34-DMA LANDS SUPPORT AROUND 22320; 22775-22800 IS THE RESISTANCE ZONE

 

34-DMA LANDS SUPPORT AROUND 22320; 22775-22800 IS THE RESISTANCE ZONE

 

WORLD MARKETS

 

U.S. indices gained 0.5%-1.2%, with the Dow extending the winning streak to fourth straight session.

 

An announcement from Hamas on that it accepted an Egyptian-Qatari cease-fire proposal to end the war with Israel gave stocks a boost. But an Israeli official said that the proposal is not acceptable to Israel.

 

U.S. 10-year treasury yield fell 3 bps to 4.489%. Dollar index was flat at 105.08. Gold rose 1% to $2326 per ounce.

 

WTI crude futures rose 0.5% to $78.48 a barrel while Brent futures rose 0.4% to $83.33 a barrel.

 

European markets gained 0.5%-1%. Eurozone S & P Composite PMI came in at 51.7 for April, up from 50.3 in March and marking fastest rise in almost a year.

 

AT HOME

 

Sensex inched up a bit while Nifty lost 0.2%, extending the losing streak to second straight day. Sensex settled at 73895, up 17 points while Nifty lost 33 points to finish at 22442. Nifty mid-cap and small-cap indices fell 0.5% and 1.5% respectively. Nifty Realty index soared 2.8%, becoming top gainer among the sectoral indices, followed by 0.9% higher IT index. PSU Bank and Consumer Durables indices nosedived 3.7% and 2.6% respectively, becoming top losers.

 

FIIs net sold stocks worth Rs 2169 cr but net bought index futures and stock futures worth Rs 539 cr and 167 cr respectively. DIIs were net buyers to the tune of Rs 781 cr.

 

Rupee depreciated 7 paise to end at 83.49/$.

 

India's S & P Global HSBC April services PMI eased to 60.8 from 61.2 in March. Composite PMI fell to 61.5 from 61.8.

 

OUTLOOK

 

Today morning, Nikkei is up a percent while Hang Seng and Shanghai are marginally higher. GIFT Nifty is suggesting around 40 points higher start for our market.

 

In yesterday's report we had said that Nifty had repeatedly taken resistance in 22775-22800 region and a crossover of this hurdle is required for a fresh upmove and that 34-DMA, placed around 22315, was the immediate support to eye.

 

Nifty ended modestly lower at 22442.

 

34-DMA, placed around 22320, continues to be immediate support; 22775-22800 continues to be immediate resistance zone.

 

For Banknifty, 49975, the top made last week, is the immediate hurdle; 20-DMA, placed around 48400, is the immediate support.

 

Dr Reddy's will report its quarterly earnings today.

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