22562 IS THE NEXT TARGET; 22200-22150 IMMEDIATE SUPPORT ZONE

 

22562 IS THE NEXT TARGET; 22200-22150 IMMEDIATE SUPPORT ZONE

 

WORLD MARKETS

 

U.S. indices gained 0.7%-1.1%. Both the S&P 500 and Nasdaq ended a six-day losing streak.

 

U.S. 10-year treasury yield fell 1 bps to 4.611%. Dollar index was little changed at 106.12. Gold plunged 2.8% to $2326 per ounce.

 

WTI and Brent crude future fell 29 cents each to $82.85 and $87 a barrel respectively.

 

In Europe, FTSE surged 1.6% while DAX and CAC gained 0.7% and 0.2% respectively.

 

AT HOME

 

Sensex and Nifty climbed 0.8% and 0.9% respectively, extending the winning streak to second straight day. Sensex settled at 73648, up 560 points while Nifty added 189 points to finish at 22336. Nifty mid-cap and small-cap indices surged 0.8% and 1.3% respectively, with the former snapping a 5-session losing streak. All the NSE sectoral indices ended higher, with PSU Bank and Consumer Durables indices on the top, up 3.1% and 2.4% respectively.

 

FIIs net sold stocks and index futures worth Rs 2915 cr and 491 cr respectively but net bought stock futures worth Rs 3415 cr. DIIs were net buyers to the tune of Rs 3543 cr.

 

Rupee appreciated 11 paise to end at 83.36/$.

 

Reliance Industries delivered a robust 4th quarter numbers as all the business segments clocked strong growth. Net profit jumped 10% q-o-q. The oil & gas business grew over 47% y-o-y and retail EBIDTA jumped 18%. Strong subscriber addition helped Jio profit grew at 13%.

 

OUTLOOK

 

Today morning, Hang Seng is up 0.8%, Nikkei is little changed while Shanghai is down 0.6%. GIFT Nifty is suggesting a modestly higher start for our market.

 

In yesterday's report we had said that 22300-22350 was the immediate resistance zone on the hourly chart, upon crossover of which, 22562, the 78.6% retracement level of the recent 22775-21777 fall, would be next upside level to eye.

 

Nifty surged to touch a high of 22375 before closing at 22336.

 

22562, the 78.6% retracement level of the recent 22775-21777 fall, is the next upside level to eye; 22200-22150 is the immediate support zone, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 48527, the 78.6% retracement level of the recent 49057-46579 fall, followed by 49057, the top made on 10th April, are the next upside levels to eye; 47500 is the immediate support.

 

Tata Consumer will report its quarterly numbers today.

Investment in securities market is subject to market risk.

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