17675 IS THE NEXT UPSIDE TARGET; TRAIL STOP-LOSS TO 17325

 

17675 IS THE NEXT UPSIDE TARGET; TRAIL STOP-LOSS TO 17325

 

WORLD MARKETS

 

US indices gained 0.6%-1% on Friday with the S&P 500 closing at a record.

Consumer Price inflation soared 6.8% y-o-y in Novemebr to highest rate since 1982. Month-on-month increase stood at 0.8%. Core CPI, which excludes food and energy prices, rose 0.5% for the month and 4.9% from a year ago.

US 10-year treasury yield was little changed at 1.485%. Dollar index fell 0.2% to 96.05. Spot gold rose 0.1% to $1,776.23 per ounce.

 

European markets fell 0.1%-0.4%. The U.K. economy grew just 0.1% month-on-month in October, shy of expectations for a 0.4% expansion. British industrial output fell 0.6% month-on-month in October, again falling short of economist expectations for a 0.1% rise. Final German consumer price index inflation was confirmed at -0.2% month-on-month in November for a 5.2% annual incline.

 

For the week, Dow climbed 4%, snapping a 4-week losing streak while S&P 500 and Nasdaq Composite added 3.8% and 3.6% respectively. WTI as well as Brent surged more than 7%, their first weekly gain in seven. Gold fell 0.4% for its fourth weekly fall. Dollar index was little changed at 96.05.

 

AT HOME

 

After falling more than half a percent, benchmark indices recouped all the losses in late noon rebound to end little changed. Sensex settled at 58786, down 20 points while Nifty lost 5 points to finish at 17511. Nifty mid-cap and small-cap indices gained 0.8% each. BSE Realty index surged 2.9%, becoming top gainer among the sectoral indices, followed by 0.9% higher Oil & Gas index. Consumer Durables and Telecom indices were the top losers, down 0.3% and 0.2% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 1092 cr, 1323 cr and 508 cr respectively. DIIs were net buyers to the tune of Rs 387 cr.

 

Rupee depreciated 24 paise to end at 75.76/$.

 

For the week, Sensex and Nifty gained 1.9% and 1.8% respectively, extending the winning streak to second consecutive week.

 

India's industrial production expanded at 3.2% in October, as against 3.3% in September.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 1%-1.6% and SGX Nifty is suggesting around 140 points higher start for our market.

 

In Friday's report we had said that 34-DMA, placed around 17690, continued to be next upside level to eye and had advised holding on to long positions with the stop-loss of 17260.

 

Nifty, after touching a low of 17405, rebounded to end at 17511 and is set to open above 17600 today.

 

34-DMA, placed around 17675, continues to be next upside target; Immediate support on the hourly chart has moved up to 17325, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 34-DMA, placed around 38200, is the next upside target/resistance to eye; 36800 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

STAY LONG WITH THE STOP-LOSS OF 17260

 

STAY LONG WITH THE STOP-LOSS OF 17260

 

WORLD MARKETS

 

Dow ended flat while S & P 500 and Nasdaq fell 0.7% and 1.7% respectively to snap a three-day win streak, as some countries took measures to fight the Omicron variant of the coronavirus and rating agency Fitch downgraded two Chinese property developers.

 

Weekly jobless claims totaled 184,000, below the 211,000 estimated and the lowest reading since 1969.

 

US 10-year treasury yield fell 3 bps to 1.50%. Dollar index rose 0.3% to 96.233. Spot gold fell half a percent to $1,774 per ounce

 

Brent crude futures fell $1.40, or 1.9%, to $74.42 a barrel, while WTI crude fell $1.42, or 2%, to $70.94.

 

In Europe FTSE, CAC and DAX saw cuts of 0.1%-0.3%.

 

AT HOME

 

Benchmark indices ended higher by 0.3% each after a rangebound but choppy session, extending the winning streak to third consecutive day. Sensex settled at 58807, up 157 points while Nifty added 47 points to finish at 17516. Nifty mid-cap and small-cap indices gained 0.6% and 1.2% respectively. BSE Capital Goods and FMCG indices climbed 2% and 1.5% respectively, becoming top gainers among the sectoral indices while Bankex and Finance indices were the top losers, down 0.5% and 0.4% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 1586 cr, 749 cr and 422 cr respectively. DIIs were net buyers to the tune of Rs 783 cr.

 

Rupee depreciated 7 paise to end at 75.52/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.2%-0.6% and SGX Nifty is suggesting around 15 points lower start for our market.

 

In yesterday's report we had said that 34-DMA, placed around 17700, was the next upside level to eye and had advised holding on to long positions with the stop-loss of 17250.

 

Nifty touched a high of 17543 before closing at 17516.

 

34-DMA, placed around 17690, continues to be next upside level to eye.

 

17260 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

37900 is the next upside level for Banknifty; 36550 is immediate support.

 

17700 IS THE NEXT UPSIDE TARGET; 17250 IMMEDIATE SUPPORT

 

17700 IS THE NEXT UPSIDE TARGET; 17250 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices gained 0.1%-0.6% to post a third straight day of gains on expectation that the omicron variant’s economic impacts won’t be as severe as initially thought.

 

Pfizer and BioNTech said that a booster dose of their vaccine provides a high level of protection against the new omicron variant.

 

US 10-year treasury yield rose 4.8 basis points to 1.528%. Dollar index fell 0.404% to 95.879. Spot gold was nearly flat at $1,784.01 per ounce.

 

Brent crude futures advanced 38 cents, or 0.5%, to settle at $75.83 per barrel and WTI crude settled 31 cents, or 0.43%, higher at $72.36 per barrel.

 

In Europe, FTSE was little changed while DAX and CAC fell 0.8% and 0.7% respectively.

 

AT HOME

 

Sensex and Nifty soared 1.8% and 1.7% respectively, posting their biggest gain after 21st May. Sensex settled at 58650, up 1016 points while Nifty added 293 points to finish at 17470. Nifty mid-cap and small-cap indices rose 1.6% and 1.8% respectively. All the BSE sectoral indices ended higher once again, with Auto index being the top gainer, up 2.2%, followed by 2% each higher IT, Teck and Telecom indices.

 

FIIs net sold stocks worth Rs 579 cr but net bought index futures and stock futures worth Rs 594 cr and 66 cr respectively. DIIs were net buyers to the tune of Rs 1736 cr.

 

Rupee depreciated 1 paise to end at 75.45/$.

 

Monetary Policy Committee unanimously kept repo rate unchanged and maintained its stance as "Accomodative" with 5-1 majority. RBI retained its FY22 real GDP forecast at 9.5% and FY22 CPI projection at 5.3%.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 1% and 0.1% respectively while Nikkei is marginally in the red. SGX Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 17325, followed by 17490, are the upside levels to eye.

 

Nifty surged to 17484 before closing at 17470.

 

34-DMA, placed around 17700, is the next upside level to eye.

 

17250 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

37900, 38240 are the next upside levels to eye for Banknifty; 36500 is immediate support.

 

17325, 17490 ARE THE UPSIDE LEVELS TO EYE; 16890 IMMEDIATE SUPPORT

 

17325, 17490 ARE THE UPSIDE LEVELS TO EYE; 16890 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices surged 1.4%-3%, with the S&P 500 and Nasdaq Composite posting their best days since March

 

US 10-year treasury yield rose 4 bps to 1.477%. Dollar index was flat at 96.29. Gold inched up 0.3% to $1783 per ounce.

 

Brent crude futures settled up $2.36, or 3.2%, at $75.44 a barrel and WTI crude rose $2.56, or 3.7%, to $72.05.

 

European markets gained 1.5%-2.9%. German industrial output surprised in October to grow 2.8% from the previous month, after a revised contraction of 0.5% in September. On the flip side, ZEW economic sentiment index fell to 29.9 from 31.7 in November.

 

AT HOME

 

Benchmark indices soared 1.6% each, posting biggest percentage gains since 23rd September and recouping most of the losses suffered in yesterday's session. Sensex settled at 57633, up 886 points while Nifty added 264 points to finish at 17176. Nifty mid-cap and small-cap indices rose 1.4% and 1.1% respectively. All the BSE sectoral indices ended higher, with Metal and Realty indices leading the gains, up 3.2% and 2.6% respectively.

 

FIIs net sold stocks worth Rs 2585 cr but net bought index futures and stock futures worth Rs 2300 cr and 1567 cr respectively. DIIs were net buyers to the tune of Rs 2606 cr.

 

Rupee depreciated 2 paise to end at 75.44/$.

 

OUTLOOK

 

Today morning, Nikkei is up 1% while Hang Seng and Shanghai are little changed. SGX Nifty is suggesting around 90 points higher start for our market.

 

In yesterday's report we had said that 16782, the low made last week, was the next downside level to eye and that 17200 was the immediate hurdle, with the stop-loss of which, trading shorts could be held on to.

 

Nifty soared to touch a high of 17251 before closing at 17176. The benchmark is set to open near 17250 today.

 

17325, followed by 17490, are the upside levels to eye; 16891, the bottom made Monday, is the immediate support.

 

20-DMA, placed around 37300, is the upside level to eye for Banknifty; 35700 is immediate support.

 

RBI is expected to keep repo rate unchanged amid uncertainties over new coronavirus variant Omicron. Markets will be looking for guidance on the inevitable return of policy to pre-pandemic settings, with some economists expecting a hike in reverse repo rate.

 

STAY SHORT WITH THE STOP-LOSS OF 17200

 

STAY SHORT WITH THE STOP-LOSS OF 17200

 

WORLD MARKETS

 

US indices surged 0.9%-1.9% on hopes that the new Covid-19 strain may cause milder illness than feared.

 

Reports in South Africa said Omicron cases there had only shown mild symptoms and the top U.S. infectious disease official, Anthony Fauci, told CNN “it does not look like there’s a great degree of severity” so far, though he cautioned that more information was needed to fully understand it.

 

On Saturday, Goldman Sachs cut its U.S. GDP growth forecast for full-year 2022 to 3.8% from 4.2%, citing fresh uncertainty over economic reopening and global goods supply shortages due to the variant.

 

China’s central bank cut the reserve requirement ratio which will release 1.2 trillion yuan ($282 billion) to boost slowing growth amid the pandemic.

 

US 10-year treasury yield jumped 10 basis points to 1.441%. The dollar index inched 0.10% higher at 96.29. Spot gold fell 0.2% to $1,780.95 an ounce.

 

Brent crude rose $3.20, or 4.6%, to settle at $73.08 a barrel and WTI crude rose $3.23, or 4.9%, to settle at $69.49 a barrel.

 

European markets climbed 1.4%-2.4%. German industrial orders plunged 6.9% month-on-month on October, well below the consensus forecast of a 0.5% decline.

 

AT HOME

 

Benchmark indices plunged 1.65% each to close at the lowest level since 27th August 2021. Sensex settled at 56747, down 949 points while Nifty lost 284 points to finish at 16912. Nifty mid-cap and small-cap indices fell 1.2% and 1.4% respectively. All the BSE sectoral indices ended in red, with IT and Teck indices leading the losses, down 2.5% and 2.4% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 3361 cr, 1155 cr and 790 cr respectively. DIIs were net buyers to the tune of Rs 1702 cr.

 

Rupee depreciated 26 paise to end at 75.42/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.4%-1.4% and SGX Nifty is suggesting around 60 points higher start for our market.

 

In yesterday's report we had said that 17490, the top made on Friday, was the immediate hurdle and that 17160 continued to be immediate support on the hourly chart, upon breach of which, 16930 and 16782 would be next downside levels to eye.

 

Nifty broke 17160 support and plunged all the way to 16891 before closing at 16912.

 

16782, the low made last week, is the next downside level to eye, upon breach of which, 34-week moving average, placed around 16500, would be the crucial support.

 

17200 is the immediate hurdle, with the stop-loss of which, trading shorts can be held on to.

 

35327, the low made last week, is the immediate support for Banknifty, below which, 34200 and 33800 would be next downside levels to eye; 36250 is the immediate hurdle, with the stop-loss of which, trading shorts can be held on to.

 

17160 IS IMMEDIATE SUPPORT; 17490 IMMEDIATE HURDLE

 

17160 IS IMMEDIATE SUPPORT; 17490 IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow fell 0.2%, while S & P 500 and Nasdaq tumbled 0.8% and 1.9% respectively on the back of a disappointing November jobs report and uncertainty around the Omicron variant.

 

November Nonfarm payrolls increased by just 210,000, well below the expected 573,000 figure. However, the unemployment rate fell sharply to 4.2%, better than estimates of 4.5%.

 

The omicron variant has now been detected in five U.S. states, with symptoms so far reported as mild. The World Health Organization said that the new strain, which was first spotted in South Africa, has now been detected in 38 countries, up from 23 just two days ago.

 

US 10-year treasury yield fell 9 bps to 1.358%. Dollar index was little changed at 96.15. Spot gold climbed 0.9% to $1,785.29 per ounce.

 

Brent crude rose 21 cents, or 0.3%, to settle at $69.88 a barrel, while WTI crude ended 24 cents, or 0.4%, lower at $66.26.

 

European markets fell 0.1%-0.6%.

 

For the week, US indices fell 0.9%-2.6%. In Europe, FTSE and CAC gained 1.1% and 0.4% respectively while DAX fell 0.6%. In Asia, Shanghai and Nifty gained 1.2% and 1% respectively while Nikkei and Hang Seng fell 2.5% and 1.3% respectively. Oil declined for a sixth week in a row, with WTI down 2.9% at $66.22 per barrel. Gold fell half a percent for its third consecutive fall.

 

AT HOME

 

After rising half a percent in the initial trade, Sensex and Nifty nosedived to end lower by 1.3% and 1.2% respectively, snapping 2-day winning streak. Sensex settled at 57696, down 764 points while Nifty lost 204 points to finish at 17196. Nifty mid-cap index ended flat while small-cap index gained 0.8%. BSE Energy index tumbled 2.3%, becoming top loser among the sectoral indices, followed by 1% each lower FMCG index and Bankex. Capital Goods and Industrials indices were the top gainers, up 0.8% and 0.2% respectively.

 

FIIs net sold stocks and index futures worth Rs 3356 cr and 2364 cr respectively but net bought stock futures worth Rs 1149 cr. DIIs were net buyers to the tune of Rs 1649 cr.

 

Rupee depreciated 16 paise to end at 75.16/$.

 

For the week, Sensex and Nifty gained 1% and 1.2% respectively, snapping 2-week losing streak.

 

OUTLOOK

 

Today morning, Shanghai is up 0.3% while Hang Seng and Nikkei are trading with cuts of 0.8% and 0.6% respectively. SGX Nifty is suggesting around 25 points higher start for our market.

 

In Friday's report we had said that 17650 and 17850, were the next upside levels to eye and that 17160 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 17490, slipped to end at 17196.

 

17490, the top made on Friday, is the immediate hurdle. 17160 continues to be immediate support on the hourly chart, upon breach of which, 16930 and 16782 would be next downside levels to eye. Meanwhile, trading longs can be held on to with the stop-loss of 17150.

 

For Banknifty, 36844, the top made Friday, is the immediate hurdle, upon crossover of which, 20-DMA, placed around 37600, would be the next upside level to eye. 35327, the low made during the week, is the crucial support to eye.

 

STAY LONG WITH THE STOP-LOSS OF 17160

 

STAY LONG WITH THE STOP-LOSS OF 17160

 

WORLD MARKETS

 

US indices gained 0.8%-1.8% as cyclical names tied to the economic recovery made back some of their recent losses.

 

Minnesota public health officials reported the second known U.S. case of omicron. According to the World Health Organization, at least 23 countries from five of six regions have now reported cases of omicron.

 

Initial jobless claims totaled 222,000 for the week ended Nov. 27, lower than economists expected.

 

US 10-year treasury yield rose 4 bps to 1.448%. Spot gold fell 0.7% to $1,768 per ounce. Dollar index inched up 0.1% to 96.13.

 

Brent crude futures rose 1.2%, or 80 cents, to $69.67 per barrel while WTI futures settled 1.4%, or 93 cents, higher at $66.50 per barrel.

 

European markets fell 0.6%-1.8%. Euro zone producer prices surged 5.4% month-on-month in October, for an annual climb of 21.9%. Eurozone jobless rate came in at 7.3% in October, down from 7.4% in September.

 

AT HOME

 

Benchmark indices soared 1.4% each, extending the winning streak to second straight day and scaling one-week high. Sensex settled at 58461, up 776 points while Nifty added 234 points to finish at 17401. Nifty mid-cap and small-cap indices gained 1.1% and 0.6% respectively.

 

All the BSE sectoral indices ended higher, with Utilities and Power indices leading the gains, up 2.1% and 2.1% respectively.

 

FIIs net sold stocks worth Rs 910 cr but net bought index futures and stock futures worth Rs 153 cr and 49 cr respectively. DIIs were net buyers to the tune of Rs 1373 cr.

 

Rupee depreciated 9 paise to end at 74.99/$.

 

OUTLOOK

 

Today morning, Hang Seng and Nikkei are down 1.3% and 0.4% respectively while Shanghai is up 0.2%. SGX Nifty is suggesting around 60 points lower start for our market.

 

In yesterday's report we had said that 17400 continued to be immediate hurdle for Nifty while 16782, the low made Monday, continued to be immediate support.

 

Nifty soared to touch a high of 17420 before closing at 17401.

 

17650 and 17850 where 20 and 34-DMAs are placed respectively, are the next upside levels to eye.

 

17160 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

37050 is the immediate hurdle for Banknifty; 35328, the low made Monday, continues to be immediate support.