22800-22850 IS THE NEXT TARGET AREA; 22500-22450 IS THE SUPPORT ZONE
WORLD MARKETS
U.S. indices ended little
changed.
U.S. 10-year treasury
yield rose 2 bps to 4.42%. Dollar index fell 0.2% to 104.12. Gold rose 0.4% to
$2338 per ounce.
WTI crude future fell
0.6% to settle at $86.43 a barrel and Brent futures lost 0.9% to settle at
$90.38 a barrel.
European markets gained
0.4%-0.9%.
AT HOME
Benchmark indices rose
0.7% each and hit fresh record highs. Sensex settled at 74742, up 494 points
while Nifty added 152 points to finish at 22666. Nifty mid-cap index was little
changed while small-cap index rose 0.3%. Nifty Auto index surged 2.2%, becoming
top gainer among the sectoral indices, followed by 1.4% higher Oil & Gas
index. PSU Bank and Media indices were the top losers, down 0.9% and 0.8%
respectively.
FIIs net sold stocks
worth Rs 685 cr but net bought index futures and stock futures worth Rs 1262 cr
and 623 cr respectively. DIIs were net buyers to the tune of Rs 3471 cr.
Rupee depreciated 2 paise
to end at 83.32/$.
OUTLOOK
Today morning, Hang Seng
and Nikkei are up 1.2% and 0.6% respectively while Shanghai is little changed.
GIFT Nifty is suggesting around 90 points higher start for our market.
In yesterday's report we
had said that 22800 was the next upside target while 22200 was the immediate
support.
Nifty surged to 22697
before closing at 22666. The benchmark is set to open near 22750 today.
22800-22850, around which
upper end of a rising channel formation is placed, is the next upside level to
eye; 22500-22450 is the immediate support zone, with the stop-loss of which,
trading longs can be held on to.
For Banknifty, 50500 is
the next major target to eye; 48000-47900 is the immediate support area, with
the stop-loss of which, trading longs can be held on to.
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