17885 CONTINUES TO BE IMMEDIATE SUPPORT

 

17885 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices fell 0.7%-1.7% with Nasdaq leading the losses after a hot inflation report pushed up bond yields.

 

CPI rose 6.2% y-o-y in October, hitting its highest level in three decades. On a monthly basis, it increased 0.9% against the 0.6% estimate.

 

US 10-year treasury yield jumped 11.6 bps to 1.565%. Dollar index climbed 0.9% to 94.86, snapping 3-day losing streak. Gold soared to $1868 before closing 0.9% higher at $1848 per ounce.

 

Brent crude fell 69 cents to $84.09 a barrel while WTI slipped $1.24 to $82.91.

 

In Europe, FTSE and DAX gained 0.9% and 0.2% respectively while CAC was little changed. German October CPI inflation came in at 4.5% y-o-y and 0.5% month-on-month.

 

China's October CPI rose 1.5% from last year, double the rate of the previous month and the fastest pace of increase since September 2020. Producer price index jumped 13.5% y-o-y, accelerating from September's 10.7%.

 

AT HOME

 

After falling about seven tenth of a percent in the initial trade, benchmark indices recouped most of the losses through the session to end lower by 0.1%, extending the losing streak to second consecutive day. Sensex settled at 60352, down 80 points while Nifty lost 27 points to finish at 18017. Nifty mid-cap and small-cap indices fell 0.4% and 0.1% respectively, snapping 3-day winning streak. BSE Metal and Realty indices fell 2.1% and 1.6% respectively, becoming top losers among the sectoral indices while Telecom index climbed 2.2%, becoming top gainer, followed by 0.9% higher Energy index.

 

FIIs net sold stocks, index futures and stock futures worth Rs 470 cr, 512 cr and 1221 cr respectively. DIIs were net buyers to the tune of Rs 767 cr.

 

Rupee depreciated 35 paise to end at 74.38/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.4%-0.8% and SGX Nifty is suggesting around 30 points lower start for our market.

 

In yesterday's report we had said that 17885 continued to be the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Nifty, after touching a low of 17915, rebounded to end at 18017.

 

17885 continues to be the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

18200, around which a rising trendline adjoining recent tops on the hourly chart is placed, is the immediate upside target, above which, 18342, the top made on 27th October, would be the next upside target.

 

40160, the top made last week, continues to be immediate hurdle for Banknifty; 38426 is immediate support.

 

Tata Steel will report its quarterly earnings today.

 

17885 CONTINUES TO BE IMMEDIATE SUPPORT

 

17885 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices fell 0.3%-0.6%, dragged down by big cut in Tesla and after digesting wholesale inflation data.

 

Tesla shares ended nearly 12% lower, extending Monday losses.

 

October producer price index rose 0.6%, which was in-line with expectation. Y-o-y rise stood at 8.6%, highest in almost 11 years. Core PPI increased 0.4%, slightly below the 0.5% estimate but an elevated pace from September’s 0.1% gain. Y-o-Y increase stood at 6.2%.

 

US 10-year treasury yield dropped 5.8 basis points to 1.439%. Dollar index dipped 0.1% to 92.94.

 

Brent crude climbed $1.35, or 1.6%, to $84.78 per barrel while U.S. oil advanced $2.22, or 2.7%, to $84.15 per barrel, gaining for a third consecutive session.

 

In Europe, FTSE fell 0.4% while DAX and CAC ended marginally in the red. Germany’s ZEW economic sentiment index for November came in at 31.7 against a forecast of 20.0.

 

AT HOME

 

It was a day of consolidation as Sensex and Nifty ended lower by 0.2% and 0.1% lower after a relatively quiet session, snapping 2-day winning streak. Sensex settled at 60433, down 112 points while Nifty lost 24 points to finish at 18044. Nifty mid-cap and small-cap indices however surged 1.2% and 0.5% respectively, extending the winning streak to third straight day. BSE Industrials and Capital Goods indices climbed 1.4% and 1.1% respectively, becoming top gainers among the sectoral indices while Metal and Finance indices were the top losers, down 0.9% and 0.5% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 2445 cr, 2622 cr and 849 cr respectively. DIIs were net buyers to the tune of Rs 1418 cr.

 

Rupee depreciated 2 paise to end at 74.03/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.2%-0.6% while SGX Nifty is suggesting around 90 points lower start for our market.

 

In yesterday's report we had said that 18342, the top made on 27th October, was the next upside target and had advised holding on to long positions with the stop-loss of 17885.

 

Nifty, after touching a high of 18112 in the initial trade, slipped to end at 18044. The benchmark is set to open below 18000 today.

 

17885 continues to be the immediate support on the hourly chart, upon breach of which 17613, the low made on 29th October, would be the next downside level to eye; 18342, the top made on 27th October, continue the next upside target.

 

Meanwhile, trading longs can be held on to with the stop-loss of 17885.

 

40160, the top made last week, continues to be immediate hurdle for Banknifty; 38900, 38400 are supports.

 

STAY LONG WITH THE STOP-LOSS OF 17885

 

STAY LONG WITH THE STOP-LOSS OF 17885

 

WORLD MARKETS

 

Dow rose 0.3% while S & P 500 and Nasdaq inched up 0.1% each to hit fresh record highs, boosted by strength in infrastructure stocks.

 

Infrastructure-related stocks led the gainers after the House passed the spending package on Friday evening.

 

US 10-year treasury yield added 4.4 bps to reach 1.497%. Dollar index fell 0.2% to 94.06. Spot gold rose 0.4% to $1824/ounce.

 

Brent crude rose 0.83% to settle at $83.43 per barrel while U.S. oil rose 0.81% to $81.93.

 

Europen markets were little changed.

 

AT HOME

 

Benchmark indices started new Samvat on a positive note as benchmark indices climbed eight tenth of a percent, extending the rising streak to second straight day. Sensex settled at 60545, up 478 points while added 151 points to finish at 18068. Nifty mid-cap and small-cap indices surged 1.2% and 1.1% respectively. Except 0.6% and 0.2% lower Healthcare index and Bankex respectively, all the BSE sectoral indices ended higher, with Oil & Gas and Consumer Durables indices leading the tally, up 2.3% and 2.2% respectively.

 

FIIs net sold stocks and stock futures worth Rs 861 cr and 1310 cr respectively but net bought index futures worth Rs 2322 cr. DIIs were net buyers to the tune of Rs 1912 cr.

 

Rupee appreciated 44 paise to end at 74.01/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.1%-0.3% and SGX Nifty is suggesting a modestly higher start for our market.

 

In yesterday's report we had said that 20-DMA, placed around 18065, continued to be immediate hurdle, upon crossover of which, 18342, the top made on 27th October, would be the next upside target.

 

Nifty surged to touch a high of 18087 before closing at 18068.

 

18342, the top made on 27th October, is the next upside target.

 

17885 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

40160, the top made last week, is the immediate hurdle for Banknifty, above which, 40930 and 41350 would be next upside levels to eye; 38426 is immediate support.

 

M & M will report its quarterly earnings today.

20-DMA CONTINUES TO BE IMMEDIATE HURDLE; 17613 IMMEDIATE SUPPORT

 

20-DMA CONTINUES TO BE IMMEDIATE HURDLE; 17613 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices gained 0.2% to 0.6% on Friday to hit record highs following a better-than-expected October jobs report and progress on infrastructure bill. Dow, S&P 500 and Nasdaq rose for the sixth, seventh and tenth consecutive day respectively.

 

U.S. House of Representatives late Friday passed a more than $1 trillion infrastructure bill, sending the legislation to President Joe Biden for his signature. The package passed by the Senate in August would provide new funding for transportation, utilities and broadband, among other infrastructure projects.

 

U.S. economy added 531,000 jobs last month, up from the expected 450000.  and numbers for September and August were revised up.

 

US 10-year treasury yield fell 6 bps to 1.46%. Dollar index, after rising to 94.62, slipped to end 0.1% lower at 94.22. Spot gold rose 1.2% to $1,813.36 per ounce, it's highest in nearly two months.

 

Brent crude rose $2.20 to settle at $82.74 per barrel, while WTI gained $2.46 to $81.27 after OPEC+ producers rebuffed a U.S. call to accelerate output increases even as demand nears pre-pandemic levels.

 

European markets rose 0.2%-1%. Euro zone September retail sales slid 0.3% month-on-month as weakness in Germany weighed on the bloc. German industrial production fell by 1.1% month-on-month in September as output in Europe’s largest economy was hit by supply bottlenecks for materials. French industrial production also contracted by 1.3%.

 

Official data released over the weekend showed China’s exports surged 27.1% in October, up from 24.5% growth forecast.

 

AT HOME

 

Benchmark indices rose half a percent on Muhurat trading session, snapping 2-session losing streak. Sensex settled at 60067, up 295 points while Nifty added 87 points to finish at 17916. Nifty mid-cap and small-cap indices climbed 0.8% and 1.3% respectively. All the BSE sectoral indices ended higher, with Auto and Consumer Discretionary Goods & Services indices leading the tally, up 1.5% and 1.1% respectively.

 

FIIs net sold stocks and stock futures worth Rs 328 cr and 200 cr respectively but net bought index futures worth Rs 4 cr. DIIs were net buyers to the tune of Rs 38 cr.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are modestly lower while Shanghai is up 0.2%. SGX Nifty is suggesting around 80 points higher start.

 

In Wednesday's report we had said that 20-DMA, placed around 18050, continued to be immediate hurdle. Nifty, on Wednesday, after touching a high of 17988, slipped to end at 17829 but rose to close at 17916 on Thursday. The benchmark is set to opne near 18000 today.

 

20-DMA, placed around 18065, continues to be immediate hurdle, a crossover of which is required for a fresh upmove. If that happens, 18342, the top made on 27th October, would be the next upside target.

 

17613, the low made on 29th October, continues to be immediate support.

 

40200 is immediate hurdle for Banknifty; 38426 is immediate support.

 

Britannia and Aurobindo Pharma will report their quarterly earnings today.

18050 CONTINUES TO BE IMMEDIATE HURDLE; 17613 IMMEDIATE SUPPORT

 

18050 CONTINUES TO BE IMMEDIATE HURDLE; 17613 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices gained 0.3%-0.4%, awaiting a decision from the Federal Reserve on its tapering schedule.

 

Federal Reserve is expected to announce an end to its bond-buying program at the conclusion of its two-day meeting today. Markets would also watch out for clues on when the central bank plans to raise interest rates.

 

US 10-year treasury yield fell 2.8 bps to 1.544%. Dollar index rose 0.2% to 94.106. Spot gold was down 0.3% at $1,787 per ounce.

 

Brent crude eased 21 cents, or 0.3%, to $84.50 a barrel while WTI crude fell 48 cents, or 0.6%, to $83.57.

 

In Europe, FTSE fell 0.2% while DAX and CAC gained 0.9% and 0.5% respectively.

 

AT HOME

 

After rising nearly half a percent in the initial trade, benchmark indices slipped to end lower by a fifth of a percent. Sensex settled at 60029, down 109 points while Nifty finished at 17888, down 40 points. Nifty mid-cap and small-cap indices however gained 0.8% and 1% respectively. BSE Realty index soared 3.3%, becoming the top gainer among the sectoral indices, followed by 1.1% higher Consumer Durables index. Metal and Energy indices were the top losers, down 1.9% and 1.2% respectively.

 

FIIs net bought stocks worth Rs 245 cr but net sold index futures and stock futures worth Rs 1528 cr and 396 cr respectively. DIIs were net sellers to the tune of Rs 6 cr.

 

Rupee appreciated 19 paise to end at 74.68/$.

 

OUTLOOK

 

Nikkei is closed today while Hang Seng and Shanghai are little changed. SGX Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 20-DMA, placed around 18050, continued to be immediate hurdle while 17613, the low made on Friday, continued to be immediate support.

 

Nifty, after touching a high of 18012, slipped to end at 17888.

 

20-DMA, placed around 18050, continues to be immediate hurdle, a crossover of which is required for a fresh upmove. If that happens, 18342, the top made last week, would be the next upside target.

 

17613, the low made on Friday, continues to be immediate support.

 

40600-40800 is the immediate resistance zone for Banknifty; 38426, the low made Friday, continues to be important immediate support.

 

SBI and Eicher Motors will report their quarterly earnings today.

 

18050 IMMEDIATE HURDLE; 17613 IMMEDIATE SUPPORT

 

18050 IMMEDIATE HURDLE; 17613 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices gained 0.2%-0.6% hit new intraday highs and closed at records.

 

October’s ISM manufacturing index fell to 60.8 from September’s 61.1, the expected figure being 60.3.

 

US 10-year treasury yield rose 2 bps to 1.568%. Dollar index eased 0.3% to 93.877. Spot gold was up 0.6% at $1,793.48 per ounce.

 

Brent crude advanced 99 cents, or 1.2%, to $84.71 per barrel while WTI settled 48 cents, or 0.6%, higher at $84.05 per barrel.

 

European markets climbed 0.7%-1.4%.

 

AT HOME

 

Benchmark indices soared a percent and half, snapping 3-day losing streak. Sensex settled at 60138, up 831 points while Nifty added 258 points to finish at 17929. Nifty mid-cap and small-cap indices rose 1.8% and 0.9% respectively.  All the BSE sectoral indices ended higher, with Realty and Telecom indices leading the tally, up 3.7% and 3.5% respectively.

 

FIIs net sold stocks and stock futures worth Rs 202 cr and 503 cr respectively but net bought index futures worth Rs 58 cr. DIIs were net buyers to the tune of Rs 116 cr.

 

Rupee appreciated 1 paise to end at 74.8650/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 1.8% and 0.3% respectively while Nikkei is down 0.3%. SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 17613 the low made on Friday was the immediate support while 20-DMA, placed around 18025, was the immediate hurdle.

 

Nifty surged to touch a high of 17954 before closing at 17930.

 

20-DMA, placed around 18050, continues to immediate hurdle to eye, upon crossover of which, 18342, the top made last week, would be the next upside target.

 

17613, the low made on Friday, continues to be immediate support.

 

For Banknifty, 38426, the low made Friday, continues to be important immediate support to eye; 40600-40800 is the immediate resistance zone.

 

Bharti Airtel, Sun Pharma, Dabur will report their quarterly earnings today.

 

17450 BELOW 17616; 18025 IS IMMEDIATE HURDLE

 

17450 BELOW 17616; 18025 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

US indices gained 0.2%-0.3% on Friday to close at record highs

 

Core personal consumption expenditures - the Fed’s preferred inflation measure - climbed at a 4.4% annual rate in September, the highest in three decades. Personal income fell 1% in September, more than the 0.4% decline expected. Consumer spending rose 0.6%, matching expectations. The University of Michigan’s final October consumer sentiment reading came in slightly better than expected at 71.7.

 

US 10-year treasury yield was little changed at 1.563%. Dollar index climbed 0.8% to 94.102. Spot gold fell 0.9% to $1,782.23 per ounce  to their lowest in over a week.

 

Brent crude settled 0.1% higher at $84.38 per barrel and WTI crude rose 0.9% to $83.57.

 

In Europe, FTSE and DAX were down 0.2% and 0.05% respectively while CAC rose 0.4%. Inflation in the euro zone rose to 4.1% in October, hitting a 13-year high.

 

For the month, US indices gained 5.8%-7.3%, with The S&P 500 and Nasdaq clinching their best months since November 2020.

 

China’s official manufacturing PMI for October came in at 49.2 over the weekend, contracting for the second straight month, following September’s official manufacturing PMI reading of 49.6.

 

AT HOME

 

Benchmark indices ended lower by a percent after a volatile session, extending the losing streak to third straight day and closing at the lowest level since 6th October. Sensex settled at 59306, down 677 points while Nifty lost 185 point to finish at 17671. Nifty mid-cap and small-cap indices eased 0.2% and 0.5% respectively. BSE Energy and IT index slipped 1.9% and 1.6% respectively, becoming top losers among the sectoral indices while Basic Material and Realty indices were the top gainers, up 0.5% each.

 

FIIs net sold stocks worth Rs 5143 cr but net bought index futures and stock futures worth Rs 690 cr and 1506 cr respectively. DIIs were net buyers to the tune of Rs 4343 cr.

 

Rupee appreciated 5 paise to end at 74.87/$.

 

For the week, Sensex and Nifty fell 2.5% each, registering their biggest weekly fall in eight months and extending the losing streak to second consecutive week.

 

OUTLOOK

 

Today morning, Nikkei is up more than 2% while Hang Seng and Shanghai are down 1% and 0.3% respectively. SGX Nifty is suggesting around 70 points higher start for our market.

 

In Friday's report we had said that 17799 was the immediate support, below which, 17600 and 17450 would be subsequent downside levels to eye.

 

Nifty plunged all the way to 17613 and closed at 17671.

 

17613, the low made on Friday, also coincides with the low made on 6th October and also with a trendline adjoining recent bottoms on the daily chart. Hence, 17613 is the immediate support. Below 17613, 17453, the bottom made in October, would be the next support.

 

20-DMA, placed around 18025, is the immediate hurdle.

 

38426, the low made Friday, also coincides with 34-DMA and hence is the important immediate support to eye. Below 38426, 37450 and 36876 would be subsequent downside levels to eye. 40600-40800 is the immediate resistance zone.

 

Auto sales for October will be out today.

 

HDFC and Tata Motors will report their quarterly earnings today.