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.