21850 IMMEDIATE HURDLE; 21285 IS IMMEDIATE SUPPORT

 

21850 IMMEDIATE HURDLE; 21285 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices surged 1%-1.7%, with the Dow and S & P 500 hitting record highs.

 

The University of Michigan’s Survey of Consumers showed a 21.4% y-o-y jump to reach its highest level since July 2021.

 

U.S. 10-year treasury yield fell 2 bps to 4.126%. Dollar index fell 0.2% to 103.24. Gold rose a third of a percent to $2029 per ounce.

 

In Europe, FTSE ended marginally in the green while DAX and CAC fell 0.1% and 0.4% respectively.

 

Brent crude futures fell 10 cents to $79 a barrel, while WTI futures fell 10 cents to $73.98.

 

AT HOME

 

Benchmark indices rose seven tenth of a percent each, snapping a 3-day losing streak. Sensex settled at 71683, up 496 points while Nifty added 160 points to finish at 21622. Nifty mid-cap and small-cap indices surged 1.5% and 1.1% respectively. Nifty Oil & Gas and Metal indices climbed 1.7% and 1.4% respectively, becoming top gainers among the sectoral indices while Media and Private Bank indices were the top losers, down 1% and 0.3% respectively.

 

FIIs net sold stocks and index futures worth Rs 3690 cr and 1057 cr respectively but net bought stock futures worth Rs 4795 cr. DIIs were net buyers to the tune of Rs 2638 cr.

 

Rupee appreciated 6 paise to end at 83.06/$.

 

OUTLOOK

 

In yesterday's report we had said that 21285, the bottom made yesterday, was the important immediate support while 21850 continued to be immediate hurdle.

 

Nifty rose to close at 21622.

 

21850 continues to be immediate hurdle, upon crossover of which, 22124, the top made during the week, would be next upside level to eye; 21285, the low made on Thursday, continues to be important immediate support.

 

For Banknifty, 45430, the low made Thursday, which roughly coincided with 20-week moving average, is the immediate support, upon breach of which, 34-week moving average, placed around 45000, would be next downside level to eye; 47500 is immediate hurdle.

 

ICICI Bank and Kotak Mahindra Bank will report their quarterly earnings today.

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