23600, 23800 NEXT; TRAIL STOP-LOSS TO 23206

 

23600, 23800 NEXT; TRAIL STOP-LOSS TO 23206

 

WORLD MARKETS

 

U.S. indices gained 0.5%-1% yesterday with S & P 500 and Nasdaq hitting fresh record highs. Dow snapped 4-day losing streak.

 

U.S. 10-year treasury yield rose 6 bps to 4.281% after Minneapolis Fed President Neel Kashkari indicated the central bank may not cut rates until December. Dollar index fell 0.2% to 105.33. Gold fell 0.7% to $2316 per ounce.

 

WTI crude futures rose 2.4% to $80.33 while Brent futures rose 2% to $84.25 a barrel.

 

In Europe, DAX and CAC gained 0.4% and 0.9% respectively while FTSE fell 0.1%. Italian inflation ticked slightly higher in May, rising 0.2% month-on-month, and 0.8% on an annual basis.

 

AT HOME

 

On Friday, Sensex and Nifty gained 0.2% and 0.3% respectively, both hitting fresh record highs. Sensex settled at 76992, up 181 points while added 66 points to finish at 23465. Nifty mid-cap and small-cap indices climbed 1% and 0.8% respectively, both extending the winning streak to eight consecutive session and hitting fresh record highs. Except 0.9% lower IT and marginally lower Media index, all the NSE sectoral indices ended higher, with Auto and Realty indices being the top gainers, up 1.3% and 0.8% respectively.

 

FIIs net bought stocks and index futures worth Rs 2176 cr and 563 cr respectively but net sold stock futures worth Rs 3538 cr. DIIs were net buyers to the tune of Rs 657 cr.

 

Rupee depreciated 2 paise to end at 83.56/$.

 

For the week, Sensex and Nifty gained 0.4% and 0.8% respectively, extending last week's mammoth gains.

 

India's wholesale inflation quickened to a 15-month high of 2.61% in May compared to 1.26% in April.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 0.9% and 0.3% respectively while Shanghai is marginally in the red. GIFT Nifty is suggesting around 120 points gap-up start for our market.

 

In Friday's report we had said that 23600, followed by 23800, continued to be next upside levels to eye for Nifty while 23200-23150 was the immediate support zone, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 23490, closed at 23465. The benchmark is set to open above 23550 today.

 

23600, followed by 23800, continue to be upside targets for Nifty; 23206, the low made last week, is the immediate support, 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; 49500 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.