25200-25250 IS THE NEXT TARGET AREA; 24900-24850 IS THE SUPPORT ZONE

 

25200-25250 IS THE NEXT TARGET AREA; 24900-24850 IS THE SUPPORT ZONE

 

WORLD MARKETS

 

Dow rose 0.6% to a record, S & P 500 was flat while Nasdaq fell 0.2%.

 

Initial jobless claims fell to 231,000 from the prior week’s 232,000, but were slightly higher than the 230,000 expected by Dow Jones. In addition, the second-quarter GDP growth was revised higher to 3% from the initial 2.8% rate.

 

U.S. 10-year treasury yield rose 3 bps to 3.863%. Dollar index rose a third of a percent to 101.37. Gold rose two third of a percent to $2521 per ounce.

 

WTI crude futures rose 1.9% to $75.91 while Brent futures rose 1.6% to $79.94 per barrel.

 

European markets gained 0.2%-0.9%. Germany's headline annual inflation on an EU-harmonized basis eased more than expected to 2% in August as against expectation of 2.3%, and previous month’s 2.6% print. Spain’s preliminary harmonized inflation came in at 2.4% for August, down from July’s 2.9% reading and below 2.5% prediction.

 

AT HOME

 

Benchmark indices ended higher by four tenth of a percent after a choppy session on the expiry day of the August derivative series, with both Sensex and Nifty hitting fresh record highs. Sensex settled at 82134, up 349 points while Nifty added 100 points to finish at 25151. Nifty mid-cap and small-cap indices however fell 0.4% and 0.5% respectively. Nifty Oil & Gas and FMCG indices were the top gainers among the sectoral indices, up 0.9% and 0.7% respectively while Metal and Pharma indices were the top losers, down 0.5% each.

 

FIIs net bought stocks and index futures worth Rs 3260 cr and 2103 cr respectively but net sold stock futures worth Rs 3072 cr. DIIs were net buyers to the tune of Rs 2691 cr.

 

Rupee appreciated 8 paise to end at 83.87/$.

 

For the August derivative series, Nifty gained 3%.

 

OUTLOOK

 

Inflation rate in Japan’s capital city of Tokyo rose to 2.6% from June’s 2.2%, hitting its highest since March. The core inflation rate — which strips out prices of fresh food — rose 2.4%, higher than the 2.2% expected. Unemployment in Japan rose to 2.7%, more than the estimate of 2.5%. Retail sales in the country rose 2.6% -o-y, lower than the 2.9% growth expected.

 

Today morning, Asian markets are trading with gains of 0.4%-1.1% and GIFT Nifty is suggesting a marginally higher start for our market.

 

In yesterday's report we had said that 25200 was the next upside target to eye for Nifty while 24900-24850 was the immediate support zone, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 25193, closed at 25151.

 

25200-25250 is the next target area, above which, 25350 would be next upside level to eye; 24900-24850 continues to be immediate support zone, with the stop-loss of which, trading longs could be held on to.

 

For Banknifty, 51500 and 51943, the 50% and 61.8% retracement levels of the entire 53357-49654 fall, are the next upside levels to eye; On the way down, 50900-50800 is the immediate support zone, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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

25200 NEXT; 24900-24850 IS THE SUPPORT ZONE

 

25200 NEXT; 24900-24850 IS THE SUPPORT ZONE

 

WORLD MARKETS

 

U.S. indices fell 0.4%-1.1%, with Nasdaq doing the worst, ahead of quarterly earnings from Nvidia.

 

U.S. 10-year treasury yield rose 1 bps to 3.839%. Dollar index jumped half a percent to 101.04. Gold fell 0.8% to $2504 per ounce.

 

WTI crude futures fell 1.3% to $74.52 while Brent futures fell 1.1% to $78.65 per barrel.

 

In Europe, DAX and CAC gained 0.5% and 0.2% respectively while FTSE was little changed.

 

AT HOME

 

Benchmark indices inched up 0.1% each, with Nifty extending the winning streak to 10th straight session and hitting fresh record highs. Sensex settled at 81785, up 73 points while Nifty added 34 points to finish at 25052. Nifty mid-cap and small-cap indices however eased 0.1% each. Nifty IT and Healthcare indices climbed 1.6% and 1.2% respectively, becoming top gainers among the sectoral indices while Media and PSU Bank indices were the top losers, down 1.4% and 0.4% respectively.

 

FIIs net sold stocks and stock futures worth Rs 1348 cr and 3072 cr respectively but net bought index futures worth Rs 2103 cr. DIIs were net buyers to the tune of Rs 439 cr.

 

Rupee depreciated 2 paise to end at 83.95/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of upto half a percent and GIFT Nifty is suggesting around 50 points lower start for our market.

 

In yesterday's report we had said that 25078 continued to be immediate hurdle, above which 25150-25200 would be next target area and that 24800-24750 was the immediate support zone, with the stop-loss of which, trading longs could be held on to.

 

Nifty after touching a high of 25130, eased to end at 25052.

 

25200 is the next upside target to eye for Nifty; 24900-24850 is the immediate support zone, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 51500, the 50% retracement levels of the entire 53357-49654 fall, is the next upside levels to eye; On the way down, 50900-50800 is the immediate support zone, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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

25150-25200 ABOVE 25078; 24800-24750 IS THE SUPPORT ZONE

 

25150-25200 ABOVE 25078; 24800-24750 IS THE SUPPORT ZONE

 

WORLD MARKETS

 

Dow was flat while S & P 500 and Nasdaq gained 0.2% each.

 

U.S. house prices dipped 0.1% on a month-on-month basis after being unchanged in May. They increased 5.1% y-o-y, the smallest rise since July 202. The Conference Board’ consumer confidence index increased to 103.3 this month from an upwardly revised 101.9 in July.

 

U.S. 10-year treasury yield inched up 1 bps to 3.822%. Dollar index slipped 0.3% to 100.55. Gold rose 0.3% to $2524 per ounce.

 

WTI crude futures fell 2.4% to $75.53 while Brent futures fell 2.3% to $79.55 per barrel.

 

In Europe, FTSE and DAX gained 0.2% and 0.4% respectively while CAC fell 0.3%. Shop prices in the U.K. fell 0.3% in August, down from inflation of 0.2% in the previous month. Final reading of Germany’s second-quarter GDP fell by 0.1% from the previous quarter, which was in line with the preliminary reading.

 

AT HOME

 

Benchmark indices ended flat after trading in a narrow range. Sensex settled at 81711, up 13 points while Nifty added 7 points to finish at 25017. Nifty mid-cap and small-cap indices climbed 0.5% and 1% respectively and both posted highest ever close. Nifty Media index surged 4.1%, becoming top gainer among the sectoral indices, followed by 1.5% higher Financial Services index. FMCG and Metal indices were the top losers, down 1.1% and 0.6% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1504 cr, 3061 cr and 3275 cr respectively. DIIs were net sellers to the tune of Rs 604 cr.

 

Rupee appreciated 3 paise to end at 83.90/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of upto half a percent and GIFT Nifty is suggesting a marginally lower start for our market.

 

In yesterday's report we had said that 25078, the top made on 1st August, continued to be next target for Nifty and had advised trailing stop-loss in longs to 24750.

 

Nifty, after touching a high of 25073, closed at 25017.

 

25078, the top made on 1st August, continues to be immediate hurdle, above which 25150-25200 would be next target area; 24800-24750 is the immediate support zone, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 51943 and 52565, the 61.8% and 78.6% retracement levels of the entire 53357-49654 fall, are the next upside levels to eye. On the way down, 50900-50800 is the immediate support zone, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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

TRAIL STOP-LOSS TO 24750

 

TRAIL STOP-LOSS TO 24750

 

WORLD MARKETS

 

Dow rose 0.2% to close at a record high while S & P 500 and Nasdaq, pressured by slide in technology stocks, fell 0.3% and 0.8% respectively.

 

U.S. 10-year treasury yield rose 1 bps to 3.818%. Dollar index rose 0.2% to 100.86. Gold too rose 0.2% to $2518 per ounce.

 

Oil surged as supply concerns sharpened on reports of escalating conflict in the Middle East as well as production cuts in Libya. WTI crude futures jumped 3.5% to $77.42 while Brent futures rose 3% to $81.43 per barrel.

 

In Europe, U.K. markets were closed for a national bank holiday. CAC rose 0.2% while DAX eased 0.1%. German Ifo Business Climate Index dropped to 86.6 points in August from 87.0 points the previous month.

 

AT HOME

 

Benchmark indices climbed three fourth of a percent each, with Nifty extending the winning streak to eight straight session. Sensex settled at 81698, up 611 points while Nifty added 187 points to finish at 25010. Nifty mid-cap and small-cap indices gained 0.6% each. Except 0.5% and 0.2% lower PSU Bank and Media indices, all the NSE sectoral indices ended higher, with Meal and Realty indices on the top, up 2.2% and 1.8% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 483 cr, 3061 cr and 3275 cr respectively. DIIs were net buyers to the tune of Rs 1870 cr.

Rupee depreciated 1 paise to end at 83.90/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of upto half a percent and GIFT Nifty is suggesting a marginally lower start for our market.

 

In yesterday's report we had said that 25078, the top made on 1st August, was the next upside level to eye while 24550 was the important immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 25043, closed at 25010.

 

25078, the top made on 1st August, continues to be target for Nifty, above which 25500, where a rising trendline adjoining recent tops on daily chart is placed, would be next upside level to eye; Immediate support on the hourly chart has moved up to 24750, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 51318, the top made yesterday, which roughly coincided with 34-DMA, is the immediate hurdle, upon crossover of which, 51943 and 52565, the 61.8% and 78.6% retracement levels of the entire 53357-49654 fall, would be next upside levels to eye. On the way down, 50700 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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

25078 NEXT; TRAIL STOP-LOSS TO 24550

 

25078 NEXT; TRAIL STOP-LOSS TO 24550

 

WORLD MARKETS

 

Dow and S & P 500 climbed 1.1% each while Nasdaq surged 1.5% on Friday after Federal Reserve Chair Jerome Powell indicated interest rate cuts were on the horizon.

 

During his speech in Jackson Hole, Powell said  “the time has come for policy to adjust,” given that upside risks to inflation have diminished and downside risks to employment have increased.” "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”, he added.

 

U.S. 10-year treasury yield fell 5 bps to 3.801%. Dollar index nosedived 0.8% to 100.68. Gold jumped 1.2% to $2512 per ounce.

 

WTI crude futures rose 2.5% to $74.83 while Brent futures rose 2.3% to $79.02 per barrel.

 

European markets gained 0.5%-1.1%. A survey showed British consumer confidence held at an almost three-year high in August.

 

BOJ Governor Kazuo Ueda reaffirmed his resolve to raise rates if inflation stayed on course to sustainably hit the bank’s 2% target.

 

For the week, Dow rose 1.3% while Nasdaq and S & P 500 gained 1.4% each. In Europe, FTSE rose 0.2% while DAX and CAC climbed 1.7% each. In Asia, Nifty, Hang Seng and Nikkei rose 1.2%, 0.5% and 0.1% respectively while Shanghai fell 1.3%. U.S. 10-year treasury yield fell 8 bps while Dollar index tumbled 1.7%. Gold rose 0.2%. WTI crude was down 0.7%.

 

AT HOME

 

Benchmark indices ended marginally higher after a rangebound session. Sensex settled at 81086, up 33 points while Nifty added 12 points to finish at 24823. Nifty mid-cap and small-cap indices however fell 0.5% and 0.1% respectively. Except 1.1% higher Auto index, all the NSE sectoral indices ended lower with Realty and Media indices being the top losers, down 2.4% and 1.3% respectively.

 

FIIs net bought stocks and index futures worth Rs 1372 cr and 607 cr respectively but net sold stock futures worth Rs 1944 cr. DIIs were net buyers to the tune of Rs 2972 cr.

 

Rupee appreciated 6 paise to end at 83.89/$.

 

For the week, Sensex and Nifty gained 0.8% and 1.1% respectively, extending the winning streak to second straight week.

 

OUTLOOK

 

Over the weekend, Reuters reported Israel’s Air Force struck Hezbollah targets in Lebanon, shortly before the Iran-backed armed group launched over 320 rockets toward Israel.

 

Today morning, Hang Seng is up a percent, Shanghai is marginally in the red while Nikkei is down a percent. GIFT Nifty is suggesting around 50 points higher start for our market.

 

In Friday's report we had said that 25078, the top made on 1st August, was the next upside level to eye for Nifty while 24550 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty ended flat at 24823.

 

25078, the top made on 1st August, is the next upside level to eye for Nifty; On the way down, 24550, around which 20 as well as 34-DMAs are placed, is the important immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 34-DMA, placed around 51300, is the immediate hurdle, upon crossover of which, 51943 and 52565, the 61.8% and 78.6% retracement levels of the entire 53357-49654 fall, would be next upside levels to eye. On the way down, 50300 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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

NIFTY ACHIEVES 24825; TRAIL STOP-LOSS TO 24550

 

NIFTY ACHIEVES 24825; TRAIL STOP-LOSS TO 24550

 

WORLD MARKETS

 

U.S. indices fell 0.4%-1.7%, with Nasdaq losing the most, ahead of U.S. Federal Reserve chairman Jerome Powell’s comments at Jackson Hole.

 

Number of Americans filing new applications for unemployment benefits rose in the latest week, but the level still suggested a gradual cooling of the labor market remains intact.

 

U.S. 10-year treasury yield rose 5 bps to 3.856%. Dollar index rose 0.4% 101.52. Gold fell 1.2% to $2482 per ounce. Sterling hit a 13-month high against the dollar following a report showing that British business activity accelerated this month and cost pressures eased to their weakest in over three years.

 

WTI and Brent crude futures rose 1.5% each to $73.01 and $77.22 per barrel respectively.

 

In Europe, Dax rose quarter of a percent, FTSE inched up 0.1% while CAC was flat. Euro zone business activity showed surprising strength in August despite firms raising prices, while euro zone negotiated wage growth slowed last quarter.

 

Minutes from the ECB’s last meeting showed that policymakers were in no rush to cut rates in July but that they saw September as the next best opportunity to consider a further easing.

 

AT HOME

 

Benchmark indices rose a fifth of a percent each, with Nifty extending the winning streak to sixth straight session. Sensex settled at 81053, up 147 points while Nifty added 41 points to finish at 24811. Nifty mid-cap and small-cap indices gained 0.7% and 0.2% respectively. Nifty Consumer Durables and Metal indices were the top gainers among the sectoral indices, up 0.9% and 0.7% respectively while Oil & Gas and Media were the top losers, down 0.2% each.

 

FIIs net bought stocks and index futures worth Rs 1372 cr and 607 cr respectively but net sold stock futures worth Rs 1944 cr. DIIs were net buyers to the tune of Rs 2972 cr.

 

Rupee depreciated 2 paise to end at 83.94/$.

 

OUTLOOK

 

Data from Japan showed the country’s headline inflation at 2.8% in July, unchanged from the previous month.

 

Today morning, Asian markets are trading with cuts of upto half a percent and GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 24825, the 78.6% retracement level of the recent 25078-23893 fall, continues to be next target, above which, 25078, the top made on 1st August, would be the next upside level to eye. We had advised trailing stop-loss in longs to 24530.

 

Nifty, after touching a high of 24867, eased to end at 24811.

 

25078, the top made on 1st August, is the next upside level to eye for Nifty; 24550 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 34-DMA, placed around 51350, is the next upside levels to eye; 50250 is the immediate support, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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

TRAIL STOP-LOSS TO 24530

 

TRAIL STOP-LOSS TO 24530

 

WORLD MARKETS

 

U.S. indices gained 0.1%-0.6% after the minutes from the latest Federal Reserve meeting suggested the central bank was moving closer to a rate cut.

 

The summary of the minutes from the Fed’s July meeting said that the “vast majority” of participants “observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting.”

 

Nonfarm payroll revision showed there were 818,000 fewer jobs than originally reported in the 12-month period through March 2024.

 

U.S. 10-year treasury yield were flat at 3.803%. Dollar index fell quarter of a percent to 101.14. Gold was marginally lower at $2512 per ounce.

 

Brent crude futures declined 1.5% to settle at $76.05 a barrel, while WTI crude futures dropped 1.7% to settle at $71.93.

 

European markets gained 0.1%-0.7%.

 

AT HOME

 

Benchmark indices rose three tenth of a percent and closed at the highest level in 3-weeks. Nifty extended the winning streak to fifth consecutive day. Sensex settled at 80905, up 102 points while Nifty added 71 points to finish at 24770. Nifty mid-cap index rose a third of a percent while small-cap index surged 1.2%. Nifty Consumer Durables and FMCG indices were the top gainers among the sectoral indices, up 1.4% each while Realty and PSU Bank were the top losers, down 1.3% and 0.4% respectively.

 

FIIs net sold stocks and index futures worth Rs 800 cr and 728 cr respectively but net bought stock futures worth Rs 37 cr. DIIs were net buyers to the tune of Rs 3097 cr.

 

Rupee depreciated 14 paise to end at 83.92/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 1% and 0.5% respectively while Shanghai is flat. GIFT Nifty is suggesting around 80 points higher start for our market.

 

In yesterday's report we had said that 24825, the 78.6% retracement level of the recent 25078-23893 fall, continues to be next target and had advised trailing stop-loss in longs to 24350.

 

Nifty rose to 24788 before closing at 24770.

 

24825, the 78.6% retracement level of the recent 25078-23893 fall, continues to be next target, above which, 25078, the top made on 1st August, would be the next upside level to eye; 24530 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 34-DMA, placed around 51400, is the next upside levels to eye; 50200 is the immediate support, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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

TRAIL STOP-LOSS TO 24350

 

TRAIL STOP-LOSS TO 24350

 

WORLD MARKETS

 

U.S. indices ended with modest cuts, with the S & P 500 and Nasdaq snapping an 8-day winning streak while Dow had it's first negative day in the last six.

 

U.S. 10-year treasury yield fell 7 bps to 3.809%. Dollar index plunged half a percent to 101.38, it's lowest level since January. Gold rose 0.4% to $2514 per ounce.

 

WTI crude futures fell 0.4% to $74.04 while Brent futures fell 0.6% to $77.20 per barrel.

 

In Europe, FTSE tumbled 1% while DAX and CAC fell 0.4% and 0.2% respectively. Inflation in the euro zone was 2.6% in July, up from 2.5% in June. Germany’s producer price index fell 0.8% year-on-year last month.

 

China’s central bank left its one-year and five-year loan prime rates unchanged at 3.35% and 3.85% respectively, in line with expectations.

 

AT HOME

 

Benchmark indices rose half a percent, with Nifty extending the winning streak to fourth straight session. Sensex settled at 80802, up 378 points while Nifty added 126 points to finish at 24698. Nifty mid-cap and small-cap indices gained 0.8% and 0.5% respectively. Except 0.3% and 0.1% lower Media and FMCG indices, all the NSE sectoral indices ended higher, with Financial Services and PSU Bank indices on the top, up 1.7% each.

 

FIIs net sold stocks worth Rs 1458 cr but net bought index futures and stock futures worth Rs 1974 cr and 2323 cr respectively. DIIs were net buyers to the tune of Rs 2252 cr.

 

Rupee appreciated 5 paise to end at 83.78/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.3%-1.1% and GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 24825, the 78.6% retracement level of the recent 25078-23893 fall, was the next upside target, while 24300 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 high of 24734, closed at 24699.

 

24825, the 78.6% retracement level of the recent 25078-23893 fall, continues to be next target, above which, 25078, the top made on 1st August, would be the next upside level to eye; 24350 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 20 and 34-DMAs, placed around 51450, is the next upside levels to eye; 50250 is the immediate support, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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