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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