19303-19523 IS THE IMMEDIATE RANGE

 

WORLD MARKETS

 

Dow rose 0.6% while S & P 500 and Nasdaq inched up 0.2% each, snapping a three-day losing streak.

 

U.S. 10-year treasury yield fell 7 bps to 3.998%. Dollar index fell 0.3% to 101.95. Gold was flat at $1925 per ounce.

 

Brent crude futures settled down 1% at $77.69 a barrel and WTI crude fell 1.2% to $72.99.

 

European markets gained 0.2%-0.4%.

 

AT HOME

 

Benchmark indices ended marginally higher after a rangebound but choppy session. Sensex settled at 65344, up 63 points while Nifty added 24 points to finish at 19355. Nifty mid-cap and small-cap indices fell 0.4% and 0.6% respectively, extending the losing streak to second straight session. Except 1.7% and 0.6% higher Metal and Oil & Gas indices respectively, all the NSE sectoral indices ended lower, with IT and Media indices being the top losers, down 1.2% and 1% respectively.

 

FIIs net bought stocks and index futures worth Rs 588 cr and 321 cr respectively but net sold stock futures worth Rs 1025 cr. DIIs were net buyers to the tune of Rs 288 cr.

 

Rupee appreciated 17 paise to end at 82.57/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up half a percent each while Shanghai is marginally lower. GIFT Nifty is suggesting around 60 points higher start for our market.

 

In yesterday's report we had said that 19303, the low made Friday, was the immediate support while 19523, the top made on Friday, was the immediate hurdle.

 

Nifty, after touching a low of 19327, closed at 19355. The benchmark is set to open near 19400 today.

 

19303, the low made Friday, continues to be immediate support, below which, a rising trendline adjoining tops made since mid-May, would land support in 19150-19200 region; 19523, the top made on Friday, continues to be immediate hurdle.

 

For Banknifty, 20-DMA, placed around 44300, is the next downside level to eye. On the way up, 45655, the top made last week, is the immediate hurdle, upon crossover of which, 46400-46500 would be next target area.

 

Investment in securities market is subject to market risk.

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

19150-19200 BELOW 19303; 19523 IS IMMEDIATE HURDLE

 

19150-19200 BELOW 19303; 19523 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices fell 0.1%-0.6% on Friday after digesting mixed non-farm payroll report.

 

June nonfarm payrolls rose by 209,000, lower than the expected 240000 figure. The unemployment rate came in at 3.6%, matching estimate and as against 3.7% in May. Average hourly earnings increased by 0.4% in June and 4.4% y-o-y.

 

U.S. 10-year treasury yield rose 4 bps to 4.07%. Dollar index tumbled 0.8% to 102.27. Gold rose 0.7% to $1925 per ounce. The yen surged 1.3% to 142.15, a two-week high against the U.S. currency, as the rise in U.S. 10-year Treasury’s yield above 4% heightened fears that Japan could intervene in currency markets.

 

Brent futures rose 2.6% to $78.47 a barrel and WTI crude rose 2.9% to $73.86.

 

In Europe, FTSE fell 0.3% while DAX and CAC gained 0.4% each.

 

Earlier, the Japanese labor ministry reported regular wages posted their largest annual increase in May since early 1995.

 

For the week, U.S. indices fell 0.9%-2%.

 

AT HOME

 

Sensex and Nifty plunged 0.8% each, snapping 7-session and 8-session winning streak respectively and posting the worst fall in 2-months. Sensex settled at 65280, down 505 points while Nifty lost 165 points to finish at 19331. Nifty mid-cap and small-cap indices fell 0.8% and 0.4% respectively. Nifty FMCG and Realty indices were the top losers among the sectoral indices, down 1.5% and 1.2% respectively while Media index surged 3.9% to become top gainer, followed by 1% higher PSU Bank index.

 

FIIs net bought stocks worth Rs 790 cr but net sold index futures and stock futures worth Rs 975 cr and 2371 cr respectively. DIIs were net sellers to the tune of Rs 2964 cr.

 

Rupee depreciated 23 paise to end at 82.74

 

Tata Motors share jumped after the company reported a sharp rise in its Jaguar-Land Rover sales during the April-June quarter.

 

For the week, Sensex and Nifty gained 0.9% and 0.7% respectively.

 

OUTLOOK

 

China’s consumer price index was flat in June y-o-y, its lowest level since February 2021. Producer prices fell 5.4% y-o-y, the fastest rate of decline since December 2015.

 

Today morning, Hang Seng and Shanghai are up 1.4% and 0.3% respectively but Nikkei is down 0.8%. GIFT Nifty is suggesting around 30 points higher start for our market.

 

In Friday's report we had said that 20071 continued to be next major target to eye while immediate support on the hourly chart had moved up to 19330, with the stop-loss of which, trading longs could be held on to.

 

Nifty fell to 19303 before closing at 19331.

 

19303, the low made Friday, is the immediate support on the hourly chart, below which, a rising trendline adjoining tops made since mid-May, would land support in 19150-19200 region; 19523, the top made on Friday, is the immediate hurdle.

 

For Banknifty, 44800 is the immediate support on the hourly chart, upon breach of which, 20-DMA, placed around 44300, would be next downside level to eye. On the way up, 45655, the top made during the week, is the immediate hurdle, upon crossover of which, 46400-46500 would be next target area.

Investment in securities market is subject to market risk.

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

TRAIL STOP-LOSS TO 19330

 

TRAIL STOP-LOSS TO 19330

 

WORLD MARKETS

 

Dow plunged 1.1% while S & P 500 and Nasdaq fell 0.8% each after a better-than-expected private payrolls report fueled expectations for more rate hikes from the Federal Reserve, lifting Treasury yields higher.

 

Data from ADP showed private sector jobs saw their biggest monthly gain since July 2022 at 497,000 in June, which was double the estimate of 220,000 and far better than the downwardly revised 267,000-job addition seen in May. ISM Services PMI faster than expected growth in June. The number of Americans filing new claims for unemployment benefits rose moderately last week.

 

U.S. 10-year treasury yield jumped 10 bps to 4.035% while 2-year treasury yield surged to 5.118%, its highest level since 2007, before easing to 4.987%. Dollar index fell 0.2% to 103.11. Gold fell 0.2% to $1911 per ounce.

 

Brent crude futures settled 13 cents lower at $76.52 a barrel and WTI crude gained 1 cent to $71.80 a barrel.

 

European markets nosedived 2.2%-3.1%.

 

AT HOME

 

Benchmark indices jumped half a percent each to hit fresh record highs. Sensex added 340 points to settle at 65785 while Nifty settled at 19497, up 99 points.  Nifty mid-cap and small-cap indices gained 1% and 0.8% respectively with the former hitting fresh record highs and the later scaling highest level in 17-months. Nifty Realty and Oil & Gas indices surged 2.2% and 1.9% respectively, becoming top gainers among the sectoral indices while Financial Services and IT indices were the top losers, down 0.1% each.

 

FIIs net bought stocks, index futures and stock futures worth Rs 2641 cr, 780 cr and 2956 cr respectively. DIIs were net sellers to the tune of Rs 2352 cr.

 

Rupee depreciated 28 paise to end at 82.51/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.5%-1% and GIFT Nifty is suggesting around 50 points lower start for our market.

 

In yesterday's report we had said that 20071, the next Fibonacci extension level, continued to be next major target to eye while 19080 continued to be immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty surged to touch a high of 19512 before closing at 19497. The benchmark is set to open near 19450 today.

 

20071, the next Fibonacci extension level, continues to be next major target to eye; Immediate support on the hourly chart has moved up to 19330, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, upon crossover of Tuesday's high, i.e. 45655, 46200 would be next target; 44600 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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

STAY LONG WITH THE STOP-LOSS OF 19080

 

STAY LONG WITH THE STOP-LOSS OF 19080

 

WORLD MARKETS

 

Dow slipped 0.4% while S & P 500 and Nasdaq eased 0.2% each after minutes of the latest Fed meeting showed that the central bank was split on its decision to pause its rate hikes in June and sees more hikes ahead at a slower pace.

 

U.S. 10-year treasury yield rose 8 bps to 3.936%. Dollar index rose 0.3% to 103.35. Gold fell 0.6% to $1915 per ounce.

 

U.S. crude rose 2.9% to $71.79 a barrel and Brent crude futures rose 0.5% to $76.65 a barrel.

 

European markets fell 0.6%-1%. PMI figures for the euro zone showed business output contracted in June.

 

Data from China showed services activity expanded at the slowest pace for five months in June.

 

AT HOME

 

Benchmark indices ended little changed after a rangebound session. Sensex settled at 65446, down 33 points while Nifty added 9 points to finish at 19398. Nifty mid-cap and small-cap indices however climbed 0.7% each, extending the winning streak to seventh consecutive day and the former hitting fresh record high. Nifty FMCG and Auto indices climbed 1.8% and 1.6% respectively, becoming top gainers among the sectoral indices while Financial Services and Bank indices were the top losers, down 0.8% and 0.3% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1603 cr, 463 cr and 87 cr respectively. DIIs were net sellers to the tune of Rs 439 cr.

 

Rupee depreciated 21 paise to end at 82.23/$.

 

India's June Services PMI fell to 58.5 from 61.2 in May. Composite PMI too cooled off to 59.4 from 61.6.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are down 1% each while Shanghai is flat. GIFT Nifty is suggesting a marginally higher start for our market.

 

In yesterday's report we had said that 20071, the next Fibonacci extension level, was the next major target to eye while immediate support on the hourly chart had moved up to 19080, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after a rangebound session, ended marginally higher at 19398.

 

20071, the next Fibonacci extension level, continues to be next major target to eye; 19080 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, upon crossover of Tuesday's high, i.e. 45655, 46200 would be next target; 44600 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Investment in securities market is subject to market risk.

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

TRAIL SL TO 19080

 

TRAIL SL TO 19080

 

WORLD MARKETS

 

U.S. markets were shut yesterday for the Independence Day holiday.

 

European markets fell 0.1%-0.3%. Germany's exports fell 0.1% and imports rose 1.7%, taking its foreign trade balance to 14.4 billion euros ($15.7 billion).

 

Dollar index inched up 0.1% to 103.08. Gold rose 0.3% to $1926 per ounce.

 

Oil prices climbed 2% as markets weighed August supply cuts by top exporters Saudi Arabia and Russia against a weak global economic outlook. Brent crude futures settled up $1.60 at $76.25 a barrel and WTI crude rose $1.44 to $71.23.

 

AT HOME

 

It was yet another day of record highs as Sensex and Nifty added 0.4% and 0.3% respectively. Sensex settled at 65479, up 274 points while Nifty added 66 points to finish at 19389. Nifty mid-cap index fell 0.2%, snapping a 5-day winning streak while small-cap index rose quarter of a percent. Nifty PSU Bank and IT indices climbed 1.9% and 1% respectively, becoming top gainers among the sectoral indices while Oil & Gas and Auto indices were the top losers, down 0.7% and 0.5% respectively.

 

FIIs net bought stocks and index futures worth Rs 2134 cr and 1173 cr respectively but net sold stock futures worth Rs 1255 cr. DIIs were net sellers to the tune of Rs 785 cr.

 

Rupee depreciated 6 paise to end at 82.02/$.

 

Bajaj Finance surged on the back of robust quarterly numbers for Q1 FY24 with strong loan growth and healthy new customer acquisition.

 

Shares of Eicher Motors plunged on intensifying competition as Harley-Davidson and Hero MotoCorp launched the X440 in India, which is the most affordable Harley-Davidson bike to ever come to India since the Street 750.

 

LTI Mindtree will replace HDFC in Nifty from 13th July.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.3%-1.1% and GIFT Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 19378, followed by 20071 are the next Fibonacci extension levels and hence continue to be next upside targets to eye while 19000 was the immedaite support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty touched a high of 19434 before closing at 19389.

 

20071, the next Fibonacci extension level, is the next major target to eye; Immediate support on the hourly chart has moved up to 19080, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, upon crossover of yesterday's high, i.e. 45655, 46000-46100 would be next target area; 44600 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Investment in securities market is subject to market risk.

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

TRAIL STOP-LOSS TO 19000

 

TRAIL STOP-LOSS TO 19000

 

WORLD MARKETS

 

Dow was little changed while S & P 500 and Nasdaq inched up 0.1% and 0.2% respectively. U.S. markets closed early ahead of the Fourth of July holiday.

 

ISM June manufacturing PMI dropped to 46.0 from 46.9 in May, the lowest reading since May 2020 and marking the eight consecutive month of contraction.

 

U.S. 10-year treasury yield inched up 2 bps to 3.858%. Dollar index was little changed at 102.97. Gold too was flat at $1921 per ounce.

 

Brent as well as WTI crude futures rose 0.6% each to $75.84 and $71.03 respectively.

 

In Europe, FTSE, DAX and CAC fell between 0.1%-0.44%. Euro zone manufacturing activity contracted faster than initially thought in June.

 

China’s Caixin manufacturing PMI for June came in at 50.5, slightly higher than expectations of 50.2. China’s official government PMI readings posted a third straight month of contraction.

 

AT HOME

 

Fresh week, month, quarter as well as second half started on a positive note as benchmark indices surged seven tenth of a percent and hit fresh record highs. Sensex settled at 65205, up 486 points while Nifty added 133 points to finish at 19322. Nifty mid-cap and small-cap indices rose 0.25% and 1.2% respectively. Nifty PSU Bank and Oil & Gas indices surged 3.6% and 2.3% respectively, becoming top gainers among the sectoral indices while Pharma and Healthcare indices were the top losers, down 1.1% and 0.9% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1996 cr, 434 cr and 229 cr respectively. DIIs were net sellers to the tune of Rs 338 cr.

 

Rupee appreciated 8 paise to end at 81.96/$.

 

OUTLOOK

 

Today morning, Nikkei is down 1%, Shanghai is flat while Hang Seng is up 0.6%. GIFT Nifty is suggesting around 40 points higher start for our market.

 

In yesterday's report we had said that 19378 was the next upside target to eye while 18850 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty soared to touch a high of 19345 before closing at 19330.

 

19378, followed by 20071 are the next Fibonacci extension levels and hence continue to be next upside targets to eye; 19000 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, upon crossover of yesterday's high, i.e. 45353, 45600-45700 would be next target area; 44100 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 Investment in securities market is subject to market risk.

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

19371, 20071 NEXT; TRAIL STOP-LOSS TO 18850

 

19371, 20071 NEXT; TRAIL STOP-LOSS TO 18850

 

WORLD MARKETS

 

U.S. indices climbed 0.8%-1.4% on Friday as inflation showed signs of cooling and technology stocks surged with Apple galloping to a $3 trillion market valuation for the first time.

 

The personal consumption expenditures (PCE) gained 0.1% for May after a 0.4% rise in April while advancing 3.8% on an annual basis, slowing from a revised 4.3% the prior month. Consumer spending ticked up 0.1% in May while data for the prior month was revised down to 0.6% versus the previously reported 0.8%.

 

U.S. 10-year treasury yield was unchanged at 3.843%. Dollar index fell 0.4% to 102.92. Gold rose 0.6% to $1919 per ounce.

 

Brent futures rose 0.8% to $74.90 and WTI crude rose 1.1% to $70.64 a barrel.

 

European markets gained 0.8%-1.3%. Euro zone inflation for June came in lower-than-expected at 5.5%, down from 6.1% in May. Core inflation, which excludes food and energy, however rose to 5.4% from 5.3%.  Britain’s economy grew by just 0.1% in the first quarter.

 

China’s factory activity shrunk for a third consecutive month in June. Japan's core consumer price index remained at levels above the central bank’s target for 13th straight months.

 

For June, S&P 500 and Nasdaq gained 6.5% each, notched a fourth consecutive positive month and the fromer posting its best monthly performance since October. Dow climbed 4.6% for its best month since November.

 

Year-to-date, S&P 500 popped 15.9% for its best first half since 2019. The Nasdaq surged 31.7%, for its best first half since 1983. Dow added a modest gain of 3.8%. The pan-European Stoxx 600 index ended up roughly 8.8%.

 

AT HOME

 

Sensex and Nifty surged 1.3% and 1.1% respectively, posting their biggest percentage jump in 3-months and hit fresh record highs. Sensex settled at 64718, up 803 points while Nifty added 217 points to finish at 19189. Nifty mid-cap and small-cap indices rose 0.7% and 0.4% respectively, with the former hitting fresh record highs. Except a marginally lower Metal index, all the NSE sectoral indices ended higher, with IT index on the top, up 2.5%, followed by 2.1% higher Auto and PSU Bank indices.

 

Rupee appreciated 2 paise to end at 82.04/$.

 

FIIs net bought stocks, index futures and stock futures worth Rs 6397 cr, 1540 cr and 1037 cr respectively. DIIs were net buyers to the tune of Rs 1198 cr.

 

For the week, Sensex and Nifty gained 2.8% each for their biggest weekly rise since the week ended 22nd July 2022.

 

For the month, Sensex and Nifty gained 2.1% and 3.5% respectively, extending the winning streak to fourth consecutive month. Nifty mid-cap and small-cap indices gained 5.9% and 6.6% respectively. For the first half of calendar 2023, Sensex and Nifty gained 5% and 6% respectively. Nifty mid-cap and small-cap indices gained 13.5% and 11.4% respectively.

 

GST mop-up surged to 1.61 lac cr. in June, a rise of 12% Y-o-Y.

 

India's core sector growth in May stood at 4.3%, unchanged from April.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.5%-1.6% and GIFT Nifty is suggesting around 90 points higher start when compared to Friday's close of Nifty futures.

 

In Friday's report we had said that 19100-19150 was the next target area for Nifty while 18800 was the immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty surged to touch a high of 19201 before closing at 19189 and is set to open near 19250 today.

 

19378, followed by 20071 are the next Fibonacci extension levels and hence next upside targets to eye. On the way down, 18850 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 45500, around which an upward sloping trendline adjoining tops made in October 2021 and December 2022 is placed, is the next big target/resistance to eye; 44000 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.