23600, 23800 ABOVE 23400; 23000-22900 IS THE IMMEDIATE SUPPORT ZONE

 

23600, 23800 ABOVE 23400; 23000-22900 IS THE IMMEDIATE SUPPORT ZONE

 

WORLD MARKETS

 

Dow fell 0.3% while S & P 500 and Nasdaq gained 0.3% and 0.9% respectively to hit fresh record highs, led by gains in Apple.

 

Apple surged 7.3% to an all-time high after unveiling new features that could spark a wave of iPhone upgrades.

 

U.S. 10-year treasury yield fell 7 bps to 4.406%. Dollar index rose 0.2% to 105.26. Gold inched up 0.2% to $2316 per ounce.

 

WTI crude futures rose 0.2% to $77.90 while Brent futures rose 0.4% to $81.92 a barrel.

 

European markets fell 0.7%-1.9%.

 

AT HOME

 

Benchmark indices ended flat after trading in a narrow range through the session. Sensex settled at 76456, down 33 points while Nifty added 5 points to finish at 23264. Nifty mid-cap and small-cap indices gained 0.8% and 0.6% respectively, both extending the winning streak to fifth straight session and hitting fresh record highs. Nifty Media and Oil & Gas indices gained 1.8% and 1.3% respectively, becoming top gainers among the sectoral indices while Healthcare and Pharma indices were the top losers, down 0.5% and 0.4% respectively.

 

FIIs net sold stocks and stock futures worth Rs 111 cr and 2059 cr respectively but net bought index futures worth Rs 970 cr. DIIs were net buyers to the tune of Rs 3193 cr.

 

Rupee depreciated 7 paise to end at 83.57/$.

 

OUTLOOK

 

Today morning, Shanghai is marginally in the green while Hang Seng and Nikkei are down 1.2% and 0.8% respectively. GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 23800 continued to be next major target for Nifty while 22750-22700 was the immediate support zone, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 23389, eased to end at 23264.

 

Upon sustained crossover of 23400, next upside targets for Nifty would be 23600 and 23800; 23000-22900 is the immediate support area, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 50100 is the immediate hurdle, upon crossover of which, 51133, the top made last week, would be next upside target; 48900 is the immediate support on the hourly chart.

 

India's May CPI and April Industrial Production data will be released today.

 

U.S. Federal Reserve is expected to leave interest rate unchanged when it announces its decision today. Markets would watch out for Fed’s dot plot and summary of economic projections.

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