NIFTY TESTS 34-DMA SUPPORT

 

NIFTY TESTS 34-DMA SUPPORT

 

WORLD MARKETS

 

U.S. indices fell 0.6%-1.1% as Salesforce plunged 20% for its worst day in around two decades.

 

U.S. economy grew at an 1.3% annualized rate from January through March, down from the advance estimate of 1.6% after downward revisions to consumer spending. U.S. jobless claims, meanwhile, rose in the latest week.

 

Salesforce plunged 20% after missing revenue expectations for the fiscal first quarter and providing a weak outlook, marking its worst session since 2004.

 

U.S. 10-year treasury yield fell 6 bps to 4.55%. Dollar index fell 0.4% to 104.74. Gold rose quarter of a percent to $2344 per ounce.

 

WTI crude futures fell 1.7% $77.91 while Brent futures fell 2.1% to $81.86 a barrel.

 

In Europe, FTSE and CAC gained 0.6% each while DAX inched up 0.1%. Seasonally-adjusted unemployment rate in the euro area was 6.4% in April, down from 6.5% in March and a fresh record low.

 

AT HOME

 

Sensex and Nifty fell 0.8% and 1% respectively, extending the losing streak to fifth straight day and closing at 2-week low. Sensex settled at 73885, down 617 points while Nifty lost 216 points to finish at 22488. Nifty mid-cap and small-cap indices nosedived 1.3% and 1.6% respectively, both suffering their worst cut in 3-weeks. Nifty Metal and IT indices tumbled 3% and 2.2% respectively, becoming top losers among the sectoral indices while Media and Bank indices were the top gainers, up 0.5% and 0.4% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 3050 cr, 7925 cr and 8443 cr respectively. DIIs were net buyers to the tune of Rs 3433 cr.

 

Rupee appreciated 3 paise to end at 83.32/$.

 

OUTLOOK

 

Today morning, Hang Seng is up 1.7% while Shanghai and Nikkei are up nearly half a percent each, GIFT Nifty is suggesting around 60 points higher start for our market.

 

In yesterday's report we had said that 34-DMA, placed around 22450, was the next downside level to eye while 22900 was the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts can be held on to.

 

Nifty plunged all the way to 22417 before closing at 22488.

 

22417, the low made yesterday, which roughly coincided with 34-DMA, is the important immediate support to eye, upon breach of which, 22313 and 22100, the 61.8% and 78.6% retracement levels of the recent 21821-23110 upmove, would be next downside levels to eye; 22850 is the immediate hurdle on the hourly chart.

 

For Banknifty, 48300, followed by 48000, continues to be downside levels to eye; 49000-49100 is the immediate resistance zone, upon crossover of which, 49400, the 78.6% retracement level of the recent fall, would be next upside target.

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34-DMA LANDS SUPPORT AROUND 22450; 22900 IS IMMEDIATE HURDLE

 

34-DMA LANDS SUPPORT AROUND 22450; 22900 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices fell 0.6%-1.1%, pressured by rising Treasury yields.

 

U.S. 10-year treasury yield rose 6 bps to 4.616%. Dollar index jumped half a percent to 105.12. Gold tumbled 1% to $2338 per ounce.

 

Brent and WTI futures fell three quarter of a percent each to settle at $83.60 and $79.23 a barrel respectively.

 

European markets fell 0.9%-1.5%.

 

AT HOME

 

Sensex and Nifty slipped 0.9% and 0.8% respectively, extending the losing streak to third straight session and posting worst cut in 3-weeks. Sensex settled at 74502, down 667 points while Nifty lost 183 points to finish at 22704. Nifty mid-cap index fell 0.3% while small-cap index inched up 0.1%. Nifty Financial Services and Bank indices were the top losers among the sectoral indices, down 1.8% and 1.3% respectively whereas Pharma and Healthcare indices were the top gainers, up 0.6% and 0.4% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 5842 cr, 1717 cr and 125 cr respectively. DIIs were net buyers to the tune of Rs 5234 cr.

 

Rupee depreciated 17 paise to end at 83.35/$.

 

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are little changed while Nikkei is down 1.7%. GIFT Nifty is suggesting around 90 points lower start for our market.

 

In yesterday's report we had said that 22750 continued to be immediate support on the hourly chart, upon breach of which, 34-DMA, placed around 22460, would be next downside level to eye. We had also said that 23110, the top made on Monday, was the immediate hurdle.

 

Nifty broke 22750 and plunged all the way to 22685 before closing at 22704. The benchmark is set to open below 22650 today.

 

34-DMA, placed around 22450, is the next downside level to eye; 22900 is the immediate hurdle on the hourly chart, above which, 23110, the top made on Monday, would be bigger hurdle to eye; Meanwhile, trading shorts can be held on to with the stop-loss of 22900.

 

For Banknifty, 48300, followed by 48000, are the next downside levels to eye; 49000 is immediate hurdle.

 

Apollo Hospitals will report it's quarterly earnings today.

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22750 CONTINUES TO BE IMMEDIATE SUPPORT; 23110 IMMEDIATE HURDLE

 

22750 CONTINUES TO BE IMMEDIATE SUPPORT; 23110 IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow fell 0.6%, S & P 500 was little changed while Nasdaq rose 0.6% to a record high and closed above the 17,000 threshold for the first time, fueled by a nearly 7% jump in Nvidia.

 

Minneapolis Fed President Neel Kashkari said he wants to see “many more months” of data pointing to easing inflation before cutting rates. He also said he would not rule out further rate hikes if price pressures tick up again.

 

Conference Board data showed consumer confidence unexpectedly increased in May after deteriorating for three straight months. However, expectations for inflation also climbed.

 

U.S. 10-year treasury yield climbed 9 bps to 4.554% following a poor auction on the five-year note. Dollar index was flat at 104.61. Gold rose 0.4% to $2360 per ounce.

 

WTI crude futures rose 2.7% to $79.83 a barrel while Brent futures rose 1.4% to $84.22.

 

European markets fell 0.3%-0.9%.

 

AT HOME

 

Sensex and Nifty fell 0.3% and 0.2% respectively, extending the losing streak to second straight session. Sensex settled at 75170, down 220 points while Nifty lost 44 points to finish at 22888. Nifty mid-cap and small-cap tumbled 0.9% each. Nifty Realty and PSU Bank indices were the top losers among the sectoral indices, down 2.2% and 1.3% respectively whereas Pharma and Healthcare indices were the top gainers, up 0.5% and 0.4% respectively.

 

FIIs net bought stocks and stock futures worth Rs 66 cr and 4681 cr respectively but net sold index futures worth Rs 1962 cr. DIIs were net buyers to the tune of Rs 3232 cr.

 

Rupee depreciated 5 paise to end at 83.18/$.

 

OUTLOOK

 

Today morning, Shanghai is up 0.4% but Hang Seng and Nikkei are down 1.1% and 0.4% respectively. GIFT Nifty is suggesting nearly 100 points lower start for our market.

 

In yesterday's report we had said that 23100-23150, where a rising trendline adjoining recent monthly tops is placed, is the immediate resistance zone while 22750 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty fell to 22858 before closing at 22888 and is set to open near 22800 today.

 

22750 continues to be immediate support on the hourly chart, upon breach of which, 34-DMA, placed around 22460, would be next downside level to eye; 23110, the top made on Monday, is the immediate hurdle.

 

For Banknifty, 49975, the top made in April, is the next upside levels to eye; 48600-48500 is the immediate support zone on the hourly chart, with the stop-loss of which, trading longs can be held on to.

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TRAIL STOP-LOSS TO 22750

 

TRAIL STOP-LOSS TO 22750

 

WORLD MARKETS

 

U.S. markets were shut yesterday for Memorial Day.

 

In Europe, U.K. markets were closed for the late May bank holiday. DAX and CAC rose 0.4% and 0.5% respectively. European Central Bank officials signaled that rate cuts may be on the horizon for the world’s largest economic bloc.

 

Dollar index fell 0.2% to 104.58. Gold rose 0.7% to $2351 per ounce.

 

Brent crude futures inched up 11 cents to $82.23 a barrel while WTI crude futures rose 13 cents to $77.85.

 

China’s industrial profits rose 4.3% year on year in the January to April period.

 

AT HOME

 

After gaining nearly two third of a percent and hitting fresh record highs, benchmark indices reversed in second half to end marginally in the red. Sensex settled at 75390, down 20 points while Nifty lost 25 points to finish at 22932. Nifty mid-cap and small-cap indices however gained 0.6% and 0.8% respectively. Nifty PSU Bank and Realty indices were the top gainers among the sectoral indices, up 1.3% and 0.8% respectively while Media index was the top loser, down 1%, followed by 0.6% lower Metal and Oil & Gas indices.

 

FIIs net sold stocks worth Rs 541 cr but net bought index futures and stock futures worth Rs 2599 cr and 10211 cr respectively. DIIs were net buyers to the tune of Rs 923 cr.

 

Rupee depreciated 3 paise to end at 83.13/$.

 

OUTLOOK

 

Today morning, Hang Seng is up 0.6%, Shanghai is flat while Nikkei is off quarter of a percent. GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 23150, around which a rising trendline adjoining recent monthly tops was placed, was the next upside target and had advised trailing stop-loss in longs to 22650.

 

Nifty, after touching a high of 23110, reversed to end at 22932.

 

23100-23150, where a rising trendline adjoining recent monthly tops is placed, is the immediate resistance zone, a crossover of which is required for a fresh upmove. If that happens, 23350 would be next upside target; 22750 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 49975, the top made in April, is the next upside levels to eye; 48400 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

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23150 NEXT; TRAIL STOP-LOSS TO 22650

 

23150 NEXT; TRAIL STOP-LOSS TO 22650

 

WORLD MARKETS

 

Dow ended flat while S & P 500 and Nasdaq gained 0.7% and 1.1% respectively. Nasdaq closed at a fresh record high as gains in chipmaker Nvidia outweighed worries that the Federal Reserve will delay interest rate cuts.

 

Nvidia saw additional rise of 2.6% on Friday, after surging 9.3% on Thursday as enthusiasm continued over its blockbuster earnings report. 

 

After several strong economic and labor data releases this week, Goldman pushed its forecast for the Fed’s first rate cut back to September from July.

 

Orders for durable goods rose 0.7% for April. While this was slightly below the 0.8% increase in March, it was far above the estimate for a 1% decline. University of Michigan’s consumer sentiment index for May was 69.1, down from 77.2 in April. One-year inflation expectations came in at 3.3%, down from 3.5% in the preliminary mid-month results.

 

U.S. 10-year treasury yield fell 1 bps to 4.467%. Dollar index fell 0.3% to 104.75. Gold inched up 0.2% to $2334 per ounce.

 

WTI crude futures rose 1.1% to $77.72 a barrel while Brent futures rose 0.9% to $82.12 a barrel.

 

In Europe, FTSE and CAC fell 0.3% and 0.1% respectively while DAX was flat.

 

For the week, Nasdaq and S & P 500 rose 1.4% and 0.03% respectively but Dow tumbled 2.3%, snapping a 4-week winning streak.

 

AT HOME

 

After Thursday's mammoth upmove, Friday was a day of consolidation as benchmark indices ended flat after a rangebound session. Sensex settled at 75410, down 7 points while Nifty lost 10 points to finish at 22957. Nifty mid-cap index was flat while small-cap index fell 0.2%. Nifty FMCG and Realty indices were the top losers among the sectoral indices, down 0.8% and 0.7% respectively whereas Media index was the top gainer, up 1%, followed by 0.5% higher Financial Services and Oil & Gas indices.

 

FIIs net sold stocks and stock futures worth Rs 945 cr and 586 cr respectively but net bought index futures worth Rs 5410 cr. DIIs were net buyers to the tune of Rs 2320 cr.

 

Rupee appreciated 18 paise to end at 83.10/$.

 

For the week, Sensex and Nifty gained 1.9% and 2% respectively, extending the winning streak to second straight week and posting highest ever weekly close.

 

OUTLOOK

 

Today morning, Shanghai and Nikkei are up 0.3% each while Hang Seng is up 0.2%. GIFT Nifty is suggesting a flattish start for our market.

 

In Friday's report we had said that 23125 was the next upside level to eye while 22550 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 23026, eased to end at 22957.

 

23150, around which a rising trendline adjoining recent monthly tops is placed, is the next upside target; 22700-22650 is the immediate support zone on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 49334, the 78.6% retracement levels of the recent 49975-46983 fall, is the next upside levels to eye; 48250 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

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23125 NEXT; TRAIL STOP-LOSS TO 22550

 

23125 NEXT; TRAIL STOP-LOSS TO 22550

 

WORLD MARKETS

 

U.S. indices fell 0.4%-1.5%, with the Dow Jones Industrial Average registering its worst day of 2024, as strong economic data added to concerns that the Federal Reserve will not lower interest rates soon.

 

Services and manufacturing gauges for May both were higher-than-expected and showed expansion in both sectors, according to purchase manager surveys from S&P Global.  Weekly jobless claims totaled 215000, down 8,000 from the previous period’s upwardly revised level, and also lower than the expected 220,000 mark.

 

Nvidia surged 9.3% and surged past $1,000, after posting stronger-than-expected quarterly results and announcing a 10-for-1 stock split.

 

U.S. 10-year treasury yield rose 5 bps to 4.477%. Dollar index inched up 0.1% to 105.05. Gold nosedived 2% to $2329 per ounce.

 

WTI crude futures fell 0.9% to $76.87 while Brent futures fell 0.7% to $81.36 a barrel.

 

In Europe, FTSE fell 0.4% while DAX and CAC inched up 0.1% each.

 

AT HOME

 

Benchmark indices surged 1.6% each and hit fresh record highs. Sensex settled at 75418, up 1197 points while Nifty added 370 points to finish at 22967. Nifty mid-cap and small-cap indices gained 0.5% and 0.2% respectively. Except 0.8% and 0.5% lower Healthcare and Pharma indices respectively, all the NSE sectoral indices ended higher, with Auto and Bank indices on the top, up 2.2% and 2.1% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 4671 cr, 7216 cr and 9550 cr respectively. DIIs were net buyers to the tune of Rs 147 cr.

 

OUTLOOK

 

Japan’s core inflation — which strips out fresh food and energy — eased to 2.2% from 2.6% in March, in line with expectations. Headline inflation slowed to 2.5%, down from March’s 2.7% figure.

 

Today morning, Shanghai is up 0.4% while Nikkei and Hang Seng are down 1.3% and 0.3% respectively. GIFT Nifty is suggesting around 40 points lower start for our market.

 

In yesterday's report we had said that 22795, the top made on 3rd May, continued to be next target for Nifty while 22400 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty surged all the way to 22993 before closing at 22967.

 

23125, around which a rising trendline adjoining tops made in recent months is placed, is the next upside level to eye; 22550 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 49334, the 78.6% retracement levels of the recent 49975-46983 fall, is the next upside levels to eye; 48000 is the immediate support.

 

Hindalco and NTPC will report their quarterly earnings today.

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TRAIL STOP-LOSS TO 22400

 

TRAIL STOP-LOSS TO 22400

 

WORLD MARKETS

 

U.S. equity benchmark indices fell 0.2%-0.5% as the minutes from the latest Fed meeting raised concerns of persistent inflation, indicating the central bank may not cut interest rates soon.

 

The minutes stated a lack of progress in recent months toward lower inflation and also showed “various participants” discussed a willingness to hike rates if inflation did not keep moving lower toward its 2% goal.

 

U.S. 10-year treasury yield rose 1 bps to 4.426%. Dollar index rose 0.3% to 104.91. Gold plunged 1.7% to $2378 per ounce.

 

WTI oil futures fell 1.4% to $77.57 while Brent futures dipped 1.2% to $81.90 a barrel.

 

In Europe, FTSE and CAC fell 0.6% each while DAX dipped 0.25%. U.K. inflation came in at 2.3% on an annual basis in April, above the forecast of 2.1%, but much closer to the Bank of England’s 2% target than March’s reading of 3.2%.

 

Back in the U.S., Nvidia added 6% in extended trading after posting stronger-than-expected quarterly results and announcing a 10-for-1 stock split.

 

AT HOME

 

Sensex gained 0.4% to end at 74221. Nifty rose 0.3% to finish at 22597, extending the winning streak to fifth consecutive session. Nifty mid-cap index rose 0.2%, extending the winning streak to ninth straight session and hitting fresh record highs. Small-cap index fell 0.4%, extending the losing streak to second straight session. Nifty FMCG and Realty indices gained 1.4% each, becoming top gainers among the sectoral indices while Metal, Financial Services and Bank indices were the top losers, down 0.6% each.

 

FIIs net sold stocks, index futures and stock futures worth Rs 686 cr, 747 cr and 4100 cr respectively. DIIs were net buyers to the tune of Rs 62 cr.

 

Rupee appreciated 2 paise to end at 83.28/$.

 

RBI announced a record dividend of Rs. 2.11 lk cr, which is a jump of 142% over FY23 and 107% higher compared to budget estimate.

 

OUTLOOK

 

Today morning, Nikkei is up half a percent but Hang Seng and Shanghai are down 1.5% and 0.8% respectively. GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 22795, the top made on 3rd May, was the next target for Nifty while 22300-22250 was the immediate support zone on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty rose to 22629 before closing at 22597.

 

22795, the top made on 3rd May, continues to be next target for Nifty; 22400 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 48644 and 48958, the 50% and 61.8% retracement levels of the recent 49975-47313 fall, are the next upside levels to eye; 47350 is the immediate support.

 

ITC will report its quarterly earnings today.

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22795 IS THE NEXT TARGET; 22300-22250 IMMEDIATE SUPPORT ZONE

 

22795 IS THE NEXT TARGET; 22300-22250 IMMEDIATE SUPPORT ZONE

 

WORLD MARKETS

 

U.S. equity benchmark indices gained 0.2% each with the S & P 500 and Nasdaq S&P 500 and the Nasdaq Composite closing at new records.

 

Fed Governor Christopher Waller said he’d like to see more good data on the inflation front before lowering rates.

 

U.S. 10-year treasury yield fell 3 bps to 4.414%. Dollar index was flat at 104.62. Gold fell 0.2% to $2421 per ounce.

 

WTI crude futures fell 0.7% to $79.26 while Brent futures fell 1% to $82.88 a barrel.

 

European markets fell 0.1%-0.7%.

 

AT HOME

 

It was a day of consolidation as Sensex settled marginally in the red at 73953 while Nifty inched up 0.1% to finish at 22529. Nifty mid-cap index rose 0.4% to hit fresh record highs while small-cap index fell 0.4%. Nifty Metal index soared 3.9%, becoming top gainer among the sectoral indices, followed by 1.5% higher PSU Bank index. Private Bank and FMCG indices were the top losers, down 0.6% and 0.4% respectively.

 

FIIs net sold stocks worth Rs 93 cr but net bought index futures and stock futures worth Rs 2015 cr and 1503 cr respectively. DIIs were net sellers to the tune of Rs 153 cr.

 

Rupee appreciated 4 paise to end at 83.30/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are modestly higher while Nikkei is down 0.6%. GIFT Nifty is suggesting a modestly higher start for our market.

 

In yesterday's report we had said that 22586, the 78.6% retracement level of the recent 22795-21821 fall, continued to be next upside level to eye.

 

Nifty touched a high of 22591 before closing at 22529.

 

22795, the top made on 3rd May, is the next target for Nifty; 22300-22250 is the immediate support zone on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 48644 and 48958, the 50% and 61.8% retracement levels of the recent 49975-47313 fall, are the next upside levels to eye; 47350 is the immediate support.

 

Sun Pharma, Grasim and Powergrid will report their quarterly earnings today.

Investment in securities market is subject to market risk.

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