STAY LONG WITH THE STOP-LOSS OF 24141

 

STAY LONG WITH THE STOP-LOSS OF 24141

 

WORLD MARKETS

 

U.S. indices gained 1%-1.2%, with the S & P 500 and Nasdaq extending the winning streak to seventh straight session and hitting fresh record highs.

 

U.S. 10-year treasury yield fell 2 bps to 4.288%. Dollar index fell 0.1% to 104.98. Gold rose 0.3% to $2371 per ounce.

 

WTI crude futures rose 0.8% to $82.10 while Brent futures rose 0.5% to $85.08 per barrel.

 

European markets gained 0.7%-1.6%

 

AT HOME

 

After falling more than a percent, benchmark indices recouped more than half of the losses to end lower by about half a percent. Sensex settled at 79925, down 427 points while Nifty lost 109 points to finish at 24324. Nifty mid-cap and small-cap indices fell 0.3% and 0.9% respectively. Nifty Auto index tumbled 2%, becoming top loser among the sectoral indices, followed by 1.8% and 1.6% lower Media and Metal indices respectively. Pharma and Healthcare indices were the top gainers, up 0.4% each.

 

FIIs net bought stocks worth Rs 584 cr but net sold index futures and stock futures worth Rs 3435 cr and 2076 cr respectively. DIIs were net buyers to the tune of Rs 1082 cr.

 

Rupee depreciated 4 paise to end at 83.52/$.

 

OUTLOOK

Today morning, Asian markets are trading with gains of 0.6%-1.5% and GIFT Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 24650-24700 was the next target area for Nifty while 24200-24150 was the immediate support zone, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a low of 24141, rebounded to end at 24324.

 

24141, the low made yesterday, is the immediate support, upon breach of which, 20-DMA, placed around 23900, would be next downside level to eye; 24650-24700 continues to be next upside target zone. Meanwhile, trading longs can be held on to with the stop-loss of 24141.

 

For Banknifty, 20-DMA, placed around 52000 is the next support, upon breach of which, 51100 would be next downside level to eye; 52700-52800 is the immediate resistance zone, above which, 53357, the top made last week, would be bigger hurdle to eye.

 

TCS will report it's quarterly earnings today.

Investment in securities market is subject to market risk.

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