21760 IS THE TOUGH HURDLE; 21492 IS IMMEDIATE SUPPORT

 

21760 IS THE TOUGH HURDLE; 21492 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.4% and 0.2% respectively while Nasdaq inched up 0.1%

 

U.S. 10-year treasury yield fell 2 bps to 4.015%. Dollar index rose 0.2% to 102.52. Gold inched up 0.1% to $2030 per ounce.

 

U.S. trade deficit unexpectedly narrowed in November as imports of consumer goods fell to a one-year low amid slowing domestic demand.

 

Brent crude futures rose 1.9% to settle at $77.59 a barrel while WTI crude futures gained 2.1% to settle at $72.24 a barrel.

 

Main European markets fell 0.1%-0.3%.

 

AT HOME

 

After rising a percent, benchmark indices gave away most of the gains in late noon plunge to end just marginally higher. Sensex settled at 71386, up 31 points while Nifty added 32 points to finish at 21544. Nifty mid-cap and small-cap indices gained 0.2% and 0.4% respectively. Nifty Realty index surged 2.5%, becoming top gainer among the sectoral indices, followed by 1.1% higher Healthcare index. Media index nosedived 3.3%, becoming top loser, followed by 0.4% lower Bank index.

 

FIIs net sold stocks worth Rs 991 cr but net bought index futures and stock futures worth Rs 1435 cr and 1012 cr respectively. DIIs were net buyers to the tune of Rs 104 cr.

 

Rupee appreciated 2 paise to end at 83.12/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 1.2% and 0.1% respectively while Shanghai is off 0.2%. GIFT Nifty is suggesting around 40 points lower start for our market.

 

In yesterday's report we had said that 21625-21650 is the immediate resistance zone for Nifty, upon crossover of which, 21763, the top made yesterday, would be next upside level to eye while 21492, the low made Monday, was the immediate support.

 

Nifty after touching a high of 21724, reversed and plunged to 21517 before closing at 21544.

 

21492, the low made Monday, is the immediate support, upon breach of which, 21400, followed by 21300, the 50% and 61.8% retracement levels of the recent 48636-47481 fall, would be next downside levels to eye; 21760, the top made Monday, is the immediate hurdle.

 

For Banknifty, 46900 is the next downside level to eye; 47900 is immediate hurdle.

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