24400, 24700 NEXT; TRAIL STOP-LOSS TO 24100

 

24400, 24700 NEXT; TRAIL STOP-LOSS TO 24100

 

WORLD MARKETS

 

Nasdaq and S & P 500 rose 0.9% and 0.5% respectively to hit fresh record highs while Dow ended marginally in the red. U.S. markets will be shut on Thursday for Independence Day.

 

Treasury yield and Dollar slipped after a slew of softer-than-expected U.S. economic data. ADP data showed less private payroll growth than expected in June, while weekly jobless claims numbers came in higher than economists forecast. A reading of service sector activity by ISM was considerably weaker than expected.

 

U.S. 10-year treasury yield fell 8 bps to 4.355%. Dollar index fell 0.3% to 105.34. Gold rose 1% to $2353 per ounce.

 

WTI and Brent crude futures rose 1.3% each to $83.88 and $87.34 per barrel respectively.

 

European markets gained 0.6%-1.3%

 

AT HOME

 

Benchmark indices climbed 0.7% each, hitting fresh record highs and Sensex crossing the 80000-milestone intraday. Sensex settled at 79986, up 545 points while Nifty added 162 points to finish at 24286. Nifty mid-cap and small-cap indices gained 0.8% and 1% respectively, with the latter hitting fresh record high. Except 0.4% lower Media index, all the NSE sectoral indices ended higher, with Financial Services and Bank indices on the top, up 1.8% each.

 

FIIs net bought stocks, index futures and stock futures worth Rs 5484 cr, 2487 cr and 4598 cr respectively. DIIs were net sellers to the tune of Rs 924 cr.

 

Rupee depreciated 2 paise to end at 83.53/$.

 

India's HSBC June Services PMI rose to 60.5 from 60.2 in May. Composite PMI improved to 60.9 from 60.5.

 

OUTLOOK

 

Today morning, Asian markets are up 0.2%-0.7% and GIFT Nifty is suggesting nearly 100 points higher start for our market.

 

In yesterday's report we had said that 24300, followed by 24400, were the next upside targets for Nifty while 23950 was the immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty surged to 24309 before closing at 24286. The benchmark is set to open above 24350 today.

 

24400-24450, followed by 24700 are the next upside levels to eye for Nifty; Immediate support on the hourly chart has moved up to 24100, with the stop-loss of which, trading longs can be held on to.

 

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

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