22000, 22200 ARE NEXT UPSIDE LEVELS TO EYE; 21475 IS IMMEDIATE SUPPORT

 

22000, 22200 ARE NEXT UPSIDE LEVELS TO EYE; 21475 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow was little changed while S & P 500 and Nasdaq fell 0.3% and 0.6% respectively on the last day of calendar 2023.

 

U.S. 10-year treasury yield rose 2 bps to 3.866%. Dollar index rose 0.2% to 101.38. Gold fell 0.1% to $2063 per ounce.

 

The WTI crude contract for February shed 0.2% to settle at $71.65 a barrel while Brent contract for March lost 0.1%, to settle at $77.04.

 

European markets gained 0.1%-0.3%.

 

For the week, Dow, S & P 500 and Nasdaq gained 0.8%, 0.3%, and 0.1% respectively, all extending the winning streak to ninth consecutive week. S & P 500 had its best win streak since 2004 while Dow and Nasdaq had their longest weekly winning streaks since 2019. In Europe, FTSE and DAX rose 0.5% and 0.3% respectively while CAC fell a third of a percent. Asian markets gained between 0.8%-1.8%. WTI crude fell 2.8%. Dollar index fell 0.3%. Gold rose half a percent.

 

For the year, Dow and S & P 500 gained 13.7% and 24% respectively. Nasdaq surged 43.4% for its best year since 2020. In Europe, Germany's DAX rose nearly 20% while France’s CAC 40 and the U.K.’s FTSE 100 have gained 16.4% and 3.64%, respectively. In Asia, China’s SSE COMPOSITE index is down 3.7% for the year, while the Hang Seng has plunged 14% in 2023. Japan’s Nikkei 225 wrapped up the year with gains of over 28%, making it Asia’s top-performing market.

 

U.S. 10-year treasury yield ended at same level as at the beginning of the year. Dollar index fell 2%, snapping a 2-year winning streak. Gold surged 13.2% to clinch its first positive year in three. U.S. crude oil closed out the year more than 10% lower.

 

AT HOME

 

Benchmark indices eased a fifth of a percent each on the last day of the year, snapping a 5-day winning streak. Sensex settled at 72240, down 170 points while Nifty lost 47 points to finish at 21731. Nifty mid-cap and small-cap indices however gained 0.8% and 0.6% respectively, extending the winning streak to sixth straight session, hitting fresh record highs. Nifty Auto and FMCG indices gained 1.1% and 0.8% respectively, becoming top gainers among the sectoral indices while Oil & Gas and PSU Bank indices were the top losers, down 1% and 0.6% respectively.

 

FIIs net bought stocks and index futures worth Rs 1459 cr and 300 cr respectively but net sold stock futures worth Rs 1502 cr. DIIs were net buyers to the tune of Rs 554 cr.

 

Rupee depreciated 4 paise to end at 83.21/$.

 

For the week, Sensex and Nifty gained 1.6% and 1.8% respectively. For the month Sensex and Nifty surged 7.8% and 7.9% respectively for their biggest monthly gain since July 2022. For calendar 2023, Sensex and Nifty climbed 18.7% and 20% respectively, extending the winning streak to eighth consecutive year.

 

OUTLOOK

 

Today morning, GIFT Nifty is suggesting around 75 points lower start for our market.

 

In Friday's report we had said that 22000 was the next upside level to eye while immediate support on the hourly chart had moved up to 21475, with the stop-loss of which, trading longs could be held on to.

 

Nifty fell to 21676 before closing at 21731.

 

22000 continues to be next upside target for Nifty; 21475 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 49300-49500 is the next target area. 47800-47750 is the immediate support zone, upon breach of which, 47200 would be the next downside level to eye. Meanwhile, trading longs can be held on to with the stop-loss of which, trading longs can be held on to.

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