.9% respectively while Realty and Bank indices were the top losers, down 1% and 0.6% respectively.

 

FIIs net sold stocks and stock futures worth Rs 34 cr and 1865 cr respectively but net bought index futures worth Rs 16 cr. DIIs were net buyers to the tune of Rs 414 cr.

 

Rupee depreciated 6 paise to end at 83.06/$.

 

OUTLOOK

 

Today morning Nikkei and Shanghai are little changed while Hang Seng is down nearly a percent. GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 21600, around which upper end of a rising channel formation made by adjoining tops and bottoms since June 2022 is placed, was the next upside target to eye while 21070 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty fell to 21365 before closing at 21418.

 

21600 continues to be upside level to eye for Nifty; 21070 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

Having crossed 48000 hurdle, 50000 is the next major target for Banknifty. 47400 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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