TRAIL STOP-LOSS TO 22400

 

TRAIL STOP-LOSS TO 22400

 

WORLD MARKETS

 

U.S. indices gained 0.3%-0.4%

 

Tesla jumped more than 15% after clearing a key hurdle for full self-driving technology in China. Domino’s Pizza popped more than 5% after reporting earnings that topped expectations.

 

U.S. 10-year treasury yield fell 5 bps to 4.616%. Dollar index fell 0.4% to 105.63. Gold fell 0.1% to $2335 per ounce.

 

In Europe, FTSE inched up 0.1% while DAX and CAC fell 0.2% and 0.3% respectively. Spain’s inflation rate stood at 3.4% in the 12 months through April, up from 3.3%. Data from Germany showed inflation rose slightly in April.

 

WTI crude futures fell 1.4% to $82.63 a barrel and Brent futures fell 1.2% to $88.40 a barrel.

 

AT HOME

 

Sensex and Nifty surged 1.3% and 1% respectively, posting their best single day gain since 1st March. Sensex settled at 74671, up 941 points while Nifty added 223 points to finish at 22643. Nifty mid-cap and small-cap indices gained 0.4% and 0.2% respectively. Nifty Bank and Financial Services indices soared 2.5% and 2.1% respectively, becoming top gainers among the sectoral indices while Realty and IT indices were the top losers, down 1% and 0.3% respectively.

 

FIIs net bought stocks and index futures worth Rs 169 cr and 3631 cr respectively but net sold stock futures worth Rs 77 cr. DIIs were net buyers to the tune of Rs 692 cr.

 

Rupee depreciated 13 paise to end at 83.47/$.

 

ICICI Bank rose 4.4% on strong earnings HCL Tech shares slid 5.8% on weak Q4 results. Apollo Hospitals shares tumbled 4.7% as Apollo HealthCo's valuation in Advent deal was lower than market estimates.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 1.5% and 0.3% respectively while Shanghai is marginally lower. GIFT Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that 22775, the record high made on 10th April, continued to be next upside target while 22305 was the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Nifty soared to touch a high of 22655 before closing at 22643.

 

22775, the record high made on 10th April, continues to be next upside target; 22450-22400 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 level to eye; 48400 is the immediate support, with the stop-loss of which, trading longs can be held on to.

 

IOC and REC will report their quarterly earnings today.

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