34-DMA LANDS SUPPORT AROUND 24720; 25150 IS THE IMMEDIATE HURDLE

 

34-DMA LANDS SUPPORT AROUND 24720; 25150 IS THE IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices gained 1.2% each, rebounding from last week's sell-off.

 

U.S. 10-year treasury yield fell 1 bps to 3.702%. Dollar index rose 0.4% to 101.61. Gold too gained 0.4% to reach $2506 per ounce.

 

WTI crude futures rose 1.5% to $68.71 while Brent futures rose 1.1% to $71.84 per barrel.

 

European markets gained 0.8%-1.1%.

 

AT HOME

 

After falling four tenth of a percent in the initial trade, Sensex and Nifty saw a sustained northward move through the session to end higher by 0.5% and 0.3% respectively and also snapping a four-day and three-day losing streak respectively. Sensex settled at 81559, up 375 points while Nifty added 84 points to finish at 24936. Nifty mid-cap and small-cap indices however ended lower by 0.3% and 0.9% respectively. Nifty FMCG and Bank indices were the top gainers among the sectoral indices, up 2% and 1.1% respectively while Oil & Gas index was the top loser, down 1.4%, followed by 0.7% lower IT and Metal indices.

 

FIIs net bought stocks worth Rs 1177 cr but net sold index futures and stock futures worth Rs 373 cr and 2562 cr respectively. DIIs were net buyers to the tune of Rs 1757 cr.

 

Rupee depreciated 1 paise to end at 83.96/$.

 

OUTLOOK

 

Today morning, Nikkei is up 0.2% while Hang Seng and Shanghai are down 0.2% and 0.4% respectively. GIFT Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that 24801, followed by 24700 were the downside supports to eye.

 

Nifty, after touching a low of 24753, rebounded to end at 24936.

 

34-DMA, placed around 24720, is the important immediate support to eye; 25150 is the immediate hurdle on the hourly chart, above which, 25333, the top made on 2nd September, would be bigger hurdle to eye.

 

For Banknifty, 50369, the low made yesterday, around which 20-week moving average is placed, is the immediate support to eye, upon breach of which, 49654, the low made in August, would be next downside level to eye. On the way up, 51300 is the immediate hurdle on the hourly chart, above which, 51750, the top made during the week, would be bigger hurdle to eye.

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