21300-21100 IS THE IMPORTANT SUPPORT ZONE; 22700 IMMEDIATE HURDLE
WORLD MARKETS
Dow rose 0.4% while S
& P 500 and Nasdaq gained 0.2% each.
U.S. job openings fell
more than expected in April to their lowest in more than three years, according
to the Job Openings and Labor Turnover Survey, or JOLTS report. Factory orders rose 0.7%, matching the
revised pace in March.
U.S. 10-year treasury
yield fell 6 bps to 4.33%. Dollar index inched up 0.1% to 104.15. Gold fell 1%
to $2326 per ounce.
WTI crude futures fell
1.3% to $73.25 while Brent futures fell 0.6% to $77.52 a barrel.
European markets fell
0.4%-1.1%.
AT HOME
Benchmark indices
collapsed as actual results of the Lok Sabha elections turned out be far less
encouraging for the BJP led NDA than the exit polls had predicted. Sensex and
Nifty nosedived 5.7% and 5.9% respectively, their worst percentage cut since
23rd March 2020. Sensex lost 4389 points to settle at 72079 while Nifty
finished at 21884, down 1379 points. Nifty mid-cap and small-cap indices
plunged 7.9% and 8.2% respectively. Except 1% higher FMCG index, all the NSE
sectoral indices ended lower, with PSU Bank and Oil & Gas indices leading
the losses, down 15.1% and 11.8% respectively.
FIIs net sold stocks and
index futures worth Rs 12436 cr and 9843 cr respectively but net bought stock
futures worth Rs 225 cr. DIIs were net sellers to the tune of Rs 3319 cr.
Rupee depreciated 39
paise to end at 83.53/$.
As per the final tally,
NDA alliance won 292 seats with BJP, TDP and JDU winning 240, 16 and 12 seats
respectively. I.N.D.I.A. alliance won 234 seats with Congress, SP and TMC
winning 99, 37 and 29 seats respectively.
OUTLOOK
Today morning, Hang Seng
is up 1%, Shanghai is marginally in the red while Nikkei is down 1%. GIFT Nifty
is suggesting around 130 points higher start for our market.
In yesterday's report we
had said that 23600, followed by 23800 were the next upside levels to eye while
22800 was the immediate support on the hourly chart, with the stop-loss of
which, trading longs could be held on to.
Nifty broke 22800 and
plunged all the way to 21281 before closing at 21884.
21281, the low mad
yesterday, roughly coincided with 200-day exponential moving average while
200-Day Simple moving average is placed around 21100, making 21300-21100
important support area; 22700 is the immediate hurdle on the hourly chart.
For Banknifty, 46077, the
low made yesterday, coincided with 200-DMA and hence is the immediate support
to eye. If it breaks, 20-month moving average, placed around 44700, would be
next downside level to eye; 49000 is the immediate hurdle on the hourly chart.
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