TRAIL STOP-LOSS TO 24530

 

TRAIL STOP-LOSS TO 24530

 

WORLD MARKETS

 

U.S. indices gained 0.1%-0.6% after the minutes from the latest Federal Reserve meeting suggested the central bank was moving closer to a rate cut.

 

The summary of the minutes from the Fed’s July meeting said that the “vast majority” of participants “observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting.”

 

Nonfarm payroll revision showed there were 818,000 fewer jobs than originally reported in the 12-month period through March 2024.

 

U.S. 10-year treasury yield were flat at 3.803%. Dollar index fell quarter of a percent to 101.14. Gold was marginally lower at $2512 per ounce.

 

Brent crude futures declined 1.5% to settle at $76.05 a barrel, while WTI crude futures dropped 1.7% to settle at $71.93.

 

European markets gained 0.1%-0.7%.

 

AT HOME

 

Benchmark indices rose three tenth of a percent and closed at the highest level in 3-weeks. Nifty extended the winning streak to fifth consecutive day. Sensex settled at 80905, up 102 points while Nifty added 71 points to finish at 24770. Nifty mid-cap index rose a third of a percent while small-cap index surged 1.2%. Nifty Consumer Durables and FMCG indices were the top gainers among the sectoral indices, up 1.4% each while Realty and PSU Bank were the top losers, down 1.3% and 0.4% respectively.

 

FIIs net sold stocks and index futures worth Rs 800 cr and 728 cr respectively but net bought stock futures worth Rs 37 cr. DIIs were net buyers to the tune of Rs 3097 cr.

 

Rupee depreciated 14 paise to end at 83.92/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 1% and 0.5% respectively while Shanghai is flat. GIFT Nifty is suggesting around 80 points higher start for our market.

 

In yesterday's report we had said that 24825, the 78.6% retracement level of the recent 25078-23893 fall, continues to be next target and had advised trailing stop-loss in longs to 24350.

 

Nifty rose to 24788 before closing at 24770.

 

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; 24530 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 34-DMA, placed around 51400, is the next upside levels to eye; 50200 is the immediate support, with the stop-loss of which, trading longs can be held on to.

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