21820 NEXT SUPPORT; 22125 IMMEDIATE HURDLE

 

21820 NEXT SUPPORT; 22125 IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices fell 0.1%-0.6% ahead of Thursday’s personal consumer expenditures reading for January, which is Federal Reserve’s favored inflation gauge.

 

According to revised gross domestic product numbers, U.S. fourth quarter GDP rose at a 3.2% annualized rate adjusted for seasonality and inflation, 0.1% point lower than the initial estimate.

 

U.S. 10-year treasury yield fell 4 bps to 4.266%. Dollar index inched up 0.1% to 103.91. Gold rose 0.2% to $2034 per ounce.

 

WTI crude futures dropped 0.4% to settle at $78.54 a barrel and Brent futures gained 0.04% to $83.68 a barrel.

 

In Europe, FTSE fell 0.8% while DAX and CAC rose 0.25% and 0.1% respectively.

 

AT HOME

 

Sensex and Nifty nosedived 1.1% each, suffering worst cut since 30th January and 23rd January respectively. Sensex settled at 72304, down 790 points while Nifty lost 247 points to finish at 21951. Both closed at the lowest level after 15th January. Nifty mid-cap and small-cap indices tumbled 1.9% each. All the NSE sectoral indices ended in red, with Media and PSU Bank indices being the top losers, down 3.5% and 2.3% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 1879 cr, 243 cr and 635 cr respectively. DIIs were net buyers to the tune of Rs 1827 cr.

 

Rupee depreciated 2 paise to end at 82.92/$.

 

Shriram Finance will replace UPL in Nifty from March 28.

 

OUTLOOK

 

Today morning, Shanghai and Hang Seng are up 0.8% and 0.1% respectively while Nikkei is down 0.6%. GIFT Nifty is suggesting around 30 points lower start for our market.

 

In yesterday's report we had said that 22297 continued to be immediate hurdle while 22000 continued to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

Nifty broke 22000 and plunged all the way to 21915 before closing at 21951.

 

34-DMA, placed around 21820, is the next downside level to eye, upon breach of which, 21700, the 78.6% retracement level of the recent 21530-22297 upmove, would be next support; On the way up, 22125 is the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts can be held on to.

 

For Banknifty, 45676, followed by 45218, the 61.8% and 78.6% retracement levels of the recent 44633-47363 upmove, are the next downside levels to eye; 46600 is the immediate hurdle.

Investment in securities market is subject to market risk.

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

22450, 22600 ABOVE 22300; 22000 CONTINUES TO BE IMMEDIATE SUPPORT

 

22450, 22600 ABOVE 22300; 22000 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Nasdaq and S & P 500 rose 0.4% and 0.2% respectively while Dow fell quarter of a percent.

 

Durable goods orders tumbled 6.1% in January, worse than the downwardly revised 0.3% decline in December and the estimate for a drop of 5%. Conference board’s Consumer Confidence Index declined to to 106.7, which was lower than the downwardly revised 110.9 in January and below the estimate for 115.1.

 

U.S. 10-year treasury yield rose 2 bps to 4.303%. Dollar index was flat at 103.80. Gold too was unchanged at $2030 per ounce.

 

WTI crude future rose 1.7% to settle at $78.87 a barrel and Brent futures rose 1.4% to settle at $83.65 a barrel.

 

In Europe, DAX and CAC rose 0.8% and 0.2% respectively while FTSE was little changed.

 

AT HOME

 

Sensex and Nifty gained 0.4% and 0.3% respectively, snapping a 2-session losing streak. Sensex settled at 73095, up 305 points while Nifty added 76 points to finish at 22198. Nifty mid-cap index fell 0.1% while small-cap index gained 0.3%. Nifty Realty and Consumer Durables indices were the top gainers among the sectoral indices, up 1.1% and 0.9% respectively while Oil & Gas index was the top loser, down 0.7%, followed by 0.6% lower Media and PSU Bank indices.

 

FIIs net sold stocks and stock futures worth Rs 1509 cr and 1084 cr respectively but net bought index futures worth Rs 139 cr. DIIs were net buyers to the tune of Rs 2862 cr.

 

Rupee depreciated 1 paise to end at 82.90/$.

 

OUTLOOK

 

Today morning, Shanghai is up 0.2% while Nikkei and Hang Seng are down quarter of a percent each. GIFT Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that 22000 continued to be immediate support while 22297, the top made last week, continued to be immediate hurdle.

 

Nifty, after touching a low of 22085, rebounded to end at 22198.

 

22297, the top made Friday, continues to be immediate hurdle, upon crossover of which, 22450, followed by 22600, would be next upside levels to eye; 22000 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 46300 is the immediate support, upon breach of which, 46000 and 45676, the 50% and 61.8% retracement levels of the recent upmove, would be next downside levels to eye; 47736, the 78.6% retracement level of the 48636-44429 fall, is the immediate target.

22000 CONTINUES TO BE IMMEDIATE SUPPORT; 22297 IMMEDIATE HURDLE

 

22000 CONTINUES TO BE IMMEDIATE SUPPORT; 22297 IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices fell 0.1%-0.4%.

 

Sales of new single-family homes came in at 661,000 for the month of January, an increase of 1.5%. These was lower than the estimate for 680,000 and 2.4%, respectively.

 

U.S. 10-year treasury yield rose 3 bps to 4.283%. Dollar index fell 0.2% to 103.78. Gold fell 0.2% to $2030 per ounce.

 

Brent crude futures settled with a gain of 1.1% at $82.53 a barrel and WTI finished up 1.4% at $77.58.

 

In Europe, FTSE and CAC fell 0.3% and 0.5% respectively while DAX was flat.

 

AT HOME

 

Sensex and Nifty fell 0.5% and 0.4% respectively, starting new week on a soft note. Sensex settled at 72790, down 352 points while Nifty lost 90 points to finish at 22122. Nifty mid-cap and small-cap indices fell 0.4% and 0.3% respectively. Nifty IT index tumbled 1.2%, becoming top loser among the sectoral indices, followed by 0.9% lower Metal and Consumer Durables indices. Auto, Realty and Oil & Gas indices were the sole gainers, up 0.1% each.

 

FIIs net sold stocks worth Rs 285 cr but net bought index futures and stock futures worth Rs 531 cr and 1005 cr respectively. DIIs were net sellers to the tune of Rs 5 cr.

 

Rupee appreciated 5 paise to end at 82.89/$.

 

OUTLOOK

 

Today morning, Nikkei and Shanghai are up 0.2% each while Hang Seng is off 0.2%. GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 22297, the top made on Friday was the immediate hurdle while 22000 was the immediate support.

 

Nifty fell to 22075 before closing at 22122.

 

A trendline adjoining bottoms made on 14th and 22nd February lands support around 22000; 22297, the top made last week, continues to be immediate hurdle.

 

For Banknifty, 46400-46350 continues to be immediate support area, upon breach of which, 46000 and 45676, the 50% and 61.8% retracement levels of the recent upmove, would be next downside levels to eye; 47736, the 78.6% retracement level of the 48636-44429 fall, is the immediate target.

 

Investment in securities market is subject to market risk.

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

22600 ABOVE 22297; 22000 IS IMMEDIATE SUPPORT

 

22600 ABOVE 22297; 22000 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

On Friday, Dow rose 0.2%, S & P 500 was little changed while Nasdaq fell 0.3%. Dow closed at an all-time high of 39,131.53, S&P 500 at one point in the session broke above 5,100 for the first time and the tech-heavy Nasdaq Composite touched a 52-week high before falling.

 

U.S 10-year treasury yield fell 7 bps to 4.252%. Dollar index was flat at 103.96. Gold rose 0.6% to $2035 per ounce.

 

Brent crude futures settled down 2.5% at $81.62 a barrel while WTI futures fell 2.7% to $76.49.

 

In Europe, FTSE and DAX rose 0.3% each while CAC gained 0.7%. U.K. consumer confidence dipped in February, new survey data from GfK showed.

 

For the week, U.S. equity indices gained 1.3%-1.7% mainly led by gain in technology shares on the back of blowout results from Nvidia. In Europe, CAC and DAX rose 2.6% and 1.8% respectively while FTSE ended marginally in the red. In Asia, Shanghai surged 4.3% and has seen nine consecutive up-days on the back of government support measures and slight improvement in economic indicators. Hang Seng rose 2.2%. Nikkei gained 1.6% and crossed the previous all-time high made in 1989.

 

For the week, Brent declined about 2% and WTI fell more than 3%. Dollar index fell 0.3% for it's first negative week of 2024. Gold rose 1.1%. U.S. 10-year treasury yield fell 3 bps to 4.251%.

 

AT HOME

 

Benchmark indices ended flat, consolidating after yesterday's mammoth rebound. Sensex settled at 73142, down 15 points while Nifty lost 5 points to finish at 22212. Nifty mid-cap and small-cap indices gained 0.3% and 0.4% respectively. Nifty Media and Realty indices climbed 1.4% and 1% respectively, becoming top gainers among the sectoral indices while PSU Bank and Oil & Gas indices were the top losers, down 1.2% and 0.4% respectively.

 

FIIs net bought stocks and stock futures worth Rs 1276 cr and 3496 cr respectively but net sold index futures worth Rs 136 cr. DIIs were net buyers to the tune of Rs 177 cr.

 

Rupee depreciated 10 paise to end at 82.94/$.

 

For the week, Sensex and Nifty gained 1% and 0.8% respectively, extending the winning streak to second straight week.

 

OUTLOOK

 

Today morning, Nikkei is up 0.6% while Hang Seng and Shanghai are down 0.4% and 0.2% respectively. GIFT Nifty is suggesting a flattish start for our market.

 

In Friday's report we had said that 22325 was the next immediate target while 22000 was the immediate support on intraday chart.

 

Nifty, after touching a high of 22297, fell to end at 22212.

 

Upon crossover of Friday's high, i.e. 22297, 22600 would be next upside target for Nifty; On the way down, a trendline adjoining bottoms made on 14th and 22nd February lands support around 22000, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 47736, the 78.6% retracement level of the 48636-44429 fall, is the immediate target, upon crossover of which, 48636, the record high made on 28th December, would be the next upside level to eye. 46400-46350 is the immediate support area, upon breach of which, 46000 and 45676, the 50% and 61.8% retracement levels of the recent upmove, would be next downside levels to eye.

22325, 22500 ARE UPSIDE LEVELS TO EYE; 22000 IS IMMEDIATE SUPPORT

 

22325, 22500 ARE UPSIDE LEVELS TO EYE; 22000 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices surged 1.2%-3%, with the S & P 500 and Nasdaq notching best day in more than a year, after chip giant Nvidia reported much stronger-than-expected quarterly results, lifting the broader market and tech sector.

 

Nvidia soared 16.4% to an all-time high after the chip company said total revenue rose a whopping 265% from a year ago — driven by its booming artificial intelligence business.

 

Jobless claims unexpectedly fell last week, while U.S. business activity cooled in February, with a measure of prices paid for inputs falling to the lowest level in nearly 3-1/2 years. Existing home sales increased 3.1% in January to a seasonally adjusted annual rate of 4.00 million units, the highest level since last August.

 

U.S. 10-year treasury yield inched up 1 bps to 4.327%. Dollar index was flat at 103.94. Gold fell 0.1% to $2024 per ounce.

 

WTI crude futures gained 0.9% to settle at $78.61 a barrel and Brent futures added 0.8% to settle at $83.67 a barrel.

 

European markets gained 0.3%-1.5%. Euro zone business activity showed some improvement in February, with manufacturing contracting but the services sector returning to growth, preliminary data showed.

 

AT HOME

 

After falling eight tenth of a percent in the morning, benchmark indices reversed these losses in noon session to end higher by three tenth of a percent. Nifty in fact made fresh record high. Sensex settled at 73158, up 535 points while Nifty added 162 points to finish at 22217. Nifty mid-cap and small-cap indices gained 1% and 0.7% respectively. Nifty IT and Auto indices were the top gainers among the sectoral indices, up 1.9% and 1.6% respectively while Bank and Financial Services indices were the top losers, down 0.2% and 0.1% respectively.

 

FIIs net sold stocks and stock futures worth Rs 1410 cr and 1368 cr respectively but net bought index futures worth Rs 1362 cr. DIIs were net buyers to the tune of Rs 1824 cr.

 

Rupee appreciated 13 paise to end at 82.84/$.

 

OUTLOOK

 

Today morning, Nikkei is shut for a holiday while Hang Seng and Shanghai are up 0.4% each. GIFT Nifty is suggesting around 60 points higher start for our market.

 

In yesterday's report we had said that 22250, the top made Wednesday, was the immediate hurdle, while 22000-21975 was the immediate support zone, upon breach of which, 20 and 34-DMAs, placed around 21800 and 21750 respectively, would be next downside level to eye.

 

Nifty, after touching a low of 21875, rebounded to touch a high of 22252 before closing at 22217.

 

22325 is the next immediate target above which, 22500 would be next target; 22000 is the immediate support on intraday chart, below which, 21875, the low made yesterday, would be bigger support.

 

For Banknifty, 47736, the 78.6% retracement levels of the 48636-44429 fall, continues to be next upside levels to eye; 46426, the low made yesterday, is immediate support.

Investment in securities market is subject to market risk.

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

22000-21975 IS THE IMMEDIATE SUPPORT ZONE; 22250 IMMEDIATE HURDLE

 

22000-21975 IS THE IMMEDIATE SUPPORT ZONE; 22250 IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow and S & P 500 gained 0.1% each while Nasdaq fell 0.3%.

 

Minutes from the Federal Reserve’s last meeting showed that central bank officials expressed caution about lowering interest rates too quickly and emphasized the importance of “carefully assessing” incoming data in judging whether inflation is moving down sustainably to 2%.

 

U.S. 10-year treasury yield rose 4 bps to 4.319%. Dollar index was flat at 104. Gold inched up 0.1% to $2026 per ounce.

 

WTI crude future rose 1.1% to settle at $77.91 a barrel and Brent futures added 0.8% to settle at $83.03 a barrel.

 

In Europe, DAX and CAC gained 0.3% and 0.2% respectively while FTSE fell 0.7%.

 

AT HOME

 

After rising a fourth of a percent in initial trade, benchmark indices nosedived in late noon session to end lower by six tenth of a percent, snapping a six-day winning streak. Sensex settled at 72623, down 434 points while Nifty lost 142 points to finish at 22055. Nifty mid-cap and small-cap indices tumbled 1.2% and 1% respectively, extending the losing streak to second straight session. Nifty Media index was the top loser among the sectoral indices, down 4.9%, followed by 1.6% lower IT index. Realty and PSU Bank indices were the top gainers, up 2% and 0.6% respectively.

 

FIIs net bought stocks and index futures worth Rs 285 cr and 627 cr respectively but net sold stock futures worth Rs 280 cr. DIIs were net sellers to the tune of Rs 412 cr.

 

Rupee depreciated 1 paise to end at 82.97/$.

 

OUTLOOK

 

Today morning, Nikkei is up 1.6% and has surpassed the previous record high of 38,915.87 reached in 1989. Shanghai and Hang Seng are up 0.6% and 0.2% respectively. GIFT Nifty is suggesting around 60 points higher start for our market.

 

In yesterday's report we had said that 22325 was the next immediate target and had advised trailing stop-loss in longs to 22000.

 

Nifty, after touching a high of 22249, slipped to end at 22055. The benchmark is set to open near 22100 today.

 

22250, the top made yesterday, is the immediate hurdle, upon crossover of which, 22500 would be next upside target; 22000-21975 is the immediate support zone, upon breach of which, 20 and 34-DMAs, placed around 21800 and 21750 respectively, would be next downside level to eye.

 

For Banknifty, 47736, the 78.6% retracement levels of the 48636-44429 fall, continues to be next upside levels to eye; 46300 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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

TRAIL STOP-LOSS TO 22000

 

TRAIL STOP-LOSS TO 22000

 

WORLD MARKETS

 

U.S. indices fell 0.2%-0.9% as Nvidia led a broader tech decline ahead of the chipmaker’s earnings report.

 

U.S. 10-year treasury yield was flat at 4.275%. Dollar index fell 0.1% to 104.07. Gold gained 0.3% to .$2024 per ounce.

 

WTI crude future fell 1.3% to settle at $78.18 a barrel and Brent dropped 1.4% to $82.40 a barrel.

 

In Europe, FTSE and DAX fell 0.1% each while CAC rose a third of a percent.

 

AT HOME

 

Sensex and Nifty gained 0.5% and 0.3% respectively, extending the winning streak to fifth straight session. Nifty hit fresh record high. Sensex settled at 73057, up 349 points while Nifty added 74 points to finish at 22196. Nifty mid-cap and small-cap indices however fell 0.1% and 0.5% respectively. Nifty Media index was the top gainer among the sectoral indices, up 2.3%, followed by 1.2% higher Bank, Financial Services and Realty indices. IT and Auto indices were the top losers, down 0.9% and 0.6% respectively.

 

FIIs net sold stocks and stock futures worth Rs 1336 cr and 1704 cr respectively but net bought index futures worth Rs 618 cr. DIIs were net buyers to the tune of Rs 1491 cr.

 

Rupee appreciated 6 paise to end at 82.96/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 1.5% and 0.2% respectively while Nikkei is off 0.4%. GIFT Nifty is suggesting a modestly higher start for our market.

 

In yesterday's report we had said that 22550-22600 was the next target area while immediate support on the hourly chart had moved up to 21850, with the stop-loss of which, trading longs could be held on to.

 

Nifty rose to touch a high of 22215 before closing at 22196.

 

22325 is the next immediate target above which, 22550-22600 would be next target area; Immediate support on the hourly chart has moved up to 22000, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 47736, the 78.6% retracement levels of the 48636-44429 fall, is  the next upside levels to eye; 46300 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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

TRAIL STOP-LOSS TO 21850

 

TRAIL STOP-LOSS TO 21850

 

WORLD MARKETS

 

U.S. markets were shut yesterday for President's day.

 

In Europe, FTSE rose 0.2%, CAC was flat while DAX fell 0.2%.

 

Dollar index was flat at 104.28. Gold rose quarter of a percent to $2018 per ounce.

 

Brent futures gained 9 cents to settle at $83.56 a barrel. WTI crude rose 30 cents to $79.49 a barrel.

 

AT HOME

 

Benchmark indices rose four tenth of a percent each, extending the winning streak to fifth straight session and Nifty hitting fresh record highs. Sensex settled at 72708, up 281 points while Nifty added 81 points to finish at 22122. Nifty mid-cap and small-cap indices also gained 0.4% each. Nifty Consumer Durables and Pharma indices were the top gainers among the sectoral indices, up 1.9% and 0.9% respectively while Realty and PSU Bank indices were the top losers, down 0.7% and 0.5% respectively.

 

FIIs net sold stocks and stock futures worth Rs 755 cr and 2107 cr respectively but net bought index futures worth Rs 720 cr. DIIs were net buyers to the tune of Rs 453 cr.

 

The Indian currency markets were closed today on account of Chatrapati Shivaji Maharaj Jayanti.

 

OUTLOOK

 

Today morning, Asian markets are trading flat to modestly lower and GIFT Nifty is suggesting modestly lower start for our market.

 

In yesterday's report we had said that 22126, the top made on 2nd February, was the next upside level to eye, upon crossover of which, 22550-22600 would be next target area and had advised holding on to longs with the stop-loss of 21775.

 

Nifty surged to touch a high of 22186 before closing at 22122.

 

22550-22600 is the next target area; Immediate support on the hourly chart has moved up to 21850, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 47029, followed by 47736, the 61.8% and 78.6% retracement levels of the 48636-44429 fall, are the upside levels to eye. 45600 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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

22600 ABOVE 22126; STAY LONG WITH THE STOP-LOSS OF 21775

 

22600 ABOVE 22126; STAY LONG WITH THE STOP-LOSS OF 21775

 

WORLD MARKETS

 

U.S. indices fell 0.4%-0.8% on Friday after yet another hot inflation report stoked fears that Federal Reserve rate cuts may not arrive until later than anticipated this year.

 

The producer price index for January increased 0.3%, as against expectation of

a gain of 0.1%. Excluding food and energy, core PPI rose increased 0.5%, higher than the expectations for a 0.1% advance. Single-family housing starts, which account for the bulk of homebuilding, dropped 4.7% to a seasonally adjusted annual rate of 1.004 million units last month. U.S. consumer sentiment was little changed in February while one-year inflation expectations inched up. The University of Michigan’s preliminary reading on the overall index of consumer sentiment came in at 79.6 this month, compared with 79.0 in January.

 

U.S. 10-year treasury yield rose 5 bps to 4.283%. Dollar index was flat at 104.28. Gold rose 0.4% to $2013 per ounce.

 

WTI crude futures gained $1.16 or 1.5% to settle at $79.19 a barrel and Brent futures added 61 cents a barrel to settle at $83.47.

 

In Europe, FTSE surged 1.5% while DAX and CAC gained 0.4% and 0.3% respectively. U.K. retail sales rose by 3.4% month on month, higher than the 1.5% growth forecast.  It was the biggest monthly rise since April 2021, and follows a record fall in December.

 

For the week, U.S. indices fell 0.1%-1.3%. snapping five-week winning streak. U.S. crude gained about 3% for the week, settling at its highest level since Nov. 6. Brent rose 1.5% to settle at the highest level since Jan. 26.

 

AT HOME

 

Sensex and Nifty gained 0.6% and 0.5% respectively, extending the winning streak to fourth straight session and closed at the highest level after mid-January. Sensex settled at 72426, up 376 points while Nifty added 130 points to finish at 22040. Nifty mid-cap and small-cap indices gained 0.6% each. Except 0.6% and 0.4% lower Oil & Gas and PSU Bank indices, all the NSE sectoral indices ended higher, with Auto and Pharma indices being the top gainers, up 2.2% and 1.6% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 253 cr, 640 cr and 1260 cr respectively. DIIs were net buyers to the tune of Rs 1571 cr.

 

Rupee appreciated 3 paise to end at 83.01/$.

 

For the week, Sensex and Nifty gained 1.2% each while the latter posting highest ever weekly close.

 

OUTLOOK

 

The People’s Bank of China yesterday held a key policy rate steady as expected.

 

Today morning, Shanghai is up nearly a percent while Hang Seng and Nikkei are down 1% and 0.3% respectively. GIFT Nifty is suggesting around 50 points higher start for our market.

 

In Friday's report we had said that 22126, the top made on 2nd February, was the next upside level to eye while 21750 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty rose to touch a high of 22068 before closing at 22040 and is set to open near 22100 today.

 

22126, the top made on 2nd February, is the next upside level to eye, upon crossover of which, 22550-22600 would be next target area. 21775 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 47029, followed by 47736, the 61.8% and 78.6% retracement levels of the 48636-44429 fall, are the upside levels to eye. 45600 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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