STAY LONG WITH THE STOP-LOSS OF 25000

 

STAY LONG WITH THE STOP-LOSS OF 25000

 

WORLD MARKETS

 

U.S. indices gained 0.6%-1% with the S & P 500 and Nasdaq rising for the fourth straight session.

 

U.S. August producer price index rose 0.2% month on month, in line with expectations. On a year-on-year basis, headline PPI rose 1.7%. Initial jobless claims rose 2,000 to a seasonally adjusted 230,000 for the week ended Sept. 7, in line with expectations.

 

U.S. 10-year treasury yield rose 2 bps to 3.678%. Dollar index fell half a percent to 101.23. Gold surged 1.9% to $2558 per ounce.

 

WTI crude futures rose 2.5% to $68.97 while Brent futures rose 1.9% to $71.97 per barrel.

 

European markets gained 0.6%-1.1%. ECB eased again by 25 basis points amid slowing inflation and economic growth.

 

AT HOME

 

After trading in a narrow range, benchmark indices spiked up in late noon session to end higher by nearly 2%, hitting fresh record highs and posting their best day since 7th June. Sensex settled at 82962, up 1439 points while Nifty added 470 points to finish at 25388. Nifty mid-cap and small-cap indices climbed 1.2% and 1% respectively. All the NSE sectoral indices ended higher, with Metal and Auto indices being the top gainers, up 2.9% and 2.1% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 7695 cr, 2580 cr and 15024 cr respectively. DIIs were net sellers to the tune of Rs 1801 cr.

 

Rupee appreciated 1 paise to end at 83.97/$.

 

India's August consumer price index rose 3.65% y-o-y, rising from a five-year low. This was above July’s revised figure of 3.6% and also beat expectations of 3.5%. July IIP growth came in at 4.8%, up marginally from 4.7% in June 2024.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 1.6% and 0.3% respectively while Nikkei is down 0.6%. GIFT Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 25130, the top made Tuesday, continued to be immediate hurdle, a crossover of which was required for a fresh upmove.

 

Nifty crossed 25130 and surged all the way to 25433 before closing at 25388.

 

25433, the top made yesterday, roughly coincided with a rising trendline adjoining tops made on 26th August and 2nd September and hence is the immediate resistance to eye. Above it, 25800-25900 would be next big target area; 25000 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 51943, the 61.8% retracement level of the 53357-49655 fall, is the immediate hurdle, upon crossover of which, 52565, the 78.6% retracement level of the fall, would be next upside target to eye; 51000 is the immediate support, with the stop-loss of which, trading longs can be held on to.

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25130 CONTINUES TO BE IMMEDIATE HURDLE

 

25130 CONTINUES TO BE IMMEDIATE HURDLE

 

WORLD MARKETS

 

After starting lower on the back of hotter-than-expected core inflation data, U.S. indices rebounded to end sharply higher. Nasdaq and S & P 500 climbed 2.2% and 1.1% respectively while Dow rose 0.3%.

 

U.S. consumer price index (CPI) gained 0.2% last month, matching the advance in July. Y-o-Y reading of 2.5% was the smallest rise since February 2021 and down from a 2.9% increase in July. But excluding the volatile food and energy components, the CPI climbed 0.3% in August after rising 0.2% in July.

 

U.S. 10-year treasury yield inched up 1 bps to 3.655%. Dollar index was little changed at 101.72. Gold fell 0.2% to $2511 per ounce.

 

WTI crude futures rose 2.4% to $67.31 while Brent futures gained 2.05% to reach $70.61 per barrel.

 

In Europe, DAX rose 0.4% while FTSE and CAC fell 0.1% each. Data showed U.K. economy continued to flatline in July, falling short of analyst expectations of a 0.2% uptick.

 

AT HOME

 

Benchmark indices slipped half a percent each, snapping a 2-session winning streak. Sensex settled at 81523, down 398 points while Nifty lost 122 points to finish at 24918. Nifty mid-cap and small-cap indices fell 0.2% and 0.8% respectively. Except 0.3% and 0.1% higher FMCG and Consumer Durables indices respectively, all the NSE sectoral indices ended lower, with Oil & Gas and PSU Bank indices leading the losses, down 1.9% and 1.8% respectively.

 

FIIs net bought stocks worth Rs 1755 cr but net sold index futures and stock futures worth Rs 177 cr and 2698 cr respectively. DIIs were net buyers to the tune of Rs 231 cr.

 

Rupee ended flat at 83.98/$.

 

OUTLOOK

 

Japan’s producer price index rose 2.5% y-o-y in August, less than the expected 2.8% and the 3% reported in the previous month.

 

Today morning, Nikkei is up nearly 3% while Hang Seng and Shanghai are up 0.4% and 0.2% respectively. GIFT Nifty is suggesting around 125 points higher start for our market.

 

In yesterday's report we had said that 25130, the top made Tuesday, was the immediate hurdle.

 

Nifty, after touching a high of 25113, slipped to end at 24918. The benchmark is set to open near 25050 today.

 

25130, the top made Tuesday, continues to be immediate hurdle, a crossover of which is required for a fresh upmove; 24753, the bottom made on Monday, around which 34-DMA is also placed, is the important immediate support to eye.

 

For Banknifty, 51420, the top made yesterday, is the immediate hurdle, above which, 51750, the top made last week, would be next upside level to eye; 50369, the low made Monday, around which 20-week moving average is placed, is the important immediate support.

 

India's August CPI and July IIP data will be out today.

Investment in securities market is subject to market risk.

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25130 IS IMMEDIATE HURDLE

 

25130 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow fell 0.2% while S & P 500 and Nasdaq gained 0.4% and 0.8%

 

U.S. 10-year treasury yield fell 6 bps to 3.644%. Dollar index was flat at 101.66. Gold rose 0.4% to $2516 per ounce.

 

Oil prices tumbled after OPEC+ revised down its demand forecast for this year and 2025, offsetting supply concerns from Tropical Storm Francine. Brent crude futures settled down 3.7% at $69.19 while WTI crude tumbled 4.3% to $65.75 a barrel.

 

European markets fell 0.2%-1.1%.

 

AT HOME

 

Benchmark indices gained four tenth of a percent, extending the winning streak to second straight session. Sensex settled at 81921, up 361 points while Nifty added 104 points to finish at 25041. Nifty mid-cap and small-cap indices surged 1.2% each, snapping a 2-session losing streak. Nifty Media and IT indices were the top gainers among the sectoral indices, up 2.7% and 1.7% respectively while Financial Services and Oil & Gas indices were the top losers, down 0.9% and 0.2% respectively.

 

FIIs net bought stocks and index futures worth Rs 2208 cr and 169 cr respectively but net sold stock futures worth Rs 3901 cr. DIIs were net sellers to the tune of Rs 275 cr.

 

Rupee depreciated 2 paise to end at 83.98/$.

 

OUTLOOK

 

Today morning, Nikkei and Shanghai are down 0.8% each while Hang Seng is off 1.2%. GIFT Nifty is suggesting a marginally lower start for our market.

 

In yesterday's report we had said that 34-DMA, placed around 24720, was the important immediate support while 25150 was the immediate hurdle on the hourly chart.

 

Nifty surged to touch a high of 25130 before closing at 25041.

 

25130, the top made yesterday, is the immediate hurdle, a crossover of which would confirm a "Buy" on the hourly chart. If that happens, 25333, the top made on 2nd September, would be next upside target to eye; 34-DMA, placed around 24730, is the important immediate support to eye.

 

For Banknifty, 51366, the top made yesterday, is the immediate hurdle, above which, 51750, the top made last week, would be next upside level to eye; 50369, the low made Monday, around which 20-week moving average is placed, is the immediate support.

Investment in securities market is subject to market risk.

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

34-DMA LANDS SUPPORT AROUND 24720; 25150 IS THE IMMEDIATE HURDLE

 

34-DMA LANDS SUPPORT AROUND 24720; 25150 IS THE IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices gained 1.2% each, rebounding from last week's sell-off.

 

U.S. 10-year treasury yield fell 1 bps to 3.702%. Dollar index rose 0.4% to 101.61. Gold too gained 0.4% to reach $2506 per ounce.

 

WTI crude futures rose 1.5% to $68.71 while Brent futures rose 1.1% to $71.84 per barrel.

 

European markets gained 0.8%-1.1%.

 

AT HOME

 

After falling four tenth of a percent in the initial trade, Sensex and Nifty saw a sustained northward move through the session to end higher by 0.5% and 0.3% respectively and also snapping a four-day and three-day losing streak respectively. Sensex settled at 81559, up 375 points while Nifty added 84 points to finish at 24936. Nifty mid-cap and small-cap indices however ended lower by 0.3% and 0.9% respectively. Nifty FMCG and Bank indices were the top gainers among the sectoral indices, up 2% and 1.1% respectively while Oil & Gas index was the top loser, down 1.4%, followed by 0.7% lower IT and Metal indices.

 

FIIs net bought stocks worth Rs 1177 cr but net sold index futures and stock futures worth Rs 373 cr and 2562 cr respectively. DIIs were net buyers to the tune of Rs 1757 cr.

 

Rupee depreciated 1 paise to end at 83.96/$.

 

OUTLOOK

 

Today morning, Nikkei is up 0.2% while Hang Seng and Shanghai are down 0.2% and 0.4% respectively. GIFT Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that 24801, followed by 24700 were the downside supports to eye.

 

Nifty, after touching a low of 24753, rebounded to end at 24936.

 

34-DMA, placed around 24720, is the important immediate support to eye; 25150 is the immediate hurdle on the hourly chart, above which, 25333, the top made on 2nd September, would be bigger hurdle to eye.

 

For Banknifty, 50369, the low made yesterday, around which 20-week moving average is placed, is the immediate support to eye, upon breach of which, 49654, the low made in August, would be next downside level to eye. On the way up, 51300 is the immediate hurdle on the hourly chart, above which, 51750, the top made during the week, 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. 

24700 BELOW 24801; 25150-25200 IS THE RESISTANCE ZONE

 

24700 BELOW 24801; 25150-25200 IS THE RESISTANCE ZONE

 

WORLD MARKETS

 

U.S. indices nosedived 1%-2.6% as investors assessed the fallout from a weak August jobs report and ditched leading technology stocks.

 

Nonfarm payrolls grew by 142,000, versus a 161,000 gain expected. July numbers were also revised down to 89,000. However, the unemployment rate edged down to 4.2% from 4.3% a month earlier, in line with expectations.

 

U.S. 10-year treasury yield fell 2 bps to 3.712%. Dollar index inched up 0.1% to 101.19. Gold fell 0.8% to $2497 per ounce.

 

Oil extended losses with Brent and WTI posting their worst week in nearly a year and hitting their lowest level since March and June 2023 respectively. WTI crude futures fell 2.1% to $67.67 while Brent futures fell 2.2% to $71.06 per barrel.

 

European markets fell 0.7%-1.5%.

 

For the week, U.S. indices tumbled 2.9%-5.8%, with S & P 500 and Nasdaq posting their worst week since March 2023 and 2022 respectively. US crude shed 8% for its worst week since October and Brent fell 9.8%.

 

AT HOME

 

Benchmark indices tumbled a percent and fifth, posting their worst cut in a month and closing at the lowest level after 23rd August. Sensex settled at 81183, down 1017 points while Nifty lost 292 points to finish at 24852. Nifty mid-cap and small-cap indices slipped 1.6% and 1.2% respectively. All the NSE sectoral indices ended in red, with PSU Bank index being the top loser, down 3.6%, followed by 2.2% lower Oil & Gas index.

 

FIIs net sold stocks, index futures and stock futures worth Rs 621 cr, 3107 cr and 7266 cr respectively. DIIs were net buyers to the tune of Rs 2122 cr.

 

Rupee appreciated 3 paise to end at 83.95/$.

 

For the week, Sensex and Nifty fell 1.4% and 1.5% respectively, snapping a 3-week winning streak.

 

OUTLOOK

 

Hong Kong’s markets are shut today due to Super Typhoon Yagi. Nikkei and Shanghai are down 1.8% and 0.7% respectively while GIFT Nifty is suggesting around 60 points lower start for our market.

 

In Friday's report we had said that 25083 continued to be immediate support, a breach of which will confirm a "Sell" on the hourly chart and in that case, 20-DMA, placed around 24800, would be the next downside level to eye.

 

Nifty broke 25083 and plunged all the way to 24801 before closing at 24869.

 

24801, the low made Friday, roughly coincided with 20-DMA and hence is the immediate support to eye. Below 24801, 34-DMA, placed around 24700, would be next downside target. On the way up, 25150-25200 is the immediate resistance zone, with the stop-loss of which, trading shorts can be held on to.

 

For Banknifty, 50447, the low made Friday, roughly coincided with 20-week moving average and hence is the immediate support to eye, upon breach of which, 49654, the low made in August, would be next downside level to eye. On the way up, 51300 is the immediate hurdle on the hourly chart, above which, 51750, the top made during the week, 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. 

24800 BELOW 25083; 25334 CONTINUES TO BE IMMEDIATE HURDLE

 

24800 BELOW 25083; 25334 CONTINUES TO BE IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.5% and 0.3% respectively while Nasdaq rose quarter of a percent

 

The number of Americans filing new applications for jobless benefits declined last week as layoffs remained low.

 

U.S. 10-year treasury yield fell 2 bps to 3.731%. Dollar index fell 0.2% to 101.06. Gold rose 0.8% to $2516 per ounce.

 

OPEC+ members delayed a production hike of 180,000 barrels per day by two months, which was originally scheduled for October. WTI crude futures fell 5 cents to $69.15 and Brent futures fell 1 cent to $72.69 per barrel.

 

In Europe, CAC tumbled 0.9% while FTSE and DAX fell 0.3% and 0.1% respectively.

 

AT HOME

 

After starting higher by three tenth of a percent, benchmark indices fell half a percent from the top to end lower by a fifth of a percent. Sensex settled at 82201, down 151 points while Nifty lost 53 points to finish at 25145. Nifty mid-cap and small-cap indices however gained 0.4% and 1% respectively, both hitting fresh record highs. Nifty Realty index was the top loser among the sectoral indices, down 1%, followed by 0.4% lower Auto and Oil & Gas indices. Media and Consumer Durables indices were the top gainers, up 0.8% and 0.7% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 689 cr, 670 cr and 4201 cr respectively. DIIs were net buyers to the tune of Rs 2971 cr.

 

Rupee depreciated 2 paise to end at 83.98/$.

 

OUTLOOK

 

Today morning, Shanghai and Nikkei are up 0.3% and 0.1% respectively while Hang Seng is marginally in the red. GIFT Nifty is suggesting around 60 points lower start for our market.

 

In yesterday's report we had said that 25083, the low made Wednesday, was the immediate support while 25334, the top made on Monday, continued to be immediate hurdle.

 

Nifty, after touching a high of 25275, slipped to end at 25145.

 

25083, the low made Wednesday, continues to be immediate support, a breach of which will confirm a "Sell" on the hourly chart. If that happens, 20-DMA, placed around 24800, would be the next downside level to eye; 25334, the top made on Monday, continues to be immediate hurdle, upon crossover of which, 25600 would be next upside target.

 

For Banknifty, 51943 and 52565, the 61.8% and 78.6% retracement levels of the 53357-49654 fall, are the next upside levels to eye; 51200-51000 is the immediate support zone.

Investment in securities market is subject to market risk.

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

STAY LONG WITH THE STOP-LOSS OF 25083

 

STAY LONG WITH THE STOP-LOSS OF 25083

 

WORLD MARKETS

 

Dow inched up 0.1% while S & P 500 and Nasdaq fell 0.2% and 0.3% respectively, both extending Tuesday's steep losses.

 

Data showed job openings in July fell to the lowest level in three and a half years.

 

U.S. 10-year treasury yield fell 8 bps to 3.757%. Dollar index tumbled half a percent to 101.27. Gold inched up 0.1% to $2495 per ounce.

 

WTI crude futures fell 1.6% to $69.20 while Brent futures fell 1.4% to $72.70 per barrel.

 

European markets were down 0.4%-1%.

 

AT HOME

 

After starting lower by eight tenth of a percent, benchmark indices recouped more than half of the losses through the session to end lower by about three tenth of a percent. Sensex settled at 82352, down 202 points while Nifty lost 81 points to finish at 25198. Nifty snapped 14-session winning streak. Nifty mid-cap index eased 0.1% while small-cap index was flat. Nifty PSU Bank and IT indices were the top losers among the sectoral indices, down 1.7% and 0.9% respectively while Healthcare and Pharma indices were the top gainers, up 0.8% and 0.7% respectively.

 

FIIs net bought stocks worth Rs 975 cr but net sold index futures and stock futures worth Rs 1333 cr and 5541 cr respectively. DIIs were net buyers to the tune of Rs 97 cr.

 

Rupee ended flat at 83.97/$.

 

OUTLOOK

 

Today morning, Shanghai and Hang Seng are little changed while Nikkei is down 0.3%. GIFT Nifty is suggesting nearly 100 points gap-up start for our market.

 

In yesterday's report we had said that 25100-25000 was the immediate support zone on the hourly chart, while 25333, the top made on Monday, was the immediate hurdle.

 

Nifty, after touching a low of 25083, rebounded to end at 25198.

 

25083, the low made yesterday, is the immediate support, a breach of which will confirm a "Sell" on the hourly chart. If that happens, 20-DMA, placed around 24750, would be the next downside level to eye; 25334, the top made on Monday, continues to be immediate hurdle, upon crossover of which, 25600 would be next upside target.

 

For Banknifty, 51943 and 52565, the 61.8% and 78.6% retracement levels of the 53357-49654 fall, are the next upside levels to eye; 51200-51000 is the immediate support zone.

Investment in securities market is subject to market risk.

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

25100-25000 IS THE SUPPORT ZONE; 25333 IMMEDIATE HURDLE

 

25100-25000 IS THE SUPPORT ZONE; 25333 IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices nosedived 1.5%-3.3%, posting their worst day going back to the Aug. 5th sell-off, as chip names came under pressure and new economic data rekindled fears around the health of the economy.

 

ISM manufacturing index for August came in at 47.2 for the month, up 0.4 percentage points from July, but below the 47.9% expected from Dow Jones.

 

U.S. 10-year treasury yield fell 7 bps to 3.833%. Dollar index inched up 0.1% to 101.77. Gold fell 0.3% to $2492 per ounce.

 

Oil price tumbled to post their lowest close since December and erasing all gains for the year. WTI crude futures fell 4.4% to $70.34 while Brent futures fell 4.9% to $73.75 per barrel.

 

European markets fell 0.8%-1.3%. Total U.K. sales were up 1% y-o-y in August — a moderation from 4.1% growth in the same month of 2023.

 

AT HOME

 

Benchmark indices ended little changed after a rangebound session. Sensex settled at 82555, down 4 points while Nifty inched up 1 point to finish at 25280, extending the winning streak to fourteenth straight session. Nifty mid-cap and small-cap indices gained 0.25% and 0.4% respectively. Nifty Consumer Durables and Financial Services indices climbed 1.3% and 1.1% respectively, becoming top gainers among the sectoral indices while Media index was the top losers, down 1.4%, followed by 0.6% lower Metal index.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1029 cr, 389 cr and 5992 cr respectively. DIIs were net buyers to the tune of Rs 1896 cr.

 

Rupee depreciated 5 paise to end at 83.97/$.

 

OUTLOOK

 

Today morning, Nikkei is down more than 3% while Hang Seng and Shanghai are off 1.6% and 0.7% respectively. GIFT Nifty is suggesting around 175 points gap-down start for our market.

 

In yesterday's report we had said that 25600, around which a rising trendline adjoining recent tops on daily chart was placed, continued to be next big upside target to eye while 25100 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 25321, eased to end at 25280. The benchmark is set to open near 25100 today.

 

25100-25000 is the immediate support zone on the hourly chart, upon breach of which, 20-DMA, placed around 24700, would be next downside level to eye; 25333, the top made Monday, is the immediate hurdle.

 

For Banknifty, 51943 and 52565, the 61.8% and 78.6% retracement levels of the 53357-49654 fall, are the next upside levels to eye; 51200-51000 is the immediate support zone.

Investment in securities market is subject to market risk.

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

TRAIL STOP-LOSS TO 25100

 

TRAIL STOP-LOSS TO 25100

 

WORLD MARKETS

 

U.S. markets were closed yesterday due to the Labor Day holiday.

 

Dollar index fell 0.1% to 101.64. Gold fell 0.2% to $2499 per ounce.

 

WTI crude rose 0.7% to $74.04 while Brent crude futures settled up 0.8% at $77.52 a barrel.

 

In Europe, FTSE fell 0.2% while DAX and CAC gained 0.1% and 0.2% respectively. Euro zone manufacturing activity remained firmly in contractive territory, coming in at 45.8 in August as it was weighed down by Germany and France. U.K. manufacturing PMI increased to a 26-month high of 52.5 in August.

 

AT HOME

 

Benchmark indices gained a fifth of a percent each, hitting fresh record highs and Nifty closing in the green for the thirteenth consecutive session. Sensex settled at 82559, up 194 points while Nifty added 43 points to finish at 25278. Nifty mid-cap and small-cap indices however fell 0.2% and 0.3% respectively. Nifty FMCG and Financial Services indices were the top gainers among the sectoral indices, up 0.8% and 0.7% respectively while Metal and Pharma indices were the top losers, down 1% each.

 

FIIs net bought stocks and stock futures worth Rs 1735 cr and 2186 cr respectively but net sold index futures worth Rs 600 cr. DIIs were net buyers to the tune of Rs 356 cr.

 

Rupee depreciated 6 paise to end at 83.92/$.

 

OUTLOOK

 

Today morning, Nikkei is up 0.1% while Hang Seng and Shanghai are down 0.4% and 0.3% respectively. GIFT Nifty is suggesting a modestly higher start for our market.

 

In yesterday's report we had said that 25600, around was the next big upside target to eye while 25000-24950 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 25333, closed at 25278.

 

25600, around which a rising trendline adjoining recent tops on daily chart is placed, continues to be next big upside target to eye; 25100 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, upon sustained crossover of 51500, 51943 and 52565, the 61.8% and 78.6% retracement levels of the 53357-49654 fall, would be next upside levels to eye; 51000-50900 continues to be support zone.

Investment in securities market is subject to market risk.

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