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.

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