STAY LONG WITH THE STOP-LOSS OF 24500

 

STAY LONG WITH THE STOP-LOSS OF 24500

 

WORLD MARKETS

 

Dow rose half a percent while S & P 500 and Nasdaq fell 0.5% and 1.3% respectively.

 

Conference Board's consumer confidence index rose to 100.3 this month from 97.8 in June, beating estimates. The latest Job Openings and Labor Turnover Survey (JOLTS) indicated a slight easing in the labor market, with job openings in June registering at 8.18 million, a modest decline from the revised May figure of 8.23 million.

 

U.S. 10-year treasury yield fell 3-bps to 4.141%. Dollar index fell 0.1% to 104.45. Gold rose 1.1% to $2410 per ounce.

 

Brent crude oil futures fell by 12 cents to $79.78 a barrel and WTI futures were down 14 cents at $75.67 a barrel.

 

In Europe, FTSE fell 0.2% while DAX and CAC gained 0.5% and 0.4% respectively. Second-quarter GDP for the euro zone came in at 0.3% as against expected rise of 0.2% on a quarterly basis. The German economy unexpectedly contracted in the second quarter. German inflation to 2.3% in July, slightly above June’s 2.2%.

 

AT HOME

 

After rising half a percent, benchmark indices slipped in late noon trade to end just marginally higher. Sensex settled at 81455, up 99 points while Nifty added 21 points to finish at 24857. Nifty mid-cap and small-cap indices gained 0.4% and 0.9% respectively, both hitting fresh record highs. Nifty Consumer Durables and Media indices were the top gainers among the sectoral indices, up 1.1% and 0.7% respectively while FMCG and Healthcare indices were the top losers, down 1.1% and 0.8% respectively.

 

FIIs net sold stocks and stock futures worth Rs 5599 cr and 2143 cr respectively but net bought index futures worth Rs 386 cr. DIIs were net buyers to the tune of Rs 5565 cr.

 

Rupee ended unchanged at 83.73/$.

 

Tata Consumer's revenue and EBIDTA came largely in-line with estimates while profit after tax was a miss on account of finance cost. 

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 0.7% and 0.6% respectively while Nikkei is down 0.8%. GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 25400 followed by 25600 continued to be next upside targets to eye for Nifty while 24500 was the immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 24971, slipped to end at 24857.

 

25400 followed by 25600, continue to be next upside targets to eye for Nifty; 24500 continue to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 52340, the top made on Monday, is the immediate hurdle, upon crossover of which, 52700-52800 would be next target area; 51150, 50850 are the support levels to eye.

 

M & M, Maruti, Coal India and Tata Steel will report their quarterly earnings today.

STAY LONG WITH THE STOP-LOSS OF 24500

 

STAY LONG WITH THE STOP-LOSS OF 24500

 

WORLD MARKETS

 

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

 

U.S. 10-year treasury yield fell 2 bps to 4.176%. Dollar index rose quarter of a percent to 104.57. Gold fell 0.1% to $2384 per ounce.

 

WTI crude futures fell 1.8% to $75.81 while Brent futures fell 1.7% to $79.78 per barrel respectively.

 

In Europe, FTSE inched up 0.1% while DAX and CAC fell 0.5% and 1% respectively.

 

AT HOME

 

After rising two third of a percent and hitting fresh record highs in the morning, benchmark indices slipped in noon to end flat. Sensex settled at 81355, up 23 points while Nifty, after making a top of 24999.75, eased to close 1 point higher at 24836. Nifty mid-cap and small-cap indices surged 1% each, with the former hitting fresh record highs. Nifty PSU Bank and Media indices climbed 2.2% and 1.8% respectively, becoming top gainers among the sectoral indices, while IT and FMCG indices were the top losers, down a third of a percent each.

 

FIIs net sold stocks and stock futures worth Rs 2475 cr and 1351 cr respectively but net bought index futures worth Rs 1673 cr. DIIs were net buyers to the tune of Rs 5665 cr.

 

Rupee ended flat at 83.73/$.

ACC's first quarter numbers were in-line with estimates. Volumes came in a little better-than-expected. HPCL missed estimates while Colgate-Palmolive was a beat on all parameters.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.2%-1.3% and GIFT Nifty is suggesting around 60 points lower start for our market.

 

In yesterday's report we had said that 25400 followed by 25600 were the next upside targets to eye for Nifty and had advised holding on to longs with the stop-loss of 24450.

 

Nifty, after touching a high of 24999.75, slipped to end at 24836.

 

25400 followed by 25600 continue to be next upside targets to eye for Nifty; 24500 is the immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 52340, the top made yesterday, is the immediate hurdle, upon crossover of which, 52700-52800 would be next target area; 51150, 50850 are the support levels to eye.

 

Tata Consumer and IOC will report their quarterly earnings today.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer. 

25400, 25600 ARE NEXT BIG UPSIDE TARGETS; 24450 IS IMMEDIATE SUPPORT

 

25400, 25600 ARE NEXT BIG UPSIDE TARGETS; 24450 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices climbed 1%-1.6%, bouncing off from recent sell-off while a largely in-line key inflation reading kept bets of an early rate cut alive.

 

June’s personal consumption expenditures price index rose 0.1% on month and 2.5% from a year ago, which was in line with estimate.

 

U.S. 10-year treasury yield fell 5 bps to 4.194%. Dollar index fell 0.1% to 104.33. Gold rose 1% to $2387 per ounce.

 

WTI crude futures fell 1.4% to $77.16 and Brent futures fell 1.5% to $81.13 per barrel.

 

In Europe, FTSE and CAC rose 1.2% each while DAX gained 0.6%.

 

China’s industrial profits grew at 3.6% y-o-y in June, following a 0.7% gain in May, while first-half earnings were up 3.5%, accelerating from a 3.4% increase in the January-May period.

 

For the week, Dow rose three quarter of a percent, extending the winning streak to fourth consecutive week while S & P 500 and Nasdaq fell 0.8% and 2.1% respectively, extending last week's steep cuts. In Europe, FTSE and DAX rose 1.6% and 1.4% respectively while CAC fell 0.2%. In Asia, Nikkei nosedived 5%, Shanghai and Hang Seng fell 3.2% and 2.2% respectively while Nifty rose 1.2%.

 

AT HOME

 

Sensex and Nifty galloped 1.6% and 1.8% respectively, posting their biggest daily gain since 7th June and snapping a 5-session losing streak. Sensex settled at 81332, up 1292 points while Nifty added 428 points to finish at 24834. Nifty mid-cap and small-cap indices gained 1.8% and 1% respectively. Nifty hit fresh record intraday and closing highs. All the NSE sectoral indices ended higher with Metal and Healthcare indices on the top, up 3% and 2.7% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 2546 cr, 4367 cr and 7074 cr respectively. DIIs were net buyers to the tune of Rs 2774 cr.

 

Rupee depreciated 3 paise to end at 83.73/$.

 

For the week, Sensex and Nifty gained 0.9% and 1.2% respectively, extending the winning streak to eighth consecutive week.

 

Dr Reddy beat estimates with revenue up 14% y-o-y. The company said it is targeting double digit revenue growth in India for the full year. ICICI Bank reported mixed set of numbers. Advances and deposits rose around 15%, NII growth was lower than estimate while net profit was above estimate.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 2.3% and 1.1% respectively while Shanghai is marginally higher. GIFT Nifty is suggesting around 150 points gap-up start for our market.

 

In Friday's report we had said that 24600 continued to be immediate hurdle for Nifty while 24074, the low made on budget day, was the important immediate support to eye.

 

Nifty crossed 24600 and surged all the way to 24861 before closing at 24834 and is set to open near 25000 today.

 

25400 followed by 25600 are the next upside targets to eye for Nifty. 24450 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 51700-51800 is the immediate resistance zone on the hourly chart, upon crossover of which, 52700-52800 would be next target area. 50438, the low made during the week, is the immediate support, upon breach of which, 49717, the 50% retracement level of the 46077-53357 upmove seen since election result day bottom, would be next downside level to eye.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer. 

24074 IS IMMEDIATE SUPPORT; 24600 IMMEDIATE HURDLE

 

24074 IS IMMEDIATE SUPPORT; 24600 IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow inched up 0.2% while S & P500 and Nasdaq fell 0.5% and 0.9% respectively.

 

U.S. second-quarter GDP grow 2.8%, much more than expected 2.1% mark. The personal consumption expenditures (PCE) price index, excluding the volatile food and energy components, increased at a 2.9% rate after surging at a 3.7% pace in the first quarter. Initial claims for state unemployment benefits dropped 10,000 to 235,000 for the week ended July 20, the estimated figure being 238,000. Durable goods orders fell 6.6% in June, compared with expectations for a 0.3% rise.

 

U.S. 10-year treasury yield fell 4 bps to 4.245%. Dollar index was flat at 104.40. Gold plunged 1.3% to $2365 per ounce.

 

WTI crude futures rose 0.9% to $78.28 while Brent futures rose 0.8% to $82.37 per barrel.

 

In Europe, FTSE rose 0.4% while DAX and CAC fell 0.5% and 1.2% respectively.

 

AT HOME

 

After falling eight tenth of a percent at the open, benchmark indices recoup most of the losses through the session to end little changed. Sensex settled at 80040, down 109 points while Nifty lost 7 points to finish at 24406. Nifty mid-cap and small-cap indices fell quarter of a percent each. Nifty Oil & Gas and Auto indices surged 2.2% and 1.3% respectively, becoming top gainers among the sectoral indices while Metal index was the top loser, down 1.3%, followed by 0.8% lower Consumer Durables and Bank indices.

 

FIIs net sold stocks, index futures and stock futures worth Rs 2605 cr, 3089 cr and 1500 cr respectively. DIIs were net buyers to the tune of Rs 2432 cr.

 

Rupee appreciated 2 paise to end at 83.70/$.

 

Tech Mahindra's first quarter revenue beat muted expectations. Margins expand while profit grows 28% sequentially.

 

OUTLOOK

 

Today morning, Hang Seng is down 1.8% while Shanghai and Nikkei are off 0.5% and 0.1% respectively. GIFT Nifty is suggesting a modestly higher start for our market.

 

In yesterday's report we had said that 34-DMA, placed around 23950, continued to be next support to eye for Nifty while 24600 continued to be immediate hurdle.

 

Nifty, after touching a low of 24210, rebounded to end at 24406.

 

24600 continues to be immediate hurdle for Nifty; 24074, the low made on budget day, around which 34-DMA is also placed, is the important immediate support to eye.

 

For Banknifty, 50560, the low made yesterday, which coincided with 38.2% retracement level of the 46077-53357 upmove seen since election result day bottom, is the immediate support, upon breach of which, 49717, the 50% retracement level of this upmove, would be next downside level to eye; 52000 is the immediate hurdle.

 

Cipla and IndusInd Bank will report their quarterly earnings today.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer. 

34-DMA LANDS SUPPORT AROUND 23950; 24600 IS IMMEDIATE HURDLE

 

34-DMA LANDS SUPPORT AROUND 23950; 24600 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices plunged 1.2%-3.6%, with S & P 500 and Nasdaq posting their worst day since 2022 as Tesla and Alphabet slid after quarterly results.

 

Tesla nosedived 12.3%, its worst day since 2020, on weaker-than-expected results and a 7% y-o-y drop in auto revenue. Shares of Google parent company Alphabet fell 5% for their biggest one-day drop since Jan. 31 despite reporting a top- and bottom-line beat but YouTube advertising revenue came in below the consensus estimate.

 

The U.S. PMI flash manufacturing output index unexpectedly fell to 49.5 in July, as against expected reading of 51.5 as new orders, production and inventories declined. Also, New home sales came in lighter than economists had expected for the month of June.

 

U.S. 10-year treasury yield rose 3 bps to 4.288%. Dollar index fell 0.1% to 104.33. Gold fell half a percent to $2397 per ounce.

 

WTI crude futures rose 0.8% to $77.59 and Brent futures rose 0.9% to $81.71 per barrel.

 

European markets fell 0.2%-1.1%.  Flash PMI data showed business activity stalled in the euro zone in July, while it picked up in the U.K. thanks to strong manufacturing growth. Meantime, German consumer confidence was seen increasing.

 

AT HOME

 

Sensex and Nifty fell 0.4% and 0.3% respectively, extending the losing streak to fourth consecutive day. Sensex settled at 80148, down 280 points while Nifty lost 65 points to finish at 24413. Nifty mid-cap and small-cap indices however gained 1% and 1.8% respectively. Nifty Media and Oil & Gas indices were the top gainers among the sectoral indices, up 2.5% and 1.7% respectively while Bank and FMCG indices were the top losers, down 0.9% and 0.5% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 5131 cr, 3588 cr and 3008 cr respectively. DIIs were net buyers to the tune of Rs 3137 cr.

 

Rupee depreciated 3 paise to end at 83.72/$.

 

Axis Bank reports and operationally weak quarter as deposits and advances growth slow and slippages surge. L & T's revenue growth beat estimates but lower-than-expected margins lead to miss on profit.

 

OUTLOOK

 

Today morning, Asian markets are down 0.5%-2.7% and GIFT Nifty is suggesting more than 200 points gap-down start for our market.

 

In yesterday's report we had said that 34-DMA, placed around 23900 was the next support to eye for Nifty while 24600 was the immediate hurdle on the hourly chart.

 

Nifty, after touching a low of 24307, rebounded to end at 24413. The benchmark is set to open near 24200 today.

 

34-DMA, placed around 23950, continues to be next support to eye for Nifty; 24600 continues to be immediate hurdle.

 

For Banknifty, 50576, the 38.2% retracement level of the 46077-53357 upmove seen since election result day bottom, is the next downside level to eye; 52200 is the immediate hurdle.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer. 

34-DMA LANDS SUPPORT AROUND 23900; 24600 IS IMMEDIATE HURDLE

 

34-DMA LANDS SUPPORT AROUND 23900; 24600 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices fell 0.1%-0.2%.

 

UPS plunged 2% after second-quarter results missed on the top and bottom line. General Motors

beat analysts’ expectations but shares fell 6.4% as the automobile company delayed plans for its electric and autonomous vehicles.

 

U.S. existing home sales fell more than expected in June as the median house price set another record high.

 

U.S. 10-year treasury yield was flat at 4.253%. Dollar index rose 0.2% to 104.47. Gold rose half a percent to $2408 per ounce.

 

Oil fell to lowest level in more than a month, with renewed cease-fire negotiations in the Israel-Hamas war and demand worries weighing on the market. WTI crude futures fell 1.8% to $76.96 while Brent futures fell 1.7% to $81.01 per barrel.

 

In Europe, DAX rose 0.8% while FTSE and CAC fell 0.4% and 0.3% respectively.

 

AT HOME

 

After plunging nearly 1.8% on the back of budget announcement related to equity taxation, benchmark indices rebounded sharply to end just marginally lower. Sensex settled at 80429, down 73 points while Nifty lost 30 points to finish at 24479. Nifty mid-cap and small-cap indices fell 0.6% and 0.9% respectively. Nifty FMCG and Consumer Durables indices surged 2.7% and 2.1% respectively, becoming top gainers among the sectoral indices while Realty and Financial Services indices were the top losers, down 2.3% and 1.5% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 2975 cr, 3660 cr and 6174 cr respectively. DIIs were net buyers to the tune of Rs 1419 cr.

 

Rupee depreciated 3 paise to end at record closing low of 83.69/$.

 

First budget of Modi government's third term projected fiscal deficit for current fiscal at 4.9% of GDP Vs 5.1% in interim budget. Gross and net market borrowing targets were pegged at Rs. 14.01 lk cr and Rs. 11.06 lk cr respectively.

 

Among major changes announced in the budget, short term capital gains tax was hiked to 20% and long-term capital gains tax to 12.5%. Limit of long-term capital gains tax exemption however was hiked to Rs. 1.25 lk from Rs. 1 lk. Budget also hiked STT on futures and options segment. The budget brought down long-term capital gains tax on property to 12.5% but removed indexation benefit. Budget cut custom duty on Gold and Silver to 6% from 15%.

 

On the personal tax front, standard deduction for salaried employees was increased to Rs. 75000 from Rs. 50000 in new tax regime and tax slabs here were also changed to make new regime more attractive. 

 

OUTLOOK

 

Today morning, Asian GIFT Nifty is suggesting around 50 points lower start for our market.

 

In yesterday's report we had said that 20-DMA, placed around 24300, was the immediate support to eye, upon breach of which, 34-DMA, placed around 23900, would be next major support to eye.

 

Nifty, after touching a low of 24074, rebounded to end at 24479.

 

34-DMA, placed around 23900 is the next support to eye for Nifty; 24600 is the immediate hurdle on the hourly chart, upon crossover of which, 24855, the top made last week, would be next resistance to eye.

 

For Banknifty, 51342, the low made yesterday, which roughly coincided with 34-DMA, is the immediate support, upon breach of which, 50576, the 38.2% retracement level of the 46077-53357 upmove seen since election result day bottom, would be next downside level to eye; 52400-52500 is the immediate resistance zone.

 

Axis Bank and L & T will report their quarterly earnings today.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer. 

A HISTORIC DAY FOR INDIA

 

A HISTORIC DAY FOR INDIA

 

WORLD MARKETS

 

U.S. indices gained 0.3%-1.6%, with Nasdaq leading the tally and the S&P 500 notching its best day since June 5 as tech shares rebounded from recent sell-off.

 

Biden dropped out of the presidential race on Sunday and endorsed Vice President Kamala Harris as the Democratic nominee.

 

China’s central bank unexpectedly cut rates, with the short-term 7-day reverse repurchase rate lowered to 1.7% from 1.8%.

 

U.S. 10-year treasury yield rose 1 bps to 4.254%. Dollar index fell 0.1% to 104.28. Gold fell 0.2% to $2396 per ounce.

 

Brent crude futures fell 47 cents to $82.16 per barrel and WTI futures fell 34 cents to $79.79 a barrel.

 

European markets gained 0.5%-1.3%.

 

AT HOME

 

After falling two third of a percent in the initial trade, benchmark indices recouped most of the losses to end just marginally lower ahead of tomorrow’s Union Budget. Sensex settled at 80502, down 102 points while Nifty lost 15 points to finish at 24515. Nifty mid-cap and small-cap indices gained 1.3% and 0.9% respectively. Nifty Auto index was the top gainer among the sectoral indices, up 1.2%, followed by 1.1% higher Pharma and Healthcare indices. Oil & Gas index was the top loser, down 0.6%, followed by 0.5% lower Realty and Media indices.

 

FIIs net bought stocks and stock futures worth Rs 3444 cr and 7383 cr respectively but net sold index futures worth Rs 1274 cr. DIIs were net sellers to the tune of Rs 1652 cr.

 

Rupee ended flat at 83.66/$.

 

OUTLOOK

 

Today morning, Nikkei is up 0.2% while Hang Seng and Shanghai are down 0.4% and 0.5% respectively. GIFT Nifty is suggesting a modestly higher start for our market.

 

Today, Ms. Nirmala Sitharaman will become India's first finance minister to present union budget for the seventh consecutive time. The Budget is likely to be continuation of the interim budget presented in February. Government is likely to opt for fiscal prudence along with some welfare measures. Expenditure, tax revenue, borrowings, interest payments and government capex targets are unlikely to see big changes. The extra bounty received from bumper RBI dividend and higher tax revenue can be used to reduce deficit, increase capex and some welfare measures and breakup of same would be keenly watched.

 

From stock market perspective, biggest thing to watch out would be whether there is any change in equity taxation. While market is expecting streamlining of Capital Gains structure, no change in 10% LTCG for listed equities is expected. However, measures to curb F&O trading are feared. Some personal income tax sweetener is also expected.

 

As far as sectors to watch out are concerned, increased allocation for public capex will boost Infra and Power stocks like like L & T, Powergrid, NTPC and Tata Power etc. If rural allocation is increased, it will boost FMCG stocks. Affordable housing push will boost housing finance/real estate stocks. Measures to encourage Green Mobility will be positive for big auto stocks. Increased allocation for Defence would boost stocks like HAL, Bharat Forge, BEL, Mazagaon Dock, Paras Defence etc.

 

In yesterday's report we had said that 24500-24450 was the immediate support zone, upon breach of which, 20-DMA, placed around 24250, would be next downside level to eye.

 

Nifty, after touching a low of 24362, rebounded to end at 24509.

 

20-DMA, placed around 24300, is the immediate support to eye, upon breach of which, 34-DMA, placed around 23900, would be next major support to eye; 24855, the top made on Friday, is the immediate hurdle, upon crossover of which, 25350-25400 would be next target area.

 

For Banknifty, 51749, the low made last week, is the immediate support, upon breach of which, 34-DMA, placed around 51500, would be next downside level to eye; 52800 is the immediate hurdle on hourly chart, upon crossover of which, 53357, the top made on 4th July, would be next upside level to eye.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer. 

24250 BELOW 24450; 24854 IS IMMEDIATE HURDLE

 

24250 BELOW 24450; 24854 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices fell 0.7%-0.9% on Friday

 

U.S. 10-year treasury yield rose 4 bps to 4.241%. Dollar index rose 0.2% to 104.36. Gold plunged 1.8% to $2400 per ounce.

 

Oil prices dropped on by more than $2 as investors reacted to renewed hopes of a ceasefire in Gaza. Brent crude fell 2.9% to $82.63 a barrel and WTI crude futures dropped 3.2%, to $80.13 a barrel.

 

European markets fell 0.6%-1%.

 

Japan's headline inflation was unchanged from May at 2.8%, while core inflation, which strips out prices of fresh food, accelerated to 2.6%, from 2.5% in May.

 

For the week, Dow advanced 0.7% but S&P 500 and Nasdaq slipped 2% and 3.6%, respectively, marking their biggest weekly losses since April. Nasdaq also snapped a six-week win streak. Dollar index inched up 0.3%, snapping a 2-week losing streak. Gold fell 0.4%, snapping a 4-week winning streak. Oil fell nearly 3%, extending last week's losses.

 

AT HOME

 

Sensex and Nifty tumbled 0.9% and 1.1% respectively, posting their worst day since election result day. Sensex settled at 80604, down 738 points while Nifty lost 270 points to finish at 24530. Nifty mid-cap and small-cap indices nosedived 2.1% and 2.3% respectively, extending yesterday's cuts. All the NSE sectoral indices ended lower, with Metal and Oil & Gas indices being the top losers, down 4% and 2.8% respectively.

 

FIIs net bought stocks and stock futures worth Rs 1506 cr and 1109 cr respectively but net sold index futures worth Rs 2029 cr. DIIs were net sellers to the tune of Rs 462 cr.

 

Rupee depreciated 1 paise to end at 83.66/$.

 

For the week, Sensex and Nifty were up just 0.1%, managing to extend the winning streak to seventh straight week.

 

Reliance Industries reported 12% increase in revenue for the June quarter driven by robust performance in oil & Gas, retail and telecom businesses. Profitability in oil to chemical business was muted due to decline in Gross Refining Margin.

 

HDFC Bank's numbers beat estimates as Net Interest Margin improves. Kotak Mahindra posted weak numbers with Net Interest margins plunging to eight quarter low.

 

OUTLOOK

 

Today morning, GIFT Nifty is suggesting around 150 points lower start for our market.

 

In Friday's report we had said that 25000, followed by 25400 are the next upside levels to eye while 24500 was the immediate support on hourly chart, with the stop-loss which, trading longs could be held on to.

 

Nifty, after touching a high of 24854, plunged to end at 24530 and is set to open near 24400 today.

 

A gap-down start today would break immediate support zone of 24500-24450 and hence 20-DMA, placed around 24250, would be next downside level to eye; 24855, the top made on Friday, is the immediate hurdle.

 

For Banknifty, 51749, the low made last week, is the immediate support, upon breach of which, 34-DMA, placed around 51400, would be next downside level to eye; 52800 is the immediate hurdle on hourly chart.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.