STAY LONG WITH THE STOP-LOSS OF 24100

 

STAY LONG WITH THE STOP-LOSS OF 24100

 

WORLD MARKETS

 

Dow fell 0.1% while S & P 500 and Nasdaq rose 0.1% and 0.3% respectively.

 

U.S. 10-year treasury yield were flat at 4.282%. Dollar index inched up 0.1% to 105.01. Gold slipped 1.4% to $2358 per ounce.

 

WTI crude futures fell 1% to $82.33 while Brent futures fell 0.9% to $85.75 per barrel.

 

In Europe, DAX was flat while FTSE and CAC fell 0.1% and 0.6% respectively.

 

AT HOME

 

Benchmark indices ended little changed, extending the consolidation to third straight session. Sensex settled at 79960, down 36 points while Nifty lost 3 points to finish at 24320. Nifty mid-cap and small-cap indices fell 0.4% and 0.2% respectively, snapping a 3-session winning streak. Nifty FMCG and Oil & Gas indices climbed 1.6% and 0.9% respectively, becoming top gainers among the sectoral indices while PSU Bank and Consumer Durables indices were the top losers, down 1.6% and 1.3% respectively.

 

FIIs net bought stocks worth Rs 61 cr but net sold index futures and stock futures worth Rs 473 cr and 3760 cr respectively. DIIs were net buyers to the tune of Rs 2867 cr.

 

Rupee depreciated 1 paise to end at 83.50/$.

 

OUTLOOK

Today morning, Nikkei is up 1.4%, Shanghai is marginally in the green while Hang Seng is down 0.2%. GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 24401, the top made last week, was the immediate hurdle while 24100 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a low of 24240, rose to end flat at 24320.

 

24401, the top made last week, continues to be immediate hurdle, upon crossover of which, 24650-24700 would be next target area; 24100 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 52300-52200 is the immediate support zone, upon breach of which, 20-DMA, placed around 51700, would be next downside level to eye; 53300-53350 is the immediate resistance zone.

Investment in securities market is subject to market risk.

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