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.