TRAIL STOP-LOSS TO 23600

 

TRAIL STOP-LOSS TO 23600

 

WORLD MARKETS

 

Nasdaq and S & P 500 rose 0.5% and 0.2% respectively while Dow inched up 0.04%.

 

Shares of Amazon jumped 3.9%, reaching an all-time high and topping $2 trillion in market value for the first time on Wednesday, joining Nvidia, Apple, Alphabet and Microsoft in reaching the milestone.

 

New home sales declined more than 11% on a monthly basis in April.

 

U.S. 10-year treasury yield rose 8 bps to 4.331%. Dollar index rose 0.4% to 106.05. Gold fell 0.9% to $2298 per ounce.

 

WTI crude futures inched up 7 cents to $80.90 while Brent futures rose 24 cents to $85.25 a barrel.

 

European markets fell 0.1%-0.7%.

 

AT HOME

 

Sensex and Nifty gained 0.8% and 0.6% respectively, extending the winning streak to third straight day and hitting fresh record highs. Sensex settled at 78674, up 620 points while Nifty added 147 points to finish at 23868. Nifty mid-cap index fell 0.2% while small-cap index rose quarter of a percent. Nifty Media and Oil & Gas indices gained 1.6% and 1.4% respectively, becoming top gainers among the sectoral indices while Metal and Realty indices were the top losers, down 1.4% each.

 

FIIs net sold stocks worth Rs 3535 cr but net bought index futures and stock futures worth Rs 2886 cr and 6486 cr respectively. DIIs were net buyers to the tune of Rs 5104 cr.

 

Rupee depreciated 14 paise to end at 83.57/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.6%-1.6% and GIFT Nifty is suggesting around 50 points lower start for our market.

 

In yesterday's report we had said that 24000 was the next upside target to eye for Nifty while 23550 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 23890 before closing at 23868.

 

24000 continues to be next upside target for Nifty; 23600 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 53500, where a rising trendline adjoining recent tops on hourly chart is placed, is the next upside level to eye; 51900 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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