STAY LONG WITH THE STOP-LOSS OF 17950

 

STAY LONG WITH THE STOP-LOSS OF 17950

 

WORLD MARKETS

 

US indices plunged 1.2%-1.8% with Nasdaq snapping 7-day winning streak and S & P 500 suffering worst cut since December 15 as disappointing retail sales and a weaker-than-expected producer price index reading ignited recession fears. Also, key members of the Federal Reserve signaled their intent to keep pushing interest rates higher to combat inflation.

 

US wholesale prices fell 0.5% for the month, much more than expectation of a 0.1% decline. Retail sales fell 1.1% in December, following an upwardly revised 1% drop in November.

 

US 10-year treasury yield plunged 18 bps to 3.372%. Dollar index, after wild intraday swings, was little changed at 102.407. Gold fell quarter of a percent to $1904  per ounce. The Japanese yen sank after the Bank of Japan maintained ultra-low interest rates.

 

Brent futures fell 1.1% to $84.98 a barrel and WTI crude fell 0.9% to $79.48.

 

In Europe, FTSE fell 0.3%, DAX was marginally lower while CAC inched up 0.1%.

 

AT HOME

 

Benchmark indices rose six tenth of a percent each, extending the winning streak to second straight day and closing at the highest level after 3rd January. Sensex settled at 61045, up 390 points while Nifty added 112 points to finish at 18165. Nifty mid-cap and small-cap indices rose 0.5% and 0.1% respectively. BSE Metal index surged 2.4%, becoming top gainer among the sectoral indices, followed by 1.5% higher Capital Goods index. Utilities index was the top loser, down 0.4%, followed by 0.1% lower Realty and Power indices.

 

FIIs net sold stocks worth Rs 319 cr but net bought index futures and stock futures worth Rs 1927 cr and 735 cr respectively. DIIs were net buyers to the tune of Rs 1226 cr.

 

Rupee appreciated 52 paise to end at 81.24/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.4%-1.2% and SGX Nifty is suggesting around 70 points lower start for our market.

 

In yesterday's report we had said that 18265, the top made on 30th December, was the next upside level to eye while 17853, the low made Monday, is the immediate support.

 

Nifty rose to touch a high of 18183 before closing at 18165.

 

18265, the top made on 30th December, continues to be next upside level to eye; Immediate support on the hourly chart has moved up to 17950, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 42715 continues to be immediate hurdle, upon crossover of which, 43578, the top made on 4th January, would be the next upside target to eye; 41569, the bottom made in December, is the important support.

 

Asian Paints and HUL will report their quarterly earnings today.

18265 IS THE NEXT TARGET; 17853 IMMEDIATE SUPPORT

 

18265 IS THE NEXT TARGET; 17853 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow and S & P 500, pressured by Goldman Sachs, fell 1.1% and 0.2% respectively to snap 4-day winning streak while Nasdaq inched up 0.1%.

 

Goldman Sachs’ shares fell more than 6% following a drop in investment banking and asset management revenues. Meanwhile, Morgan Stanley gained 6%, boosted by better-than-expected wealth management revenue.

 

The New York Fed’s business activity index fell in January to the lowest since mid-2020.

 

US 10-year treasury yield rose 2 bps to 3.553%. Dollar index rose 0.4% to 102.56. Gold fell half a percent to $1908 per ounce.

 

Brent crude futures settled up 1.7% at $85.92 while WTI crude rose 0.4% to $80.18.

 

In Europe, FTSE fell 0.1% but DAX and CAC rose 0.4% and 0.5% respectively.

 

Data earlier showed China’s GDP expanded 3% in 2022, missing the official target of “around 5.5%” and marking the second-worst performance since 1976.

 

AT HOME

 

Benchmark indices climbed nine tenth of a percent each and closed at the highest level after 9th January. Sensex settled at 60655, up 562 points while Nifty added 158 points to finish at 18053. Nifty mid-cap and small-cap indices however ended marginally in the red. BSE Capital Goods and Power indices were the top gainers among the sectoral indices, up 1.6% and 1.4% respectively while Consumer Durables and Healthcare indices were the top losers, down 0.2% and 0.1% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 211 cr, 1488 cr and 848 cr respectively. DIIs were net buyers to the tune of Rs 91 cr.

 

Rupee depreciated 15 paise to end at 81.76/$.

 

OUTLOOK

 

Today morning, Nikkei and Shanghai are up 0.7% and 0.1% respectively while Hang Seng is down 0.4%. SGX Nifty is suggesting around 20 points higher start for our market.

 

In yesterday's report we had said that 18050 was the immediate hurdle, upon crossover of which, 18265, the top made on 30th December, would be the next upside level to eye.

 

Nifty surged to touch a high of 18072 before closing at 18053.

 

18265, the top made on 30th December, is the next upside level to eye; 17853, the low made Monday, is the immediate support, below which, 17761, the low made last week, would be next downside level to eye.

 

For Banknifty, 42715 continues to be immediate hurdle, upon crossover of which, 43578, the top made on 4th January, would be the next upside target to eye; 41569, the bottom made in December, is the important support.

NIFTY RETREATS FROM 20-DMA HURDLE

 

NIFTY RETREATS FROM 20-DMA HURDLE

 

WORLD MARKETS

 

U.S. markets were closed yesterday for a holiday.

 

European markets gained 0.2%-0.3%.

 

Brent as well as WTI crude fell 1.3% each to $84.20 and $78.85 a barrel respectively.

 

AT HOME

 

After rising half a percent at the open, benchmark indices plunged to end lower by a third of a percent. This was the 7th red day in last 9 sessions. Sensex settled at 60092, down 168 points while Nifty lost 61 points to finish at 17894. Nifty mid-cap and small-cap indices fell 0.2% and 0.1% respectively. BSE Utilities and Power indices climbed 1.5% and 1.3% respectively, becoming top gainers among the sectoral indices, while Metal and Telecom indices were the top losers, down 1% and 0.9% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 751 cr, 1165 cr and 774 cr respectively. DIIs were net buyers to the tune of Rs 686 cr.

 

Rupee depreciated 28 paise to end at 81.61/$.

 

India's December WPI inflation eased to 4.95%, the lowest in 22-monhts, Vs 5.85% in the previous month. Core WPI fell to 3.2% from 3.5%.

 

India's December trade deficit rose 12.8% y-o-y to $23.76 bn Vs $ 21.10 bn.

 

OUTLOOK

 

Today morning, Nikkei is up more than a percent but Hang Seng and Shanghai are down 0.6% and 0.2% respectively. SGX Nifty is suggesting a marginally higher start for our market.

 

In yesterday's report we had said that 20-DMA, placed around 18050, was the immediate hurdle, while 17761, the low made last week, was the immediate support.

 

Nifty, after touching a high of 18050, slipped to end at 17894.

 

18050, the top made yesterday, which exactly coincided with 20-DMA, is the immediate hurdle, upon crossover of which, 18265, the top made on 30th December, would be the next upside level to eye; 17761, the low made last week, continues to be immediate support.

 

NIFTY REBOUNDS FROM DECEMBER LOW; 20-DMA RESISTANCE AROUND 18050

 

NIFTY REBOUNDS FROM DECEMBER LOW; 20-DMA RESISTANCE AROUND 18050

 

WORLD MARKETS

 

US indices rose 0.3%-0.7% on Friday as investors digested bank earnings and bet inflation would ease in 2023.

 

University of Michigan consumer sentiment survey showed the one-year inflation outlook down to 4%, the third straight monthly decrease and the lowest level since April 2021.

 

JPMorgan Chase posted revenue that beat expectations, but the bank warned it’s setting aside more money to cover credit losses because a “mild recession” is its “central case.” The CEOs of Citigroup and Bank of America also said they’re anticipating a “mild recession.” Wells Fargo profit halved.

 

US 10-year treasury yield rose 6 bps to 3.507%. Dollar index inched lower by 0.1% to 102.18. Gold jumped 1.2% to $1920 per ounce.

 

Brent crude futures rose 1.5% to $85.28 a barrel. WTI futures rose for the seventh-straight session to settle at $79.86 a barrel, up by 1.9%.

 

European markets rose 0.2%-0.7%.

 

For the week, US indices gained 2%-4.8%, with S & P 500 and Nasdaq notching their best week since November. Brent gained 8.6% while WTI rose by 8.4% for their best week since October.

 

AT HOME

 

After falling half a percent in the initial trade, benchmark indices surged a percent from the bottom to end higher by half percent, snapping a 3-day losing streak. Sensex settled at 602161, up 303 points while Nifty added 98 points to finish at 17956. Nifty mid-cap index fell 0.1% but small-cap index rose 0.3%. BSE Metal, Power and Tech indices were the top gainers among the sectoral indices, up 1% each while Consumer Durables index was the top loser, down 0.9%, followed by marginally lower Capital Goods and Healthcare indices.

 

FIIs net sold stocks worth Rs 2422 cr but net bought index futures and stock futures worth Rs 1508 cr and 1157 cr respectively. DIIs were net buyers to the tune of Rs 1953 cr.

 

Rupee appreciated 22 paise to end at 81.33/$.

 

For the week, Sensex and Nifty gained 0.6% and 0.5% respectively.

 

OUTLOOK

 

Today morning, Shanghai and Hang Seng are up 0.7% and 0.4% respectively while Nikkei is down a percent. SGX Nifty is suggesting a modestly higher start for our market.

 

In Friday's report we had said that 17761, the low made Thursday, which roughly coincided with 17774 bottom made in December, was the immediate support, while 17950-18000 was the immediate resistance zone.

 

Nifty surged to touch a high of 17999 before closing at 17956.

 

20-DMA, placed around 18050, is the immediate hurdle, upon crossover of which, 18265, the top made on 30th December, would be the bigger hurdle to eye; 17761, the low made last week, is the immediate support.

 

For Banknifty, 42600-42700 is the immediate resistance zone on the hourly chart, upon crossover of which, 43578, the top made on 4th January, would be next upside target to eye; On the way down, 41597, the bottom made in December, continues to be important support to eye.

 

17565 BELOW 17761; 18000-18050 IS THE IMMEDIATE RESISTACE ZONE

 

17565 BELOW 17761; 18000-18050 IS THE IMMEDIATE RESISTACE ZONE

 

WORLD MARKETS

 

Dow and Nasdaq rose 0.6% each while S & P 500 gained 0.3% after the U.S. consumer price index showed inflation cooled in December.

 

CPI fell 0.1% in December, marking the largest month-over-month decrease since April 2020. CPI rose 6.5% y-o-y, in line with expectations, after a 7.1% rise last month. Core CPI rose 0.3% over previous month and 5.7% y-o-y, also meeting expectations.

 

US 10-year treasury yield fell 10 bps to 3.445%. Dollar index plunged 1% to 102.24, it's lowest level in 8-months. Gold surged 1.1% to $1897 per ounce.

 

Brent as well as WTI crude rose 1.3% each to settle at $84.03 and $78.39 a barrel respectively.

 

In Europe, FTSE rose 0.9% while DAX and CAC gained 0.7% each.

 

AT HOME

 

After falling three fourth of a percent, benchmark indices rebounded in late noon trade to end lower by a fifth of a percent, extending the losing streak to third straight day. Sensex settled at 59958, down 147 points while Nifty lost 37 points to finish at 17858. Nifty mid-cap index fell 0.3% while small-cap index ended flat. BSE Oil & Gas and Energy indices slipped 1% each, becoming top losers among sectoral indices while Capital Goods and Industrials indices were the top gainers, up 0.8% and 0.5% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 1663 cr, 556 cr and 1416 cr respectively. DIIs were net buyers to the tune of Rs 2128 cr.

 

Rupee appreciated 3 paise to end at 81.55/$.

 

India's December CPI fell to a 12-month low of 5.72% from 5.88% in the previous month. November IIP rose to a 5-month high of 7.1%, after contracting 4% in October.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up a third of a percent each while Nikkei is down 1.2%. SGX Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that 17795, the low made last week, continued to be next support for Nifty while 18252, the top made last week, continued to be important hurdle.

 

Nifty plunged to 17761 before closing at 17858.

 

17761, the low made yesterday, which roughly coincided with 17774 bottom made in December, is the immediate support, below which, 17565, the 61.8% retracement level of the 16747-18887 upmove, would be next downside level to eye; 17950-18000 is the immediate resistance zone.

 

For Banknifty, 41569, the bottom made in December, is the next support; 42700 is the immediate resistance.

 

Wipro will report its quarterly earnings today.

 

17795-18252 CONTINUES TO BE BROAD RANGE

 

17795-18252 CONTINUES TO BE BROAD RANGE

 

WORLD MARKETS

 

US indices climbed 0.8%-1.8% ahead of U.S. inflation data on Thursday, with the consensus forecast calling for a slight easing in price pressures.

 

US 10-year treasury yield fell 8 bps to 3.545%. Dollar index was little changed at 103.256. Gold eased 0.1% to $1875 per ounce.

 

Brent as well as WTI crude futures jumped 3.1% each to $82.56 and $77.45 a barrel respectively.

 

European markets rose 0.4%-1.2%.

 

AT HOME

 

Benchmark indices ended marginally in the red after yo-yoing between positive and negative territory through the session. Sensex settled at 60105, down 10 points while Nifty lost 18 points to finish at 17895. Nifty mid-cap and small-cap indices fell 0.3% and 0.05% respectively. BSE FMCG and Utilities indices were the top losers among the sectoral indices, down 1% and 0.8% respectively while Metal and Capital Goods indices were the top gainers, up 0.8% and 0.6% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 3208 cr, 102 cr and 193 cr respectively. DIIs were net buyers to the tune of Rs 2431 cr.

 

Rupee appreciated 21 paise to end at 81.58/$.

 

OUTLOOK

Today morning, Hang Seng and Shanghai are up 1% and 0.2% respectively while Nikkei is little changed. SGX Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 17795, the low made last week, was the next support for Nifty while 18252, the top made last week, was the important immediate hurdle.

 

Nifty, after touching a low of 17824, rebounded to end at 17895.

 

17795, the low made last week, continues to be next support for Nifty; 18252, the top made last week, continues to be important hurdle.

 

For Banknifty, 41569, the bottom made in December, is the next support; 42700-42800 is the immediate resistance zone.

 

 

17795-18252 IS THE BROAD RANGE

 

17795-18252 IS THE BROAD RANGE

 

WORLD MARKETS

 

US indices rose 0.6%-1%, with Nasdaq notching 3-day win streak.

 

Fed Chairman Powell in a speech emphasized the importance for the central bank’s independence from political influence, without giving direct clues on where the monetary policy is headed.

 

The World Bank slashed its 2023 growth forecasts to near recession levels for many countries.

 

US 10-year treasury yield rose 9 bps to 3.623%. Dollar index inched up 0.1% to 103.27. Gold rose 0.3% to $1877 per ounce.

 

Brent as well as WTI futures rose 0.6% each to $80.10 and $75.12 a barrel respectively.

 

European markets fell 0.1%-0.6%

 

AT HOME

 

Yesterday's sharp rebound proved deceptive as Benchmark indices plunged 1% each, ending in red for the fourth day in past five. Sensex settled at 60115, down 631 while Nifty lost 187 points to finish at 17914. Nifty mid-cap and small-cap indices fell 0.5% and 0.6% respectively. Except 0.3% and 0.1% higher Auto and Healthcare indices respectively, all the NSE sectoral indices ended in red, with PSU Bank index being the top loser, down 2.7%, followed by 1.4% lower Financial Services index.

 

FIIs net sold stocks, index futures and stock futures worth Rs 2109 cr, 2454 cr and 848 cr respectively. DIIs were net buyers to the tune of Rs 1807 cr.

 

Rupee appreciated 57 paise to end at 81.79/$.

 

OUTLOOK

 

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

 

In yesterday's report we had said that 18252, the top made last week, was the next hurdle to eye while 17900 was the immediate support, below which, 17774, the low made in December, would be next downside level to eye.

 

Nifty plunged all the way to 17856 before closing at 17914.

 

17795, the low made last week, is the next support for Nifty; 18252, the top made last week, is the important immediate hurdle.

 

For Banknifty, 41569, the bottom made in December, is the next support; 42800-42900 is the immediate resistance zone.