22100 IS THE NEXT SUPPORT; 22500 IMMEDIATE HURDLE

 

22100 IS THE NEXT SUPPORT; 22500 IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow rose 0.4%, extending the winning streak to sixth straight session. S & P 500 ended flat while Nasdaq fell 0.2%

 

Uber shares fell 5.7% after it posted a surprising net loss and weaker-than-expected bookings revenue, while Intel lost more than 2% after lowering its second-quarter revenue guidance.

 

Boston Fed President Susan Collins said the Fed’s interest rate policy will likely need to remain at its current level until inflation is moving “sustainably” toward the central bank’s 2% target.

 

U.S. 10-year treasury yield rose 4 bps to 4.496%. Dollar index inched up 0.1% to 105.50. Gold fell 0.2% to $2308 per ounce.

 

WTI crude futures rose 0.8% to $78.99 while Brent futures rose half a percent to $83.58 a barrel.

 

European markets gained 0.4%-0.7%.

 

AT HOME

 

 

After falling half a percent, benchmark indices recouped all the losses to end flat. Sensex settled at 73466, down 45 points while Nifty was absolutely flat at 22302. Nifty mid-cap and small-cap indices gained 0.7% and 0.6% respectively, snapping a 3-day losing streak. Nifty Oil & Gas and Auto indices climbed 1.7% and 1.6% respectively, becoming top gainers among the sectoral indices while Bank and Financial Services indices were the top losers, down 0.5% each.

 

FIIs net sold stocks, index futures and stock futures worth Rs 6669 cr, 1772 cr and 137 cr respectively. DIIs were net buyers to the tune of Rs 5929 cr.

 

Rupee depreciated 1 paise to end at 83.52/$.

 

L & T reported a steady Q4 with annual revenue crossing Rs. 2 lk cr mark. Management guided for 10% rise in FY25 order inflow and 10% rise in topline. Hero Motocorp largely met estimates as revenue grew 14% while profit rose 18%. TVS Motors reported 24% growth in revenue and 100 bps expansion in margin.

 

OUTLOOK

 

Today morning, Asian markets are up 0.4%-0.9% and GIFT Nifty is suggesting a flat start for our market.

 

In yesterday's report we had said that 22100 was the next downside level to eye while 22550-22600 was the immediate resistance zone, with the stop-loss of which, trading shorts could be held on to.

 

Nifty, after touching a low of 22185, rebounded to end at 22302.

 

22100 continues to be next downside level to eye for Nifty; 22500 is the immediate resistance, with the stop-loss of which, trading shorts can be held on to.

 

For Banknifty, 34-DMA, placed around 47850, is the immediate support, upon breach of which, 47300 would be next downside level to eye; 48900 is immediate hurdle.

 

SBI and Asian Paints will report their quarterly earnings today.

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