24550, 24750 ARE UPSIDE HURDLES; 23893 CONTINUES TO BE IMMEDIATE SUPPORT

 

24550, 24750 ARE UPSIDE HURDLES; 23893 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices surged 1.8%-2.8%, with S & P 500 posting its best day since November 2022, after new labor market data eased recession concern.

 

First-time filings for jobless benefits came in at 233,000 last week, down 17,000 from the previous week and lower than the estimate for 240,000.

 

U.S. 10-year treasury yield rose 5 bps to 3.992%. Dollar index was flat at 103.24. Gold jumped 1.8% to $2426 per ounce.

 

WTI crude futures rose 1.3% to $76.19 while Brent futures rose 1.1% to $79.16 per barrel.

 

In Europe, DAX rose 0.4% while FTSE and CAC fell 0.3% each.

 

AT HOME

 

Benchmark indices fell three fourth of a percent each, falling for the fourth day in last five. Sensex settled at 78886, down 581 points while Nifty lost 180 points to finish at 24117. Nifty mid-cap and small-cap indices fell 0.3% and 0.4% respectively. Nifty IT and Metal indices were the top losers among the sectoral indices, down 1.9% and 1.7% respectively while Pharma and Media indices were the top gainers, up 0.4% and 0.2% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 2627 cr, 2943 cr and 10224 cr respectively. DIIs were net buyers to the tune of Rs 577 cr.

 

Rupee ended flat at 83.96/$.

 

RBI's Monetary Policy Committee decided to keep key rates on hold and maintain the stance as "Withdrawal of Accommodation" with a majority of 4:2. FY25 GDP growth and CPI forecasts were maintained at 7.2% and 4.5% respectively.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 1.6% and 1.3% respectively while Shanghai is up 0.3%. GIFT Nifty is suggesting around 250 points gap-up start for our market.

 

In yesterday's report we had said that 23893, the low made Monday, continued to be immediate support while 20-DMA, placed around 24550, was the immediate hurdle, upon crossover of which, 24700-24750 would be next immediate resistance zone.

 

Nifty, after touching a high of 24340, slipped to end at 24117 but is set to open above 24300 today.

 

20-DMA, placed around 24550, is the immediate hurdle, upon crossover of which, 24700-24750 would be next resistance zone; 23893, the low made Monday, continues to be immediate support.

 

For Banknifty, 48860, the 61.8% retracement levels of the upmove seen since election result day bottom, is the next downside levels to eye; 51000 is immediate hurdle.

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