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.

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