24700 NEXT; TRAIL STOP-LOSS TO 23700

 

24700 NEXT; TRAIL STOP-LOSS TO 23700

 

WORLD MARKETS

 

Dow and S & P 500 inched up 0.1% each while Nasdaq rose 0.3%.

 

U.S. GDP increased at a slightly upwardly revised 1.4% annualized rate last quarter, but down from the 3.4% registered in last three months of 2023. Jobless claims for state unemployment benefits dropped 6,000 to 233,000 for the week ended June 22. Durable goods orders rose 0.1% in May, below the downwardly revised 0.2% increase in April but better than the estimate for a 1% decline.

 

U.S. 10-year treasury yield fell 5 bps to 4.284%. Dollar index fell 0.1% to 105.93. Gold rose 1.3% to $2337 per ounce.

 

WTI crude futures rose 1% to $81.74 while Brent futures gained 1.3% to $86.39 a barrel.

 

In Europe, DAX rose 0.3% but FTSE and CAC fell 0.6% and 1% respectively.

 

AT HOME

 

Benchmark indices climbed seven tenth of a percent each, extending the winning streak to fourth straight session and hitting fresh record highs. Sensex settled at 79243, up 568 points while Nifty added 175 points to finish at 24044. Nifty mid-cap index rose 0.3% while small-cap index fell 0.7%. Nifty IT index surged 2%, becoming top gainer among the sectoral indices, followed by 0.9% higher Oil & Gas index. Media and PSU Bank indices were the top losers, down 1.4% and 0.9% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 7659 cr, 4369 cr and 8129 cr respectively. DIIs were net sellers to the tune of Rs 3606 cr.

 

Rupee appreciated 11 paise to end at 83.46/$.

 

 

OUTLOOK

 

Japan’s industrial production grew 2.8% month on month in May, beating expectations of 2%. Headline inflation for Japan’s capital city of Tokyo accelerated to 2.3%, up from 2.2% in May.

 

Today morning, Asian markets are up 0.4%-1% and GIFT Nifty is suggesting around 100 points higher start for our market.

 

In yesterday's report we had said that 24000 continued to be next upside target for Nifty while 23600 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty surged to touch a high of 24087 before closing at 24044.

 

24700, one of the extension level on Nifty's long term chart, is the next upside target to eye; 23700 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 53600, where a rising trendline adjoining recent tops on hourly chart is placed, is the next upside level to eye; 52000 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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

TRAIL STOP-LOSS TO 23600

 

TRAIL STOP-LOSS TO 23600

 

WORLD MARKETS

 

Nasdaq and S & P 500 rose 0.5% and 0.2% respectively while Dow inched up 0.04%.

 

Shares of Amazon jumped 3.9%, reaching an all-time high and topping $2 trillion in market value for the first time on Wednesday, joining Nvidia, Apple, Alphabet and Microsoft in reaching the milestone.

 

New home sales declined more than 11% on a monthly basis in April.

 

U.S. 10-year treasury yield rose 8 bps to 4.331%. Dollar index rose 0.4% to 106.05. Gold fell 0.9% to $2298 per ounce.

 

WTI crude futures inched up 7 cents to $80.90 while Brent futures rose 24 cents to $85.25 a barrel.

 

European markets fell 0.1%-0.7%.

 

AT HOME

 

Sensex and Nifty gained 0.8% and 0.6% respectively, extending the winning streak to third straight day and hitting fresh record highs. Sensex settled at 78674, up 620 points while Nifty added 147 points to finish at 23868. Nifty mid-cap index fell 0.2% while small-cap index rose quarter of a percent. Nifty Media and Oil & Gas indices gained 1.6% and 1.4% respectively, becoming top gainers among the sectoral indices while Metal and Realty indices were the top losers, down 1.4% each.

 

FIIs net sold stocks worth Rs 3535 cr but net bought index futures and stock futures worth Rs 2886 cr and 6486 cr respectively. DIIs were net buyers to the tune of Rs 5104 cr.

 

Rupee depreciated 14 paise to end at 83.57/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.6%-1.6% and GIFT Nifty is suggesting around 50 points lower start for our market.

 

In yesterday's report we had said that 24000 was the next upside target to eye for Nifty while 23550 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty surged to touch a high of 23890 before closing at 23868.

 

24000 continues to be next upside target for Nifty; 23600 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 53500, where a rising trendline adjoining recent tops on hourly chart is placed, is the next upside level to eye; 51900 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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

24000 NEXT; TRAIL STOP-LOSS TO 23550

 

24000 NEXT; TRAIL STOP-LOSS TO 23550

 

WORLD MARKETS

 

Nasdaq and S & P 500 rose 1.3% and 0.4% respectively to snap 3-day slide as Nvidia shares rebounded. Dow fell 0.8%.

 

U.S. single-family home prices increased 0.2% on the month in April after being unchanged in March. In the 12 months through April house prices increased 6.3% after advancing 6.7% in March.

Conference Board's U.S. consumer confidence for June came in at 100.4, down from a downwardly revised 101.3 in May, but marginally higher than the market forecast of 100.

 

Fed Governor Michelle Bowman repeated her view that holding the policy rate steady “for some time” will likely be enough to bring inflation under control. She also reiterated her willingness to raise borrowing costs if needed. Fed Governor Lisa Cook said it would be appropriate to cut interest rates “at some point” given significant progress on inflation and a gradual cooling of the labor market.

 

U.S. 10-year treasury yield rose 2 bps to 4.25%. Dollar index inched up 0.1% to 105.62. Gold fell 0.6% to $2319 per ounce.

 

WTI crude futures fell 1% to $80.83 a barrel while Brent futures fell 1.2% to $85.01 a barrel.

 

European markets fell 0.4%-0.8%.

 

AT HOME

 

Sensex and Nifty climbed 0.9% and 0.8% respectively, both hitting fresh record highs. Sensex settled at 78053, up 712 points while Nifty added 183 points to finish at 23721. Nifty mid-cap index fell 0.4% while small-cap index inched up 0.1%. Nifty Bank and Financial Services indices surged 1.7% each, becoming top gainers among the sectoral indices while Realty index tumbled 1.8%, becoming top loser, followed by 0.7% lower Metal index.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1176 cr, 2699 cr and 1118 cr respectively. DIIs were net sellers to the tune of Rs 149 cr.

 

Rupee appreciated 3 paise to end at 83.43/$. 

 

OUTLOOK

 

Today morning, Nikkei is up 1.2% while Hang Seng and Shanghai are marginally lower. GIFT Nifty is suggesting a marginally lower start for our market.

 

In yesterday's report we had said that 23350 continued to be immediate support while 23660 was the immediate hurdle, upon crossover of which, 24000 would be next upside target.

 

Nifty crossed 23660 and surged all the way to 23754 before closing at 23721.

 

24000 is the next upside target to eye for Nifty; 23550 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 53100, where a rising treandline adjoining recent tops on hourly chart is placed, is the next upside level to eye; 51700 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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

NIFTY REBOUNDS FROM 23350 SUPPORT

 

NIFTY REBOUNDS FROM 23350 SUPPORT

 

WORLD MARKETS

 

Dow rose 0.7% as banks and energy sock rose but S & P 500 and Nasdaq slipped 0.3% and 1.1% respectively as technology stocks fell. It was the worst day since April for the Nasdaq.

 

Nvidia fell about 6.7%, adding to its 4% decline last week that snapped an eight-week winning streak.

 

U.S. 10-year treasury yield fell 2 bps to 4.234%. Dollar index fell a third of a percent to 105.48. Gold rose half a percent to $2333 per ounce.

 

WTI crude futures rose 1.1% to $81.63 while Brent futures rose 0.9% to $86.01 a barrel.

 

European markets gained 0.5%-1.6%. Data from Ifo institute showed Germany's business sentiment had “deteriorated” in June.

 

AT HOME

 

After starting lower by six tenth of a percent, benchmark indices recouped all the losses and some more through the session to end higher by a fifth of a percent each. Sensex settled at 77341, up 131 points while Nifty added 37 points to finish at 23537. Nifty mid-cap index rose 0.3% to post record close but small-cap index fell 0.1%. Nifty Auto and Consumer Durables indices were the top gainers among the sectoral indices, up 0.9% and 0.8% respectively while Media and PSU Bank indices were the top losers, down 1.9% and 0.7% respectively.

 

FIIs net sold stocks worth Rs 654 cr but net bought index futures and stock futures worth Rs 1776 cr and 3264 cr respectively. DIIs were net sellers to the tune of Rs 820 cr.

 

Rupee appreciated 7 paise to end at 83.46/$.

 

After logging a deficit for 10-conecutive quarters, India's current account swung into surplus of $5.7 bn in Q4, which is 0.6% of India's GDP. For the full financial year, CAD narrowed to $23.2 bn from $67 bn in FY23. However, FDI flows slowed to $2 bn in FY24 from $6.4 bn in FY23.

 

OUTLOOK

 

Today morning, Hang Seng and Nikkei are up 0.9% and 0.5% respectively while Shanghai is marginally higher. GIFT Nifty is suggesting a marginally higher start for our market.

 

In yesterday's report we had said that 23350, around which an erstwhile resistance line adjoining tops made since January is placed, was the immediate support to eye.

 

Nifty, after touching a low of 23350, rebounded to end at 23537.

 

23350, around which an erstwhile resistance line adjoining tops made since January is placed, continues to be immediate support to eye, upon breach of which, 23206, the low made on 11th June, would be next downside level to eye; 23660, around which Nifty made a double top last week, is the immediate hurdle, upon crossover of which, 24000 would be next upside target.

 

For Banknifty, 51957, the top made last week, coincided with a rising trendline adjoining tops made since February and hence is the immediate hurdle, upon crossover of which, 52700 would be next target. 50700 is the immediate support on the hourly chart, upon breach of which, 49900, the low made last week, would be next downside level to eye.

Investment in securities market is subject to market risk.

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

23350 IS THE IMMEDIATE SUPPORT; 23660 IMMEDIATE HURDLE

 

23350 IS THE IMMEDIATE SUPPORT; 23660 IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow ended marginally in the green while S & P 500 and Nasdaq fell 0.2% each on Friday as shares of Nvidia pulled back for a second day.

 

U.S. business activity hit a 26-month high in June amid a rebound in employment while price pressures subsided considerably.

 

U.S. 10-year treasury yield fell 1 bps to 4.257%. Dollar index rose 0.2% to 105.83, it's highest level in seven weeks. Gold tumbled 1.6% to $2321 per ounce.

 

WTI crude futures fell 0.7% to $80.73 while Brent futures fell 0.6% to $85.24 a barrel.

 

European markets fell 0.4%-0.6%. British retail sales volumes rose 2.9% in May, well ahead of expectations for a 1.5% increase and rebounding from a dour April performance. French business confidence held steady for a third straight month and German and British flash purchasing managers’ index figures broadly showed a slowdown in the recent uptick in business activity.

 

Japan’s May core inflation data came in slightly cooler than expected.

 

For the week, Dow rose 1.4% for its best weekly performance since May. S & P 500 registered a 0.6% weekly advance while Nasdaq finished flat. Main European markets gained 0.9%-1.7%. In Asia, Hang Seng and Nifty rose 0.5% and 0.2% respectively while Nikkei and Shanghai fell 0.6% and 1.1% respectively.

 

U.S. 10-year treasury yield rose 3 bps during the week to 4.257%. Dollar index rose 0.3% to 105.83, extending the winning streak to third consecutive week. Golf fell half a percent to $2321 per ounce. Oil rose nearly 3%, extending the winning streak to second straight week.

 

AT HOME

 

Benchmark indices closed with cuts of three tenth of a percent each after a choppy session. Sensex settled at 77209, down 269 points while Nifty lost 66 points to finish at 23501. Nifty mid-cap and small-cap indices fell 0.1% and 0.2% respectively. Nifty FMCG index fell 1.2%, becoming top loser among the sectoral indices, followed by 1.1% lower PSU Bank and Oil & Gas indices. Media index was the top gainer, up 1%, followed by 0.8% higher IT and Consumer Durables indices.

 

FIIs net sold stocks, index futures and stock futures worth Rs 1790 cr, 48 cr and 1688 cr respectively. DIIs were net buyers to the tune of Rs 1237 cr.

 

Rupee appreciated 12 paise to end at 83.53/$.

 

For the week, Sensex and Nifty gained 0.3% and 0.2% respectively, extending the winning streak to third consecutive week and hitting fresh record highs.

 

OUTLOOK

 

Today morning, Nikkei is up 0.2% while Hang Seng and Shanghai are down 1% and 0.6% respectively. GIFT Nifty is suggesting around 100 points lower start for our market.

 

In Friday's report we had said that 23800-23850 continued to be next target area for Nifty while 23400-233350 continued to be immediate support zone on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 23667, slipped to end at 23501 and is set to open around 23400 today.

 

23350, around which an erstwhile resistance line adjoining tops made since January is placed, is the immediate support to eye, upon breach of which, 23206, the low made on 11th June, would be next downside level to eye; 23660, around which Nifty made a double top last week, is the immediate hurdle.

 

For Banknifty, 51957, the top made on Wednesday, coincided with a rising trendline adjoining tops made since February and hence is the immediate hurdle, upon crossover of which, 52700 would be next target. 50700 is the immediate support on the hourly chart, upon breach of which, 49900, the low made during the week, would be next downside level to eye.

Investment in securities market is subject to market risk.

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

23800-23850 IS THE NEXT TARGET ZONE; 23400-23350 IMMEDIATE SUPPORT AREA

 

23800-23850 IS THE NEXT TARGET ZONE; 23400-23350 IMMEDIATE SUPPORT AREA

 

WORLD MARKETS

 

Dow rose 0.8% while S & P 500 and Nasdaq fell 0.2% and 0.8% respectively

 

Initial jobless claims data showed a rise from a week ago, while housing starts and permits fell more than expected last month. A reading of the Philadelphia Fed Manufacturing Index also came in below estimates.

 

U.S. 10-year treasury yield rose 4 bps to 4.263%. Dollar index rose 0.4% to 105.65. Gold gained 1.4% to $2360 per ounce.

 

WTI and Brent crude futures gained 0.7% each to reach $82.17 and $85.71 a barrel respectively.

 

European markets gained 0.8%-1.4%. The Bank of England on kept interest rates unchanged at a 16-year high of 5.25%. The Swiss National Bank lowered its policy rate by 0.25 percentage points to 1.25%. Norway’s central bank held its policy interest rate at 4.5%, and said the rate would continue to be kept at a 16-year high till the end of 2024, providing the economy evolves as currently envisaged.

 

China kept its one- and five-year loan prime rates unchanged.

 

AT HOME

 

Benchmark indices rose a fifth of a percent each to post highest ever close. Sensex settled at 77478, up 141 points while Nifty added 51 points to finish at 23567. Nifty mid-cap and small-cap indices gained 1% and 0.6% respectively, both recouping yesterday's losses and small-cap index posting highest ever close. Nifty Realty and Metal indices climbed 2% and 1.8% respectively, becoming top gainers among the sectoral indices while Pharma and Auto indices were the top losers, down 0.5% and 0.4% respectively.

 

FIIs net bought stocks and index futures worth Rs 415 cr and 1740 cr respectively but net sold stock futures worth Rs 3175 cr. DIIs were net sellers to the tune of Rs 326 cr.

 

Rupee depreciated 20 paise to end at 83.65/$.

 

OUTLOOK

 

Today morning, Shanghai is up 0.2%, Nikkei is flat while Hang Seng is down 0.8%. GIFT Nifty is suggesting a marginally higher start for our market.

 

In yesterday's report we had said that 23800-23850 was the next upside target area for Nifty while 23400-233350 was the immediate support zone, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 23624, closed at 23567.

 

23800-23850 continues to be next target area for Nifty; 23400-23350 continues to be immediate support zone on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 51957, the top made on Wednesday, is the immediate hurdle, above which, 52700 would be next target; 50300 is the immediate support, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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

23800-23850 IS THE NEXT TARGET ZONE; 23400-23350 IMMEDIATE SUPPORT AREA

 

23800-23850 IS THE NEXT TARGET ZONE; 23400-23350 IMMEDIATE SUPPORT AREA

 

WORLD MARKETS

 

U.S. markets were closed yesterday for the Juneteenth holiday.

 

In Europe, FTSE rose 0.2% while DAX and CAC fell 0.4% and 0.8% respectively. U.K. inflation data for May was in line with expectations at 2.0%, hitting the Bank of England’s target ahead of its policy rate decision on Thursday.

 

Dollar index was flat at 105.22. Gold too was unchanged at $2328 per ounce.

 

Brent crude futures slipped 6 cents to $85.33 a barrel while WTI crude was down 8 cents at $81.57 per barrel.

 

Minutes of the Bank of Japan’s April policy meeting showed policymakers debated the impact a weak yen could have on prices. BOJ Governor Kazuo Ueda said on Tuesday the central bank could raise interest rates next month depending on economic data available at the time.

 

AT HOME

 

After rising nearly half a percent, benchmark indices gave away all the gains in late noon plunge to end flat to modestly lower. Sensex settled at 77336, up 36 points while Nifty lost 42 points to finish at 23516. Nifty mid-cap and small-cap indices fell 1% and 0.5% respectively, snapping a nine-session winning streak. Nifty Bank and Financial Services indices climbed 1.9% and 1.6% respectively, becoming top gainers among the sectoral indices while Realty and Consumer Durables indices were the top losers, down 2.8% and 2% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 7908 cr, 4356 cr and 943 cr respectively. DIIs were net buyers to the tune of Rs 7108 cr.

 

Rupee depreciated 4 paise to end at 83.45/$.

 

OUTLOOK

 

Today morning, Nikkei is down 0.7% while Hang Seng and Shanghai are little changed. GIFT Nifty is suggesting a marginally higher start for our market.

 

In yesterday's report we had said that 23800 was the next upside target for Nifty and had advised trailing stop-loss in longs to 23400.

 

Nifty, after touching a high of 23664, slipped to end at 23516.

 

23800-23850 is the next upside target to eye for Nifty; 23400-23350 is the immediate support zone on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 51957, the top made yesterday, coincided with a trendline adjoining rising tops made since February and hence is the immediate hurdle, above which, 52700 would be next target; 50300 is the immediate support, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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

23800 NEXT; TRAIL STOP-LOSS TO 23400

 

23800 NEXT; TRAIL STOP-LOSS TO 23400

 

WORLD MARKETS

 

U.S. indices ended flat to modestly higher. Nvidia jumped 3.5% to surpass Microsoft as the most valuable public company.

 

U.S. retail sales were up just 0.1% in May, below the 0.2% expected by economists. There was also a downward revision to the April data, which now shows a 0.2% decline.

 

U.S. 10-year treasury yield lost 6 bps to settle at 4.223%. Dollar index fell 0.1% to 105.25. Gold rose 0.6% to $2329 per ounce.

 

WTI crude futures rose 1.5% to $81.57 while Brent futures rose 1.3% to $85.33 per barrel.

 

European markets gained 0.4%-1.2%. Inflation in the single currency euro area rose at an annual rate of 2.6% in May, up from 2.4% in April.

 

AT HOME

 

Benchmark indices gained 0.4% each to hit fresh record highs. Sensex settled at 77301, up 308 points while Nifty added 92 points to finish at 23557. Nifty mid-cap and small-cap indices gained 0.5% and 1.1% respectively, extending the winning streak to ninth straight session and hitting fresh record highs. Nifty Realty and Private Bank indices were the top gainers among the sectoral indices, up 1.9% and 1.1% respectively whereas Media and Healthcare indices were the top losers, down 0.6% and 0.5% respectively.

 

FIIs net bought stocks and index futures worth Rs 2569 cr and 779 cr respectively but net sold stock futures worth Rs 710 cr. DIIs were net buyers to the tune of Rs 1556 cr.

 

Rupee appreciated 15 paise to end at 83.41/$.

 

OUTLOOK

 

Trade data from Japan showed exports grew 13.5% year-on-year, while imports grew 9.5% during the same period.

 

Today morning, Hang Seng and Nikkei are up 1.5% and 0.6% respectively while Shanghai is off 0.2%. GIFT Nifty is suggesting around 90 points higher start for our market.

 

In yesterday's report we had said that 23600, followed by 23800, continued to be upside targets for Nifty while 23206, the low made last week, was the immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 23579, closed at 23557 and is set to open above 23600 today.

 

23800 is the next upside target to eye for Nifty; 23400 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 51133, the top made on 3rd June, is the next upside target; 50000 is the immediate support, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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