17200 BELOW 17280; 17900 IS IMMEDIATE HURDLE

 

17200 BELOW 17280; 17900 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow ended flat but S & P 500 and Nasdaq fell 0.3% and 1.3% respectively as bond yields jumped following renomination of Powell, driving expectations that the central bank may stay the course on tapering economic support.

 

US President Biden announced Powell as his pick for the central bank chief nomination in a closely-watched decision. He named Fed Governor Lael Brainard, seen as the main competition for the top job, as vice chair.

 

Existing Home sales improved month-over-month but were well below the level from the same month last year.

 

US 10-year treasury yield climbed by 9.3 basis points to 1.629%. Dollar index rose 0.27% to 96.29, the highest since July 2020. Spot gold slipped 2.1% to $1,805.30 per ounce, its lowest since Nov. 5.

 

Brent crude rose 83 cents, or 1%, to $79.70 a barrel while U.S. crude gained 80 cents, or 1%, to $76.73.

 

In Europe, FTSE gained 0.4% but DAX and CAC eased 0.3% and 0.1% respectively

 

AT HOME

 

Benchmark indices plunged 2% each, extending the losing streak to fourth consecutive session and closing at the lowest level in 2-months. Sensex settled at 58465, down 1170 points while Nifty lost 348 points to finish at 17416. Nifty mid-cap and small-cap indices nosedived 3% and 2.7% respectively. Except 2.9% and 0.1% higher Telecom and Metal indices respectively, all the BSE sectoral indices ended in red, with Realty and Energy indices leading the losses, down 4.4% and 4% respectively.

 

FIIs net sold stocks worth Rs 3439 cr but net bought index futures and stock futures worth Rs 134 cr and 1456 cr respectively. DIIs were net buyers to the tune of Rs 2051 cr.

 

Rupee depreciated 16 paise to end at 74.40/$.

 

OUTLOOK

 

Nikkei is shut today while Hang Send is down a percent but Shanghai is up 0.3%. SGX Nifty is suggesting around 60 points lower start for our market.

 

In yesterday's report we had said that below 17688, 17613 and 17452, the bottoms made on 29th October and 1st October respectively, would be the next downside levels to eye and had advised holding on to short positions with the stop-loss of 18000.

 

Nifty plunged all the way to 17280 before closing at 17416.

 

17280, the low made yesterday, also coincides with a trendline adjoining bottoms made in April and July and hence is the immediate support to eye. Below 17280, 20-week moving average, placed around 17200, would be the next important support to eye; 17900 is immediate hurdle.

 

For Banknifty, 36655, the low made yesterday, is the immediate support, below which, 35800, where 34-week moving average is placed, would be the next important level to eye; 38150 is immediate hurdle.

 

17688 IS IMMEDIATE SUPPORT; 18000 IMMEDIATE HURDLE

 

17688 IS IMMEDIATE SUPPORT; 18000 IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.8% and 0.1% on Friday as stocks related to reopening of economy dropped on concerns over a resurgence of Covid-19 while Nasdaq gained 0.4% as tech shares pushed higher.

 

Austria announced it would re-enter a full national lockdown due to a spike in Covid cases. That followed new restrictions for unvaccinated people in Germany, introduced Thursday as a fourth wave sent daily cases to a record high.

 

The House of Representatives passed President Biden’s $1.7 trillion social safety net bill, sending it to the Senate.

 

US 10-year Treasury yield fell 4.8 bps to 1.539%. Dollar index climbed 0.489% to 96.029, close to the 16-month high of 96.266 hit on Wednesday. Spot gold fell 0.6% to $1,848.05 per ounce.

 

Brent futures for January fell $2.35 or 2.9% to $78.89 a barrel while WTI crude dipped $2.91 or 3.8% to $75.44 per barrel.

 

FTSE, DAX and CAC fell 0.4% each. ECB President Lagarde reinforced her view that euro zone inflation will fade, and said the ECB should not look to tighten monetary policy as it could hamper the bloc’s recovery. U.K. retail sales increased 0.8% month-on-month in October, slightly exceeding the 0.5% expectation. Excluding fuel, sales grew by 1.6% on the month against a 0.6% forecast.

 

For the week, Dow fell 1.3% but S & P 500 and Nasdaq gained 0.3% and 1.2% respectively. In Europe, FTSE plunged 1.7% while CAC and DAX gained 0.3% each. In Asia, Shanghai Composite and Nikkei gained 0.6% and 0.5% respectively, while Hang Seng and Nifty fell 1.1% and Nifty 1.9% respectively. Oil fell for 4th straight week as surging COVID-19 cases in Europe threatened to slow the economic recovery while markets also weighed a potential release of crude reserves by major economies to cool prices.

 

AT HOME

 

Benchmark indices tumbled nearly three fourth of a percent, extending the losing streak to third straight day and closing at 3-wek low. Sensex settled at 59575, down 433 points while Nifty lost 133 points to finish at 17764. Nifty mid-cap and small-cap indices nosedived 1.4% and 1.6% respectively. All the BSE sectoral indices ended in red with Metal and Auto indices leading the losses, down 2.8% and 2.3% respectively.

 

FIIs net sold stocks and index futures worth Rs 3931 cr and 180 cr respectively but net bought stock futures worth Rs 81 cr. DIIs were net buyers to the tune of Rs 1886 cr.

 

Rupee appreciated 3 paise to end at 74.24/$.

 

For the week, Sensex and Nifty fell 1.8% and 1.9% respectively, snapping 2-week winning streak.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are down 0.3% and 0.1% respectively while Shanghai is up half a percent. SGX Nifty is trading around 17780, suggesting a flattish start when compared to Thursday's close of Nifty futures.

 

In Thursday's report we had said that 17800-17750 was the next support zone to eye.

 

Nifty plunged to 17688 before closing at 17764 and is set to open near 17700 today.

 

17688, the low made on Thursday, also coincided with a rising trendline adjoining bottoms made in September and hence is the immediate support to eye. Below 17688, 17613 and 17452, the bottoms made on 29th October and 1st October respectively, would be the next downside levels to eye.

 

18000, which roughly coincides with 20 as well as 34-DMA, is the immediate hurdle on the way up, upon crossover of which, 18210, the top made during the week, would be the next upside level to eye.

 

Meanwhile, trading shorts can be held on to with the stop-loss of 18000.

 

For Banknifty, 37500, around which a trendline adjoining July and August is placed, is the next support to eye. Below 37500, 36700 would be the next downside level to eye. 38450-38500 is the immediate resistance zone, above which, 39117, the top made during the week, would be the next upside level to eye.

 

17800-17750 IS NEXT SUPPORT ZONE; 18023 IMMEDIATE HURDLE

 

17800-17750 IS NEXT SUPPORT ZONE; 18023 IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow slipped 0.6% while S & P 500 and Nasdaq eased 0.3% each.

 

Housing Starts in October fell 0.7% to 1.52 million units, short of expectations. Permits rose 4% to 1.65 million, topping estimates. November Housing Market index rose more than expected to its highest point since last May.

 

US 10-year treasury yield fell 4 basis points to 1.591%. Dollar index drifted 0.034% lower to 95.91 after earlier touching 96.266, its highest in 16 months. Spot gold rose 0.9% to $1,866.83 per ounce.

 

Brent crude futures fell 2.6% to $80.28 a barrel while WTI crude futures settled 3% lower at $78.36 amid growing concerns about oversupply and a recovery in demand.

 

In Europe, FTSE fell half a percent while DAX and CAC ended marginally in the green. The U.K.’s October CPI rose by 4.2%, up from 3.1% in September and hitting a 10-year high. Euro zone inflation was confirmed at 4.1% y-o-y in October, more than double the European Central Bank’s target.

 

AT HOME

 

Sensex and Nifty tumbled 0.5% and 0.6% respectively, extending the losing streak to second straight day. Sensex settled at 60008, down 314 points while Nifty lost 100 points to finish at 17898.  Nifty mid-cap index fell 0.7% while small-cap index inched up 0.1%. BSE Realty and Energy indices tumbled 1.8% each, becoming top losers among the sectoral indices while Power and Auto indices were top gainers, up 0.6% each.

 

FIIs net sold stocks and stock futures worth Rs 344 cr and 121 cr respectively but net bought index futures worth Rs 112 cr. DIIs were net sellers to the tune of Rs 61 cr.

 

Rupee appreciated 10 paise to end at 74.27/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.4%-1.3% and SGX Nifty is suggesting around 25 points lower start for our market.

 

In yesterday's report we had said that 17900 continued to be immediate support on the hourly chart, below which, 17798, the bottom made last week, would be the net downside level to eye.

 

Nifty plunged to 17879 before closing at 17887.

 

17800-17750 is the next support zone to eye; 18023, the top made yesterday, is immediate hurdle

 

37600, 36900 are supports for Banknifty; 38500 is immediate hurdle.

 

17900 CONTINUES TO BE IMMEDIATE SUPPORT; 18210 IMMEDIATE HURDLE

 

17900 CONTINUES TO BE IMMEDIATE SUPPORT; 18210 IMMEDIATE HURDLE

 

WORLD MARKETS

 

US indices gained 0.2%-0.8% after a strong October retail sales report and better-than-expected third-quarter results from Home Depot and Walmart.

 

Retail sales rose 1.7% in October, compared to 0.7% up in September and better than the expected 1.5% read. Homebuilder confidence rose 3 points to 83, again beating estimate.

 

Home Depot led gainers on the Dow after its earnings topped estimates. Walmart also reported better-than-expected results, though its shares declined.

 

US 10-year treasury yield rose 1.8 basis points to 1.639%. Dollar index climbed 0.4% to 95.92, its highest in 16 months. Gold future,  after hitting a high of $1879, reversed to settle down $12.50, or 0.7%, at $1,854.10 an ounce.

 

The virtual meeting between Biden and Xi kicked off on a positive note with cordial remarks. Following the meeting, public statements emphasized ways for the two countries to avoid conflict, though points of tension were noted.

 

Brent crude rose 38 cents, or 0.5%, to $82.43 a barrel, while WTI crude fell 12 cents, or 0.2%, to $80.76 a barrel.

 

In Europe, FTSE fell 0.3% while DAX and CAC gained 0.6% and 0.3% respectively. Euro zone third-quarter GDP grew 2.2%, in line with expectations

 

AT HOME

 

Benchmark indices ended lower by six tenth of a percent, snapping 2-day winning streak. Sensex settled at 60322, down 396 points while Nifty lost 110 points to finish at 17999. Nifty mid-cap index fell 0.3% while Small-cap index gained 0.5%. BSE Energy and Oil & Gas indices slipped 2.1% and 1.2% respectively, becoming top losers among the sectoral indices while Auto index climbed 2.6%, becoming the top gainer, followed by 1% higher Consumer Discretionary Goods & Services index.

 

FIIs net sold stocks and index futures worth Rs 561 cr and 578 cr respectively but net bought stock futures worth Rs 31 cr. DIIs were net buyers to the tune of Rs 577 cr.

 

Rupee appreciated 11 paise to end at 74.37/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of upto half a percen and SGX Nifty is suggesting around 50 points lower start for our market.

 

In yesterday's report we had reiterated the view that 18342 continued to be next upside targets and that 17900 continued to be immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty plunged to 17958 before closing at 17999 and is set to open enar 17950 today.

 

17900 continues to be immediate support on the hourly chart, below which, 17798, the bottom made last week, would be the net downside level to eye.

 

18210, the top made Monday, is the immediate hurdle.

 

37600 is the next support for Banknity; 38700 is immediate hurdle.

18342 CONTINUES TO BE UPSIDE TARGET; 17900 IMMEDIATE SUPPORT

 

18342 CONTINUES TO BE UPSIDE TARGET; 17900 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

After opening higher by nearly a third of a percent, US indices gave away all the gains through the session to end little changed, amidst a jump in yields.

 

US 10-year Treasury note rose 4.1 bps to 1.625%. Dollar index rose 0.3% to 95.437, its highest since July 2020. Spot gold fell 0.3% to $1,858.70 per ounce.

 

President Biden signed the $1 trillion bipartisan infrastructure bill into law which includes funding for transportation, broadband and utilities.

 

Brent futures settled down 12 cents, or 0.2%, to $82.05 a barrel while WTI crude rose 8 cents, or 0.1%, to $80.88.

 

In Europe, FTSE was flat while DAX and CAC gained 0.3% and 0.5% respectively.

 

AT HOME

 

After rising six tenth of a percent in the initial trade, benchmark indices gave away all the gains through the session to end little changed. Sensex settled at 60718, up 32 points while Nifty finished 6 points higher at 18109. Nifty mid-cap and small-cap indices gained 0.4% and 0.3% respectively. BSE Healthcare index climbed 2.1%, becoming top gainer among the sectoral indices, followed by 0.8% higher FMCG index. Metal index tumbled 2.4%, becoming top loser, followed by 0.9% lower Basic Materials index.

 

FIIs net bought stocks worth Rs 425 cr but nest sold index futures and stock futures worth Rs 291 cr and 78 cr respectively. DIIs were net buyers to the tune of Rs 1525 cr.

 

Rupee depreciated 5 paise to end at 74.48/$.

 

OUTLOOK

 

Today morning Hang Seng is up 0.6% while Nikkei and Shanghai are up 0.1% each. SGX Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 18342, the top made on 27th October, was the next upside targets to eye and that 17900 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 18210, slipped to end at 18109.

 

18342, the top made on 27th October, continues to be next upside targets; 17900 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

38346, 37600 are supports for Banknifty; 39200 is immediate hurdle.

 

18342 IS THE UPSIDE TARGET; 17900 IMMEDIATE SUPPORT

 

18342 IS THE UPSIDE TARGET; 17900 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices gained 0.5%-1% on Friday, but snapped a 5-week winning streak.

 

Data from University of Michigan showed consumer sentiment in early November dropped to its lowest level in a decade as surging inflation cut into households’ living standard. Data from the Labor Department showed workers left their jobs in record numbers in September with 4.43 million people quitting.

 

The yield on 10-year U.S. Treasury notes rose 2.0 basis points to 1.5784%. Dollar index, after falling to 94.991, rebounded to end marginally lower at 95.116. Spot gold rose 0.3% to $1,866.87 per ounce, extending the winning streak to seventh consecutive day.

 

Brent crude futures fell 70 cents, or 0.8%, to settle at $82.17 a barrel while WTI crude fell 80 cents, or 1%, to settle at $80.79 a barrel.

 

In Europe, FTSE fell half a percent while DAX and CAC gained 0.1% and 0.4% respectively.

 

For the week, US indices fell 0.3%-0.7%, snapping a 5-week winning streak. Dollar index rose nearly a percent, posting its biggest weekly gain since late August. Gold had best week in six months with a gain of 2.6%. Brent and WTI fell 0.7% and 0.6% respectively for their third consecutive negative week.

 

AT HOME

 

Benchmark indices soared 1.3% each, snapping 3-day losing streak. Sensex settled at 60686, up 767 points while Nifty added 229 points to finish at 18102. Nifty mid-cap and small-cap indices gained 0.4% and 0.3% respectively. All the BSE sectoral indices ended in green, with IT and Teck indices leading the tally, up 2% each.

 

FIIs net bought stocks, index futures and stock futures worth Rs 511 cr, 2103 cr and 881 cr respectively. DIIs were net buyers to the tune of Rs 851 cr.

 

Rupee appreciated 7 paise to end at 74.43/$.

 

For the week, benchmark indices gained 1% each, extending the winning streak to second straight week.

 

Retail inflation rose to 4.5% in October, up from 4.35% in previous month. Core CPI rose to 6% from 5.79%. IIP growth slowed to a seven-month low of 3.1% in September, down from 12% growth registered in the previous month.

 

OUTLOOK

 

Today morning, Nikkei is up half a percent, Hang Seng is flat while Shanghai is marginally in the red. SGX Nifty is suggesting around 70 points higher start for our market.

 

In Friday's report we had said that 18061 followed by 18112 were the upside hurdles for Nifty while 17757 was the next support.

 

Nifty soared to touch a high of 18123 before closing at 18102 and is set to open above 18150 today.

 

18342, the top made on 27th October, is the next upside targets to eye; 17900 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

17757 IS NEXT SUPPORT; 18061, 18112 HURDLES

 

17757 IS NEXT SUPPORT; 18061, 18112 HURDLES

 

WORLD MARKETS

 

Dow, dragged down by Disney’s post-earnings slide, fell 0.4% while S & P 500 and Nasdaq gained 0.1% and 0.5% respectively.

 

US bond market was closed yesterday for Veterans Day. Dollar index rose 0.3% to 95.15, hitting 16-month high. Spot gold was up 0.6% at $1,861.39 per ounce

 

Brent crude futures eased 8 cents to $82.56 a barrel  while WTI futures fell 2 cents to $81.32.

 

European markets gained 0.1%-0.6%. U.K. GDP grew by 0.6% in September, while figures for the previous months were revised downward.

 

AT HOME

 

Sensex and Nifty slipped 0.7% and 0.8% respectively, extending the losing streak to third consecutive day. Sensex settled at 59919, down 433 points while Nifty lost 143 points to finish at 17873. Nifty mid-cap and small-cap indices fell 0.8% and 0.5% respectively. BSE Realty index tumbled 2.5%, becoming top loser among the sectoral indices, followed by 1.2% each lower Finance, Healthcare and Bankex indices. Consumer Durables and Metal index was the top gainer, up 0.7%, followed by 0.3% higher Metal and Power indices.

 

FIIs net sold stocks and stock futures worth Rs 1637 cr and 742 cr respectively but net bought index futures worth Rs 193 cr. DIIs were net buyers to the tune of Rs 446 cr.

 

Rupee depreciated 12 paise to end at 74.51/$

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.1%-1.1% with Nikkei on the top and SGX Nifty is suggesting around 60 points higher 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 broke this support and plunged all the way to 17798 before closing at 17873 and is set to open above 17900 today.

 

18061 followed by 18112 are the upside hurdles for Nifty; 17757 is the next support.

 

38300, 37700 are supports for Banknifty; 39200 is immediate hurdle.

 

Coal India, Hero Motocorp, Hindalco and Grasim will report their quarterly earnings today.

 

October CPI and September IIP data will be released today.