24800 BELOW 25083; 25334 CONTINUES TO BE IMMEDIATE HURDLE

 

24800 BELOW 25083; 25334 CONTINUES TO BE IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.5% and 0.3% respectively while Nasdaq rose quarter of a percent

 

The number of Americans filing new applications for jobless benefits declined last week as layoffs remained low.

 

U.S. 10-year treasury yield fell 2 bps to 3.731%. Dollar index fell 0.2% to 101.06. Gold rose 0.8% to $2516 per ounce.

 

OPEC+ members delayed a production hike of 180,000 barrels per day by two months, which was originally scheduled for October. WTI crude futures fell 5 cents to $69.15 and Brent futures fell 1 cent to $72.69 per barrel.

 

In Europe, CAC tumbled 0.9% while FTSE and DAX fell 0.3% and 0.1% respectively.

 

AT HOME

 

After starting higher by three tenth of a percent, benchmark indices fell half a percent from the top to end lower by a fifth of a percent. Sensex settled at 82201, down 151 points while Nifty lost 53 points to finish at 25145. Nifty mid-cap and small-cap indices however gained 0.4% and 1% respectively, both hitting fresh record highs. Nifty Realty index was the top loser among the sectoral indices, down 1%, followed by 0.4% lower Auto and Oil & Gas indices. Media and Consumer Durables indices were the top gainers, up 0.8% and 0.7% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 689 cr, 670 cr and 4201 cr respectively. DIIs were net buyers to the tune of Rs 2971 cr.

 

Rupee depreciated 2 paise to end at 83.98/$.

 

OUTLOOK

 

Today morning, Shanghai and Nikkei are up 0.3% and 0.1% respectively while Hang Seng is marginally in the red. GIFT Nifty is suggesting around 60 points lower start for our market.

 

In yesterday's report we had said that 25083, the low made Wednesday, was the immediate support while 25334, the top made on Monday, continued to be immediate hurdle.

 

Nifty, after touching a high of 25275, slipped to end at 25145.

 

25083, the low made Wednesday, continues to be immediate support, a breach of which will confirm a "Sell" on the hourly chart. If that happens, 20-DMA, placed around 24800, would be the next downside level to eye; 25334, the top made on Monday, continues to be immediate hurdle, upon crossover of which, 25600 would be next upside target.

 

For Banknifty, 51943 and 52565, the 61.8% and 78.6% retracement levels of the 53357-49654 fall, are the next upside levels to eye; 51200-51000 is the immediate support zone.

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