25130 IS IMMEDIATE HURDLE

 

25130 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow fell 0.2% while S & P 500 and Nasdaq gained 0.4% and 0.8%

 

U.S. 10-year treasury yield fell 6 bps to 3.644%. Dollar index was flat at 101.66. Gold rose 0.4% to $2516 per ounce.

 

Oil prices tumbled after OPEC+ revised down its demand forecast for this year and 2025, offsetting supply concerns from Tropical Storm Francine. Brent crude futures settled down 3.7% at $69.19 while WTI crude tumbled 4.3% to $65.75 a barrel.

 

European markets fell 0.2%-1.1%.

 

AT HOME

 

Benchmark indices gained four tenth of a percent, extending the winning streak to second straight session. Sensex settled at 81921, up 361 points while Nifty added 104 points to finish at 25041. Nifty mid-cap and small-cap indices surged 1.2% each, snapping a 2-session losing streak. Nifty Media and IT indices were the top gainers among the sectoral indices, up 2.7% and 1.7% respectively while Financial Services and Oil & Gas indices were the top losers, down 0.9% and 0.2% respectively.

 

FIIs net bought stocks and index futures worth Rs 2208 cr and 169 cr respectively but net sold stock futures worth Rs 3901 cr. DIIs were net sellers to the tune of Rs 275 cr.

 

Rupee depreciated 2 paise to end at 83.98/$.

 

OUTLOOK

 

Today morning, Nikkei and Shanghai are down 0.8% each while Hang Seng is off 1.2%. GIFT Nifty is suggesting a marginally lower start for our market.

 

In yesterday's report we had said that 34-DMA, placed around 24720, was the important immediate support while 25150 was the immediate hurdle on the hourly chart.

 

Nifty surged to touch a high of 25130 before closing at 25041.

 

25130, the top made yesterday, is the immediate hurdle, a crossover of which would confirm a "Buy" on the hourly chart. If that happens, 25333, the top made on 2nd September, would be next upside target to eye; 34-DMA, placed around 24730, is the important immediate support to eye.

 

For Banknifty, 51366, the top made yesterday, is the immediate hurdle, above which, 51750, the top made last week, would be next upside level to eye; 50369, the low made Monday, around which 20-week moving average is placed, is the immediate support.

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