TRAIL STOP-LOSS TO 19550

 

TRAIL STOP-LOSS TO 19550

 

WORLD MARKETS

 

Dow and S & P 500 gained 0.3% and 0.2% respectively with the Dow extending the winning streak to eighth consecutive day while Nasdaq ended little changed.

 

U.S. 10-year treasury yield fell 4 bps to 3.752%. Dollar index rose 0.4% to 100.28. Gold eased 0.1% to $1976 per ounce.

 

Pound fell sharply after Britain’s rate of inflation for June came in at 7.9%, its slowest in over a year.

 

Brent futures dipped 17 cents at $79.46 a barrel, while WTI crude dropped 40 cents at $75.35 a barrel.

 

In Europe, FTSE surged 1.8% while CAC inched up 0.1% and DAX eased 0.1%.

 

AT HOME

 

Benchmark indices ended higher by four tenth of a percent each, extending the winning streak to fifth consecutive day and hit fresh record highs. Sensex settled at 67097, up 302 points while Nifty added 84 points to finish at 19833. Nifty mid-cap and small-cap indices gained 0.7% and 0.8% respectively. Except 0.1% lower IT index, all the NSE sectoral indices ended higher, with PSU Bank and Media indices being the top gainers, up 2% and 1.1% respectively.

 

FIIs net bought stocks and stock futures worth Rs 1165 cr and 2399 cr respectively but net sold index futures worth Rs 460 cr. DIIs were net sellers to the tune of Rs 2135 cr.

 

Rupee depreciated 5 paise to end at 82.09/$.

 

OUTLOOK

 

Today morning, Nikkei is off 0.7%, Shanghai is little changed while Hang Seng is up 0.9%. GIFT Nifty is suggesting a marginally lower start for our market.

 

In yesterday's report we had said that upon crossover of 19819, Nifty will March towards the big target of 20071, and had advised trailing stop-loss in longs to 19500.

 

Nifty rose to touch a high of 19851 before closing at 19833.

 

19950, followed by 20070 are the next upside targets to eye; 19600-19550 is the immediate support area, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, upon crossover of Tuesday's high, i.e. 45905, next target to eye would around 46500; 44900 continues to be immediate support.

 

Infosys and HUL will report their quarterly earnings today.

Investment in securities market is subject to market risk.

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

TRAIL STOP-LOSS TO 19500

 

TRAIL STOP-LOSS TO 19500

 

WORLD MARKETS

 

U.S. indices gained 0.7%-1.1% on the back of better-than-expected earnings, with Dow rising the most and notching a seventh straight positive session. All three major averages posted their highest closes since April 2022.

 

Bank of America, Bank of New York Mellon and Morgan Stanley earnings all exceeding expectations.

 

U.S. retail sales rose less than expected at 0.2% in June. Data for May was revised higher to show sales gaining 0.5% instead of 0.3% as previously reported. Core sales, excluding automobiles, gasoline, building materials and food services, increased 0.6% in June. Data for May was revised higher to 0.3% instead of the previously reported 0.2%. Other data showed production at U.S. factories unexpectedly fell in June, but rebounded in the second quarter.

 

U.S. 10-year treasury yield fell 2 bps to 3.789%. Dollar index was flat at 99.92. Gold jumped 1.2% to $1978 per ounce.

 

Brent futures rose 1.4% to $79.63 a barrel and WTI crude rose 2.2% to settle at $75.75.

 

European markets rose 0.2%-0.6%.

 

AT HOME

 

Sensex and Nifty gained 0.3% and 0.2% respectively, extending the winning streak to fourth consecutive day and hit fresh record highs. Sensex settled at 66795, up 205 points while Nifty added 38 points to finish at 19749. Nifty mid-cap and small-cap indices fell 0.1% and 0.9% respectively. Nifty Media and PSU Bank indices were the top losers among the sectoral indices, down 1.8% and 1.2% respectively while IT index surged 1.1%, becoming top gainer, followed by 0.2% higher Oil & Gas index.

 

FIIs net bought stocks and index futures worth Rs 2116 cr and 501 cr respectively but net sold stock futures worth Rs 545 cr. DIIs were net sellers to the tune of Rs 1318 cr.

 

Rupee was unchanged at 82.04/$.

 

Indusind Bank reported strong numbers with Net Interest Margin hitting 8-year high while asset quality was best in 10 quarters.

 

OUTLOOK

 

Business sentiment among manufacturers in Japan declined for the first time in six months in July, according to the Reuters Tankan survey.

 

Today morning, Nikkei is up 1.1%, Shanghai is little changed while Hang Seng is down 1.4%. GIFT Nifty is suggesting around 35 points higher start for our market.

 

In yesterday's report we had said that Upon crossover of 19750, 20071 would be the next major target to eye and that 19500-19450 was the immediate support area, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 19819, slipped to end at 19749. The benchmark is set to open near 19800 today.

 

Upon crossover of yesterday's high, i.e. 19819, Nifty will March towards the big target of 20071, which is the Fibonacci extension level of the entire setup since the 15183 bottom made in June 2022; 19550-19500 is the immediate support area, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, upon crossover of yesterday’s high, i.e. 45905, next target to eye would around 46500; 44900 is the immediate support.

Investment in securities market is subject to market risk.

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

TRAIL STOP-LOSS TO 19450

 

TRAIL STOP-LOSS TO 19450

 

WORLD MARKETS

 

U.S. indices gained 0.2%-0.9%, with the Dow rising for the sixth straight day and notching its highest close of the year.

 

U.S. 10-year treasury yield fell 2 bps to 3.811%. Dollar index fell 0.1% to 99.88. Gold was little changed at $1954 per ounce.

 

Brent and WTI crude fell 1.7% each to $78.50 and $74.15 a barrel respectively, second straight day of losses for both contracts.

 

European markets fell 0.2%-1.1%

 

China’s GDP grew 6.3% y-o-y in the second quarter, compared with forecasts of 7.3%.

 

AT HOME

 

It was a buoyant start to the week as benchmark indices climbed eight tenth of a percent each, extending the winning streak to third consecutive day and hit fresh record highs. Sensex settled at 66589, up 529 points while Nifty added 147 points to finish at 19711. Nifty mid-cap and small-cap indices rose 0.3% and 0.9% respectively. Except 0.3% and 0.03% lower Auto and Realty indices respectively, all the NSE sectoral indices ended higher, with Media and PSU Bank indices leading the tally, up 3.2% and 2.2% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 73 cr, 218 cr and 41 cr respectively. DIIs were net buyers to the tune of Rs 64 cr.

 

Rupee appreciated 13 paise to end at 82.04/$.

 

HDFC reported NII growth of 21.1% while Net Interest Margin stood at 4.1%. Profit After Tax grew at 30%, highest in 14-quarter. Gross NPA ratio inched up to 1.17% from 1.12% sequentially while net NPA ratio inched up to 0.3% from 0.27%.

 

LTI Mindtree reported soft quarter which was in-line with estimate. Constant Currency revenue grew at 0.1%. Margins expanded to 16.7%. Deal win was robust at $1.4 bn.

 

OUTLOOK

 

Today morning, Nikkei is up 0.3% while Hang Seng and Shanghai are down 1.8% and 0.5% respectively. GIFT Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 19750 continued to be next upside target while 19400 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty surged to 19731 before closing at 19711 and is set to open near 19750 today.

 

Upon crossover of 19750, 20071, which is the Fibonacci extension level of the entire setup since the 15183 bottom made in June 2022, would be the next major target to eye; 19500-19450 is the immediate support area, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 45655, the top made on 4th July, is the immediate upside target, above which, 45800 would be next target; 44900-44850 is the immediate support 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 19400

 

TRAIL STOP-LOSS TO 19400

 

WORLD MARKETS

 

Dow rose 0.3% on Friday on the back of strong corporate earnings but S & P 500 and Nasdaq inched lower by 0.1% and 0.2% respectively.

 

UnitedHealth jumped more than 7% after it reported better-than-expected adjusted earnings and revenue. The company also raised the lower end of its full-year adjusted earnings guidance. JPMorgan Chase rose 0.6% after its second-quarter earnings topped expectations. Wells Fargo inched down 0.3%, even though the bank posted better-than-expected results.

 

U.S. 10-year treasury yield rose 6 bps to 3.834%. Dollar index inched up 0.2% to 99.96, snapping a 6-day losing streak. Gold fell 0.3% to $1955 per ounce.

 

Brent crude futures fell 1.8% to $79.87 a barrel while WTI crude futures fell 1.9% to settle at $75.42.

 

In Europe, FTSE and DAX fell 0.1% and 0.2% respectively while CAC inched up 0.1%.

 

On a weekly basis, the Dow notched its best performance since March, up 2.3%. The S&P 500 added 2.4%, and the Nasdaq gained 3.3%.

 

AT HOME

 

Benchmark indices climbed 0.8% each and hit fresh record highs. Sensex settled at 66060, up 502 points while Nifty added 150 points to finish at 19564. Nifty mid-cap and small-cap indices surged 1.2% and 1.4% respectively with the former hitting fresh record highs. All the NSE sectoral indices ended higher, with IT and Media indices on the top, up 4.4% and 3.9% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 2636 cr, 252 cr and 3183 cr respectively. DIIs were net sellers to the tune of Rs 772 cr.

 

Rupee depreciated 10 paise to end at 82.17/$.

 

For the week, Sensex and Nifty gained 1.2%, extending the winning streak to third consecutive week.

 

India's June WPI came in at negative 4.12% as against negative 3.48% in May, marking the lowest level since October 2015. Core WPI stood at negative 2% v/s negative 2.10%.

 

India's trade deficit in June narrowed to $20.1 bn from $22.1 bn in May as exports and imports fell by 5.7% and 7% respectively on monthly basis. On yearly basis, exports fell 22% to $33 bn while imports declined 17.5% to $53.1 bn.

 

OUTLOOK

 

China's Q2GDP growth has come in at 6.3%, missing estimate of nearly 7%.

 

Today morning, Asian markets are trading lower with Shanghai leading the losses. GIFT Nifty is suggesting around 25 points higher start for our market.

 

In Friday's report we had said that 19750 continued to be next upside target to eye while 19303 continued to be immediate support.

 

Nifty surged to 19595 before closing at 19564.

 

19750 continues to be next upside target for Nifty; 19400 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 20-DMA and 34-DMA, placed around 44500 and 44300 respectively, are the downside supports to eye. On the way up, 45100-45200 is the immediate resistance zone, above which, 45655, the top made on 4th July, would be next upside target to eye.

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 19303

 

STAY LONG WITH THE STOP-LOSS OF 19303

 

WORLD MARKETS

 

U.S. indices gained 0.1%-1.6%, extending the winning streak to fourth consecutive day and with the Nasdaq again leading the tally, after more inflation data came in softer than expected.  Nasdaq and S&P 500 closed at the highest level since April 2022.

 

June’s producer price index rose 0.1% y-o-y, lower than the 0.2% estimate. Core PPI rose 0.1% — also lower than expectations. Initial jobless claims unexpectedly fell by 12,000 to a seasonally-adjusted 237,000 for the week ended July 8.

 

U.S. 10-year treasury yield fell 9 bps to 3.769%. Dollar index plunged 0.8% to 99.78. Gold inched up 0.2% to $1960 per ounce.

 

Oil prices rose climbed to their highest in nearly three months. Brent crude futures rose 1.6% to $81.36 per barrel and WTI crude futures rose 1.5% to $76.89.

 

European markets gained 0.3%-0.8%. Britain’s economy shrank by 0.1% in May, which was less than the expected contraction of 0.3%.

 

AT HOME

 

After rising nearly a percent, Sensex and Nifty gave away most of the gains in late noon plunge to end higher by 0.2% each. Sensex settled at 65558, up 165 points while Nifty added 29 points to finish at 19413. Nifty mid-cap and small-cap indices tumbled 0.8% and 1% respectively with the later suffering worst cut in 3-weeks. Nifty PSU Bank and Media indices nosedived 2.4% and 1.9% respectively, becoming top losers among the sectoral indices while IT and Realty indices were the top gainers, up 1.8% and 1% respectively.

 

FIIs net bought stocks worth Rs 2238 cr but net sold index futures and stock futures worth Rs 907 cr and 1965 cr respectively. DIIs were net sellers to the tune of Rs 1197 cr.

 

Rupee appreciated 18 paise to end at 82.07/$.

 

Wipro posted weak results which were in-line with estimate. Constant currency revenue declined 2.8% q-o-q. The company guided for -2% to +1% revenue growth for Q2.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 0.5% and 0.1% respectively while Nikkei is off 0.3%. GIFT Nifty is suggesting nearly 75 points higher start for our market.

 

In yesterday's report we had said that 19523 continued to be immediate hurdle, upon crossover of which 19750 would be next target.

 

Nifty, after touching a high of 19567, reversed and plunged all the way to 19385 before closing at 19413. The benchmark is set to open above 19450 today.

 

19750 continues to be next upside target to eye; 19303, the low made last Friday, continues to be immediate support, upon breach of which, 20-DMA, placed around 19100, would be next support to eye.

 

For Banknifty, 20-DMA and 34-DMA, placed around 44400 and 44300 respectively, are the next downside level to eye; 45100-45200 continues to be immediate resistance zone, above which, 45655, the top made last week, would be next target.

 Investment in securities market is subject to market risk.

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

19303-19523 CONTINUES TO BE IMMEDIATE RANGE

 

19303-19523 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

 

U.S. indices rose 0.25%-1.% with the Nasdaq on the top, after a cooler-than-expected retail inflation report eased interest rate hike worries. S & P 500 closed at the highest level since April 2022.

 

June CPI rose 3% y-o-y, the smallest increase since March 2021. On monthly basis, the index rose 0.2%. Both were lower than expected 3.1% and 0.3% levels respectively. Core CPI growth, at 4.8%, was also than 5% expected.

 

U.S. 10-year treasury yield fell 11 bps to 3.859%. Dollar index plunged 1.1% to 100.56, it's lowest level since April 2022. Gold rose 1.2% to $1956 per ounce.

 

Brent crude futures rose 0.9% to $80.11 a barrel and WTI crude settled up 1.2%, to $75.75 a barrel.

 

European markets gained 1.5%-1.8%.

 

AT HOME

 

Benchmark indices fell three tenth of a percent each, snapping a 2-day winning streak. Sensex settled at 65393, down 223 points while Nifty lost 55 points to finish at 19384. Nifty mid-cap and small-cap indices however gained 0.4% and 0.8% respectively, extending yesterday's upmove and with the former hitting fresh record high. Nifty IT and Private Bank indices were the top losers among the sectoral indices, down 0.7% and 0.3% respectively while PSU Bank and Media indices were the top gainers, up 0.8% and 0.5% respectively.

 

FIIs net sold stocks and stock futures worth 1242 cr and 2926 cr respectively but net bought index futures worth Rs 75 cr. DIIs were net buyers to the tune of Rs 437 cr.

 

Rupee appreciated 12 paise to end at 82.25/$.

 

India's retail inflation for June rose to 4.81% from 4.31% in May. Core CPI inched up to 5.1% from 5%. May IIP grew at 5.2% vs 4.2% in April.

 

TCS reported largely in-line-with expected numbers. It reported 0.4% q-o-q growth in dollar revenue while constant currency growth was flat. Margin stood at 23.2%.

 

HCL Tech disappointed as it reported 1.1% decline in dollar revenue. Margins fell to 17% vs 18.2% q-o-q. Company maintained it's FY24 constant currency revenue growth guidance at 6-8% and EBIT margin guidance at 18-19%.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.7%-2% and GIFT Nifty is suggesting around 100 points higher start for our market.

 

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

 

Nifty, after making a high of 19507 in the initial trade, slipped to 19361 before closing at 19384. The benchmark is set to open above 19450 today.

 

19523, the top made on Friday, continues to be immediate hurdle, upon crossover of which 19750 would be next target; 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.

 

For Banknifty, 20-DMA, placed around 44350, is the next downside level to eye. 45100-45200 is the immediate resistance zone.

 

Wipro and Federal Bank will report their quarterly earnings today.

 Investment in securities market is subject to market risk.

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

19303-19523 CONTINUES TO BE IMMEDIATE RANGE

 

19303-19523 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

 

U.S. indices gained 0.6%-0.9% ahead of June consumer price index reading due before the bell Wednesday.

 

Several Fed officials said the central bank would likely need to raise interest rates further to bring down inflation but the end to its current monetary policy tightening cycle was getting close.

 

U.S. 10-year treasury yield fell 2 bps to 3.974%. Dollar index fell 0.3% to 101.66, it's lowest level in 2-monhts. sterling hit a 15-month high after pay growth exceeded expectations. Gold rose 0.4% to $1932 per ounce.

 

Oil price rose to hit 10-week high. Brent futures rose 2.2% to $79.40 a barrel and WTI crude rose 2.5% to $74.83 a barrel.

 

European markets rose 0.1%-1.1%.

 

AT HOME

 

Benchmark indices rose 0.4% each, building on yesterday's marginal gains. Sensex settled at 65617, up 273 points while Nifty added 83 points to finish at 19439. Nifty mid-cap and small-cap indices surged 0.9% and 1.3% respectively, snapping a 2-day losing streak. Nifty Auto and Consumer Durables indices were the top gainers among the sectoral indices, up 1.4% and 1.3% respectively. Financial Services and Bank indices were the top losers, down 0.4% and 0.3% respectively.

 

FIIs net bought stocks and index futures worth Rs 1197 cr and 153 cr respectively but net sold stock futures worth Rs 988 cr. DIIs were net sellers to the tune of Rs 7 cr.

 

Rupee appreciated 20 paise to end at 82.37/$.

 

GST Council decided to impose 28% tax on online gaming, horse trading and casinos while lowering tax on food and beverages consumed in cinema halls to 5%.

 

OUTLOOK

 

Today morning, Hang Seng is up 1.1%, Shanghai is little changed and Nikkei is down 0.9%. GIFT Nifty is suggesting around 30 points higher start for our market.

 

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

 

Nifty surged to touch a high of 19515 before closing at 19439.

 

19523, the top made on Friday, continues to be immediate hurdle, upon crossover of which 19750 would be next target; 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.

 

For Banknifty, 20-DMA, placed around 44350, is the next downside level to eye. On the way up, 45655, the top made last week, is the immediate hurdle.

 

India's June CPI and May IIP data will be released today.

 

TCS and HCL Tech will report their quarterly earnings today.