24000 NEXT; TRAIL STOP-LOSS TO 23550

 

24000 NEXT; TRAIL STOP-LOSS TO 23550

 

WORLD MARKETS

 

Nasdaq and S & P 500 rose 1.3% and 0.4% respectively to snap 3-day slide as Nvidia shares rebounded. Dow fell 0.8%.

 

U.S. single-family home prices increased 0.2% on the month in April after being unchanged in March. In the 12 months through April house prices increased 6.3% after advancing 6.7% in March.

Conference Board's U.S. consumer confidence for June came in at 100.4, down from a downwardly revised 101.3 in May, but marginally higher than the market forecast of 100.

 

Fed Governor Michelle Bowman repeated her view that holding the policy rate steady “for some time” will likely be enough to bring inflation under control. She also reiterated her willingness to raise borrowing costs if needed. Fed Governor Lisa Cook said it would be appropriate to cut interest rates “at some point” given significant progress on inflation and a gradual cooling of the labor market.

 

U.S. 10-year treasury yield rose 2 bps to 4.25%. Dollar index inched up 0.1% to 105.62. Gold fell 0.6% to $2319 per ounce.

 

WTI crude futures fell 1% to $80.83 a barrel while Brent futures fell 1.2% to $85.01 a barrel.

 

European markets fell 0.4%-0.8%.

 

AT HOME

 

Sensex and Nifty climbed 0.9% and 0.8% respectively, both hitting fresh record highs. Sensex settled at 78053, up 712 points while Nifty added 183 points to finish at 23721. Nifty mid-cap index fell 0.4% while small-cap index inched up 0.1%. Nifty Bank and Financial Services indices surged 1.7% each, becoming top gainers among the sectoral indices while Realty index tumbled 1.8%, becoming top loser, followed by 0.7% lower Metal index.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1176 cr, 2699 cr and 1118 cr respectively. DIIs were net sellers to the tune of Rs 149 cr.

 

Rupee appreciated 3 paise to end at 83.43/$. 

 

OUTLOOK

 

Today morning, Nikkei is up 1.2% while Hang Seng and Shanghai are marginally lower. GIFT Nifty is suggesting a marginally lower start for our market.

 

In yesterday's report we had said that 23350 continued to be immediate support while 23660 was the immediate hurdle, upon crossover of which, 24000 would be next upside target.

 

Nifty crossed 23660 and surged all the way to 23754 before closing at 23721.

 

24000 is the next upside target to eye for Nifty; 23550 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 53100, where a rising treandline adjoining recent tops on hourly chart is placed, is the next upside level to eye; 51700 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

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