22950 ABOVE 22783; 22500-22450 IS THE SUPPORT ZONE

 

22950 ABOVE 22783; 22500-22450 IS THE SUPPORT ZONE

 

WORLD MARKETS

 

U.S. indices gained 0.8%-1.5%, with Nasdaq on the top, as Megacap technology stocks rose as Treasury yields dipped.

 

Number of Americans filing new claims for unemployment benefits held steady at a low level last week.

 

U.S. 10-year treasury yield fell 5 bps to 4.583%. Dollar index fell 0.3% to 105.34. Gold fell 0.7% to $2303 per ounce.

 

WTI crude futures rose 0.5% to $79.40 while Brent futures rose 0.6% to $83.96 a barrel.

 

In Europe, FTSE rose 0.6% while DAX and CAC fell 0.2% and 0.9% respectively.

 

AT HOME

 

Benchmark indices ended higher by a fifth of a percent each after a choppy session. Sensex settled at 74611, up 128 points while Nifty added 43 points to finish at 22648. Nifty mid-cap index rose half a percent while small-cap index was little changed. Nifty Auto and Metal indices gained 1.1% each, becoming top gainers among the sectoral indices while Media index was the top loser, down 1.6%, followed by 0.3% lower Bank index.

 

FIIs net sold stocks worth Rs 964 cr but net bought index futures and stock futures worth Rs 363 cr and 5163 cr respectively. DIIs were net buyers to the tune of Rs 1352 cr.

 

Rupee depreciated 4 paise to end at 83.47/$.

 

OUTLOOK

 

Stock markets in Japan and mainland China are shut for public holidays. Hang Seng is up nearly a percent and GIFT Nifty is suggesting around 120 points higher start for our market.

 

In yesterday's report we had said that 22783, the top made on Tuesday, was the immediate hurdle while 22450 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 low of 22567, rebounded to end at 22648. The benchmark is set to open near 22750 today.

 

22783, the top made on Tuesday, continues to be immediate hurdle, upon crossover of which, 22950, around which a rising trendline adjoining recent tops on daily chart is placed, would be the next upside target; 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 upside level to eye; 48600 is the immediate support, with the stop-loss of which, trading longs can be held on to.

 

Titan and Britannia will report their quarterly earnings today.

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