23600, 23800 CONTINUE TO BE UPSIDE LEVELS TO EYE; 23200-23150 IS THE SUPPORT ZONE

 

23600, 23800 CONTINUE TO BE UPSIDE LEVELS TO EYE; 23200-23150 IS THE SUPPORT ZONE

 

WORLD MARKETS

 

S & P 500 and Nasdaq rose 0.2% and 0.3% respectively, marking the fourth straight closing record while Dow fell 0.2%.

 

May’s producer price index unexpectedly fell 0.2% from the prior month as against expectation of an increase of 0.1% and after advancing by an unrevised 0.5% in April.  Weekly jobless claims came in at 242,000, well above the 225,000 forecast.

 

U.S. 10-year treasury yield fell 7 bps to 4.246%. Dollar index jumped half a percent to 105.24. Gold slipped 1% to $2301 per ounce.

 

WTI crude futures rose 12 cents to $78.62 while Brent futures rose 15 cents to $82.75 a barrel.

 

In Europe, FTSE fell 0.6% while DAX and CAC tumbled 2% each.

 

AT HOME

 

Benchmark indices gained three tenth of a percent each to hit fresh record highs. Sensex added 204 points to settle at 76810 while Nifty finished at 23399, up 76 points. Nifty mid-cap and small-cap indices gained 0.8% and 0.7% respectively, extending the winning streak to seventh straight session and hitting fresh record highs. Nifty Realty and Consumer Durables indices were the top gainers among the sectoral indices, up 2.2% and 1.7% respectively whereas Media and FMCG indices were the top losers, down 1.1% and 0.7% respectively.

 

FIIs net sold stocks and stock futures worth Rs 3033 cr and 300 cr respectively but net bought index futures worth Rs 2717 cr. DIIs were net sellers to the tune of Rs 554 cr.

 

Rupee depreciated 1 paise to end at 83.55/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with modest cuts and GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 23600, followed by 23800 were the next upside levels to eye while 23100 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 23481, eased to end at 23399.

 

23600, followed by 23800, continue to be next upside levels to eye for Nifty; 23200-23150 is the immediate support zone, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 51133, the top made last week, is the next upside target; 49100 is the immediate support.

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