21760-21448 CONTINUES TO BE IMMEDIATE RANGE

 

21760-21448 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

 

After falling nearly a percent on the back of hotter than expected consumer inflation report, U.S. indices rebounded from intraday lows to end little changed.

 

December CPI rose 0.3% over the month and 3.4% y-o-y, slightly higher than the expected figures of 0.2% and 3.2% respectively. Core CPI rose 0.3% for the month and 3.9% from the year-ago period, compared to respective estimates of 0.3% and 3.8%.

 

U.S. 10-year treasury yield, after hitting an intraday high of 4.068%. slipped to end at 3.968%, down 6 bps compared to previous day's close. Dollar index was little changed at 102.32. Gold rose 0.2% to $2028 per ounce.

 

WTI crude future rose 0.9% to $72.02 a barrel and Brent future rose 0.8% to settle at $77.41 a barrel.

 

European markets fell 0.5%-1%.

 

AT HOME

 

After rising half a percent in the initial trade, benchmark indices gave away most of the gains through the session to end just marginally in the green. Sensex settled at 71721, up 63 points while Nifty added 28 points to finish at 21647. Nifty mid-cap and small-cap indices climbed 0.5% and 0.6% respectively, with the latter posting record high on closing basis. Nifty Oil & Gas and Consumer Durables indices were the top gainers among the sectoral indices, up 1.5% and 1.2% respectively while Media and IT indices were the top losers, down 0.4% and 0.3% respectively.

 

FIIs net sold stocks worth Rs 865 cr but net bought index futures and stock futures worth Rs 75 cr and 1667 cr respectively. DIIs were net buyers to the tune of Rs 1607 cr.

 

Rupee appreciated 1 paise to end at 83.03/$.

 

TCS beat muted estimates in Q3 as dollar revenue grew a percent and margins expanded by 70 bps to 25% sequentially. Infosys largely met estimates even as dollar revenue declined a percent and margin contracted 70 bps. The company tightened full-year revenue guidance to 1.5-2%.

 

OUTLOOK

 

Today morning, Asian markets are up 0.3%-1% and GIFT Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that 21448, the low made Wednesday, coincided with 20-DMA and hence was the immediate support to eye while 21760, the top made Monday, continued to be immediate hurdle.

 

Nifty, after touching a high of 21726, slipped to end at 21647.

 

21760, the top made Monday, continues to be immediate hurdle; 21448, the bottom made Thursday, continues to be immediate support.

 

For Banknifty, 47000 is the immediate support; 47900 is the immediate hurdle.

 

Wipro and HCL Tech will report their quarterly earnings today.

 

India's December CPI and November IIP data will be released today.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer. May@#255