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.

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