20-DMA RESISTANCE AROUND 24500; 23893 CONTINUES TO BE IMMEDIATE SUPPORT
WORLD MARKETS
U.S. indices surged
1%-2.4% on the back of soft wholesale inflation data.
The producer price index
increased 0.1% last month, slower than the expected 0.2% rise.
U.S. 10-year treasury
yield fell 6 bps to 3.845%. Dollar index tumbled half a percent to 102.60. Gold
fell 0.2% to $2466/ounce.
WTI crude futures fell
2.1% to $78.35 while Brent futures fell 2% to $80.69 per barrel.
European markets gained
0.2%-0.7%. UK’s jobless rate fell to 4.2% in June from 4.4% in May, defying
expectations of a slight rise. Job vacancies declined while wage growth slowed.
AT HOME
Benchmark indices slipped
nine tenth of a percent each, closing in red for the sixth day out of past
eight sessions. Sensex settled at 78956, down 692 points while Nifty lost 208
points to finish at 24139. Nifty mid-cap and small-cap indices fell 0.8% and
1.3% respectively. Nifty Financial
Services was the top loser among the sectoral indices, down 1.7%, followed by
1.6% lower Metal and PSU Bank indices. Consumer Durables index surged 1.3%,
becoming top gainer, followed by 0.1% higher Healthcare index.
FIIs net sold stocks, index futures and stock futures
worth Rs 2107 cr, 2421 cr and 6092 cr respectively. DIIs were net buyers to the
tune of Rs 1240 cr.
Rupee ended flat at
83.97/$.
HDFC Bank shares tumbled
as MSCI announced that the Bank's weightage on the MSCI Global Standard Index
will increase in two tranches, while the street had anticipated the same to
take place in one go.
OUTLOOK
Today morning, Nikkei is
up a percent while Hang Seng and Shanghai are down 0.3% and 0.4% respectively.
GIFT Nifty is suggesting around 50 points higher start for our market.
In yesterday's report we
had said that 20-DMA, placed around 24550, continues to be immediate hurdle
while 23893, the bottom made last week, was the important support.
Nifty plunged to 24116
before closing at 24139.
23893, the bottom made
last week, continues to be important immediate support. 20-DMA, placed around
24500, continues to be immediate hurdle.
For Banknifty, 49659, the
low made last week, is the immediate support, upon breach of which, 48860, the
61.8% retracement level of the upmove seen since the election result day
bottom, would be the next downside level to eye. On the way up 21087, the upper
end of the gap created by gap-down opening on 5th August, is the immediate
hurdle.
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