24400-24450 IS THE IMMEDIATE RESISTANCE ZONE; 24100 IMMEDIATE SUPPORT

 

24400-24450 IS THE IMMEDIATE RESISTANCE ZONE; 24100 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. markets were shut yesterday for the Independence Day.

 

In Europe, FTSE and CAC rose 0.8% each while DAX was up 0.4%.

 

Dollar index fell 0.2% to 105.13. Gold inched up 0.1% to $2357 per ounce.

 

Brent and WTI crude futures rose nearly half a percent each to $87.52 and $84.23 per barrel respectively.

 

AT HOME

 

After rising half a percent in the initial trade, benchmark indices gave away most of the gains through the session to end just marginally higher. Sensex settled at 80050, up 63 points while Nifty added 16 points to finish at 24302. Nifty mid-cap and small-cap indices gained 0.6% and 0.5% respectively, both hitting fresh record highs. Nifty Pharma and Healthcare indices climbed 1.4% and 1.3% respectively, becoming top gainers among the sectoral indices while FMCG and Financial Services indices were the top losers, down 0.2% each.

 

FIIs net bought stocks and index futures worth Rs 2576 cr and 898 cr respectively but net sold stock futures worth Rs 1490 cr. DIIs were net sellers to the tune of Rs 2375 cr.

 

Rupee appreciated 4 paise to end at 83.49/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are modestly higher while Shanghai is off half a percent. GIFT Nifty is suggesting a marginally lower start for our market.

 

In yesterday's report we had said that 24400-24450, followed by 24700 were the next upside levels to eye for Nifty while immediate support on the hourly chart had moved up to 24100, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 24401, slipped to end at 24302.

 

24400-24450 continues to be immediate target/resistance zone, upon crossover of which 24700 would be next upside levels to eye; 24100 continues to be immediate support on hourly chart, with the stop-loss of which, trading longs could be held on to.

 

For Banknifty, 54300 is the next upside target; 52500 is the immediate support.

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