STAY LONG WITH THE STOP-LOSS OF 25083

 

STAY LONG WITH THE STOP-LOSS OF 25083

 

WORLD MARKETS

 

Dow inched up 0.1% while S & P 500 and Nasdaq fell 0.2% and 0.3% respectively, both extending Tuesday's steep losses.

 

Data showed job openings in July fell to the lowest level in three and a half years.

 

U.S. 10-year treasury yield fell 8 bps to 3.757%. Dollar index tumbled half a percent to 101.27. Gold inched up 0.1% to $2495 per ounce.

 

WTI crude futures fell 1.6% to $69.20 while Brent futures fell 1.4% to $72.70 per barrel.

 

European markets were down 0.4%-1%.

 

AT HOME

 

After starting lower by eight tenth of a percent, benchmark indices recouped more than half of the losses through the session to end lower by about three tenth of a percent. Sensex settled at 82352, down 202 points while Nifty lost 81 points to finish at 25198. Nifty snapped 14-session winning streak. Nifty mid-cap index eased 0.1% while small-cap index was flat. Nifty PSU Bank and IT indices were the top losers among the sectoral indices, down 1.7% and 0.9% respectively while Healthcare and Pharma indices were the top gainers, up 0.8% and 0.7% respectively.

 

FIIs net bought stocks worth Rs 975 cr but net sold index futures and stock futures worth Rs 1333 cr and 5541 cr respectively. DIIs were net buyers to the tune of Rs 97 cr.

 

Rupee ended flat at 83.97/$.

 

OUTLOOK

 

Today morning, Shanghai and Hang Seng are little changed while Nikkei is down 0.3%. GIFT Nifty is suggesting nearly 100 points gap-up start for our market.

 

In yesterday's report we had said that 25100-25000 was the immediate support zone on the hourly chart, while 25333, the top made on Monday, was the immediate hurdle.

 

Nifty, after touching a low of 25083, rebounded to end at 25198.

 

25083, the low made yesterday, is the immediate support, a breach of which will confirm a "Sell" on the hourly chart. If that happens, 20-DMA, placed around 24750, 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.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.