24700 NEXT; TRAIL STOP-LOSS TO 23700

 

24700 NEXT; TRAIL STOP-LOSS TO 23700

 

WORLD MARKETS

 

Dow and S & P 500 inched up 0.1% each while Nasdaq rose 0.3%.

 

U.S. GDP increased at a slightly upwardly revised 1.4% annualized rate last quarter, but down from the 3.4% registered in last three months of 2023. Jobless claims for state unemployment benefits dropped 6,000 to 233,000 for the week ended June 22. Durable goods orders rose 0.1% in May, below the downwardly revised 0.2% increase in April but better than the estimate for a 1% decline.

 

U.S. 10-year treasury yield fell 5 bps to 4.284%. Dollar index fell 0.1% to 105.93. Gold rose 1.3% to $2337 per ounce.

 

WTI crude futures rose 1% to $81.74 while Brent futures gained 1.3% to $86.39 a barrel.

 

In Europe, DAX rose 0.3% but FTSE and CAC fell 0.6% and 1% respectively.

 

AT HOME

 

Benchmark indices climbed seven tenth of a percent each, extending the winning streak to fourth straight session and hitting fresh record highs. Sensex settled at 79243, up 568 points while Nifty added 175 points to finish at 24044. Nifty mid-cap index rose 0.3% while small-cap index fell 0.7%. Nifty IT index surged 2%, becoming top gainer among the sectoral indices, followed by 0.9% higher Oil & Gas index. Media and PSU Bank indices were the top losers, down 1.4% and 0.9% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 7659 cr, 4369 cr and 8129 cr respectively. DIIs were net sellers to the tune of Rs 3606 cr.

 

Rupee appreciated 11 paise to end at 83.46/$.

 

 

OUTLOOK

 

Japan’s industrial production grew 2.8% month on month in May, beating expectations of 2%. Headline inflation for Japan’s capital city of Tokyo accelerated to 2.3%, up from 2.2% in May.

 

Today morning, Asian markets are up 0.4%-1% and GIFT Nifty is suggesting around 100 points higher start for our market.

 

In yesterday's report we had said that 24000 continued to be next upside target for Nifty while 23600 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty surged to touch a high of 24087 before closing at 24044.

 

24700, one of the extension level on Nifty's long term chart, is the next upside target to eye; 23700 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 53600, where a rising trendline adjoining recent tops on hourly chart is placed, is the next upside level to eye; 52000 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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