TRAIL STOP-LOSS TO 19250

 

TRAIL STOP-LOSS TO 19250

 

WORLD MARKETS

 

Dow eased 0.1% while S & P 500 and Nasdaq inched up 0.1% each.

 

U.S. 10-year treasury yield fell 8 bps to 4.495%. Dollar index was flat at 105.53. Gold fell 1% to $1950 per ounce.

 

Brent crude futures fell 2.5% to settle at $79.54 a barrel and WTI crude lost 2.6% to $75.33. Both benchmarks hit their lowest since mid-July.

 

In Europe, FTSE fell 0.1% while DAX and CAC gained 0.5% and 0.7% respectively.

 

AT HOME

 

Sensex inched up marginally while Nifty added 0.2% in today's trade to close at the highest level after 20th October. Sensex settled at 64975, up 33 points while Nifty added to finish at 36 points to finish at 19443. Nifty mid-cap and small-cap indices surged 1% and 0.7% respectively, extending the winning streak to fifth straight session, with the latter hitting yet another record high. Nifty Realty and Pharma indices climbed 1.5% each, becoming top gainers among the sectoral indices, while Financial Services and Bank indices were the top losers, down 0.3% and 0.2% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 84 cr, 308 cr and 998 cr respectively. DIIs were net buyers to the tune of Rs 524 cr.

 

Rupee depreciated 1 paise to end at 83.27/$.

 

United Spririt's quarterly numbers beat estimate as gross margins expand y-o-y. Lupin's numbers beat estimate on better-than-expected U.S. sales. Tata Power also posts a strong quarter.

 

OUTLOOK

Today morning, Nikkei and Shanghai are up 0.7% and 0.1% respectively while Hang Seng is off 0.1%. GIFT Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that 19463, followed by 19633, the 61.8% and 78.6% retracement level of the recent 19850-18837 fall, continued to be next upside levels to eye while 19230 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty rose to touch a high of 19464 before closing at 19443.

 

34-DMA, placed around 19490 is the immediate hurdle, upon crossover of which, 19633, the 78.6% retracement level of the recent 19850-18837 fall, would be next upside levels to eye; 19250 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 34-DMA, placed around 43900 is the immediate hurdle, above which, 44153, the 78.6% retracement level of the recent 44700-42100 fall, would be next upside targets to eye; 43250 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

M & M and Apollo Hospitals will report their quarterly earnings today.

Investment in securities market is subject to market risk.

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TRAIL STOP-LOSS TO 19230

 

TRAIL STOP-LOSS TO 19230

 

WORLD MARKETS

 

U.S. indices gained 0.2%-0.9%, with the Dow and S & P 500 rising for the seventh straight session while Nasdaq extended the winning streak to eight consecutive day. S & P 500 and Nasdaq notched their longest winning streaks in nearly two years.

 

U.S. 10-year treasury yield fell 7 bps to 4.57%. Dollar index rose 0.2% to 105.50. Gold fell 0.4% to $1969 per ounce.

 

Oil prices tumbled to their lowest since July after China reported mixed economic data. WTI fell 4.3% to $77.37 a barrel, while Brent fell 4.2%, settling at $81.61.

 

In Europe, FTSE and CAC fell 0.1% and 0.4% respectively while DAX inched up 0.1%.

 

China reported a 6.4% y-o-y drop in exports in U.S. dollar terms for October, worse than the 3.3% drop predicted.

 

AT HOME

 

After falling four tenth of a percent in the morning, benchmark indices recouped all the losses in noon to end flat. Sensex settled at 64942, down 16 points while Nifty finished at 19406, down 5 points. Nifty mid-cap and small-cap indices gained 0.3% and 0.8% respectively, extending the winning streak to fourth straight day and with the latter hitting fresh record high. Nifty Pharma and Healthcare indices climbed 1.3% and 1% respectively, becoming top gainers among the sectoral indices while Realty and Media indices were the top losers, down 1.3% and 0.6% respectively.

 

FIIs net sold stocks worth Rs 497 cr but net bought index futures and stock futures worth Rs 125 cr and 940 cr respectively. DIIs were net buyers to the tune of Rs 700 cr.

 

Rupee depreciated 4 paise to end at 83.26/$.

 

OUTLOOK

 

Today morning, Asian markets are trading flat to modestly higher and GIFT Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that 19463, followed by 19633, the 61.8% and 78.6% retracement level of the recent 19850-18837 fall, were the next upside levels to eye while 19170 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after making an intrady low of 19329, rebounded to end little changed at 19406.

 

19463, followed by 19633, the 61.8% and 78.6% retracement level of the recent 19850-18837 fall, continue to be next upside levels to eye; 19230 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44153, the 78.6% retracement level of the recent 44700-42100 fall, is the next upside targets to eye. 43250 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Tata Power, United Spirit and Lupin 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.

19463, 19633 ARE NEXT TARGETS; TRAIL STOP-LOSS TO 19170

 

19463, 19633 ARE NEXT TARGETS; TRAIL STOP-LOSS TO 19170

 

WORLD MARKETS

 

U.S. indices gained 0.1%-0.3%, with Nasdaq notching seven consecutive days of wins while S & P 500 and Dow rose for the sixth straight session.

 

U.S. 10-year treasury yield rose 7 bps to 4.645%. Dollar index inched up 0.2% to 105.26. Gold fell 0.7% to $1978 per ounce.

 

Brent crude futures settled 0.34% higher at $85.18 a barrel, while WTI crude rose 0.4% to $80.82.

 

In Europe, FTSE was flat while DAX and CAC fell 0.4% and 0.5% respectively.

 

AT HOME

 

Benchmark indices surged nine tenth of a percent, extending the winning streak to third straight session and closing at the highest level after 20th October. Sensex settled at 64958, up 595 points while Nifty added 181 points to finish at 19411. Nifty mid-cap and small-cap indices climbed 0.9% and 1.4% respectively, with the latter hitting record high. Except 1.1% and 0.3% lower PSU Bank and Consumer Durables indices, all the NSE sectoral indices ended higher, with Metal index on the top, up 1.4%, followed by 1.3% higher Healthcare, Pharma and Oil & Gas indices.

 

FIIs net sold stocks worth Rs 549 cr but net bought index futures and stock futures worth Rs 1258 cr and 693 cr respectively. DIIs were net buyers to the tune of Rs 596 cr.

 

Rupee appreciated 7 paise to end at 83.22/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.4%-0.9% and GIFT Nifty is suggesting a modestly lower start for our market.

 

In yesterday's report we had said that 19343 and 19463, the 50% and 61.8% retracement level of the recent 19850-18837 fall, are the upside levels to eye while 19120 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty surged to touch a high of 19423 before closing at 19411.

 

19463, followed by 19633, the 61.8% and 78.6% retracement level of the recent 19850-18837 fall, are the next upside levels to eye; 19170 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 43715 and 44153, the 61.8% and 78.6% retracement levels of the recent 44700-42100 fall, are the next upside targets to eye. 43100 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

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19343, 19463 ARE NEXT UPSIDE TARGETS; 19120 IS IMMEDIATE SUPPORT

 

19343, 19463 ARE NEXT UPSIDE TARGETS; 19120 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices gained 0.7%-1.4% on Friday after a soft jobs report drove bond yields lower.

 

The U.S. economy last month added 150,000 jobs, below the 170,000 estimate and lower than September’s blowout of 297,000 addition. The unemployment rate rose to 3.9%, compared to expectations that it would hold steady at 3.8%. Average hourly earnings also missed expectations on a monthly basis, rising 0.2% in October, below the anticipated 0.3% increase.

 

U.S. 10-year treasury yield fell 11 bps to 4.574%. Dollar index plunged 1% to 105.07. Gold rose 0.3% to $1992 per ounce.

 

Brent crude futures fell 2.3% to $84.89 a barrel and WTI crude futures fell 2.4%, to $80.51 a barrel.

 

In Europe, FTSE and CAC fell 0.4% and 0.2% respectively while DAX rose 0.3%.

 

A private sector survey on showed that while China’s services activity expanded at a slightly faster pace in October, sales grew at the softest rate in 10 months and employment stagnated as business confidence waned.

 

For the week, U.S. indices surged 5.1%-6.6% for their best week of 2023. Oil settled down more than 6% on the week.

 

AT HOME

 

Benchmark indices rose nearly half a percent each, matching yesterday's gains and closing at the highest level after 23rd October. Sensex settled at 64363, up 282 points while Nifty added 97 points to finish at 19230. Nifty mid-cap and small-cap indices gained 0.7% and 1.2% respectively. All the NSE sectoral indices ended in green, with Realty index on the top, up 2.5%, followed by 1.4% higher Media index.

 

FIIs net sold stocks worth Rs 12 cr but net bought index futures and stock futures worth Rs 1022 cr and 2389 cr respectively. DIIs were net buyers to the tune of Rs 403 cr.

 

Rupee depreciated 4 paise to end at 83.28/$.

 

For the week, Sensex and Nifty gained 0.9% and 1% respectively, snapping a 2-week losing streak.

 

SBI numbers beat estimate with asset quality at it's best in 32-quarters while loan-growth margin was in-line with estimate. Net Interest Margin was at 5-quarter low.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 2.4% and 1.8% respectively while Shaghai is up half a percent. GIFT Nifty is suggesting around 150 points gap-up start for our market.

 

In Friday's report we had said that 19300 continued to be immediate hurdle on the hourly chart while 18940, continued to be immediate support.

 

Nifty rose to touch a high of 19276 before closing at 19230. The benchmark is set to open near 19350 today.

 

19343 and 19463, the 50% and 61.8% retracement level of the recent 19850-18837 fall, are the upside levels to eye; 19120 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 43715 and 44153, the 61.8% and 78.6% retracement levels of the recent 44700-42100 fall, are the next upside targets to eye. 42850 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Divi's Lab and HPCL 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.

19300 CONTINUES TO BE IMMEDIATE HURDLE; 18940 IMMEDIATE SUPPORT

 

19300 CONTINUES TO BE IMMEDIATE HURDLE; 18940 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices surged 1.7%-1.9% as Treasury yields extended the fall on raised bets that the Federal Reserve may be done raising interest rates.

 

Labor costs fell by 0.8% in the third quarter compared to expectations for a 0.7% increase. Weekly jobless claims ticked higher to 217,000 for week ending Oct. 28, more than the 210,000 in the previous week and the 214,000 consensus estimate.

 

U.S. 10-year treasury yield fell 7 bps to 4.66%. Dollar index fell half a percent to 106.16. Gold inched up 0.2% to $1985 per ounce.

 

Brent crude futures rose 2.6% to settle at $86.85 a barrel, while WTI crude futures gained $2.23, or 2.8% to $82.67 a barrel.

 

European markets gained 1.4%-1.8%. The Bank of England held interest rates steady.

 

AT HOME

 

Benchmark indices climbed eight tenth of a percent each, recouping losses suffered in previous two sessions. Sensex settled at 64080, up 489 points while Nifty added 144 points to finish at 19133. Nifty mid-cap and small-cap indices surged 1.4% and 1.3% respectively. All the NSE sectoral indices ended higher, with Realty and PSU Bank indices on the top, up 2.5% and 1.5% respectively.

 

FIIs net sold stocks and index futures worth Rs 1261 cr and 901 cr respectively but net bought stock futures worth Rs 1352 cr. DIIs were net buyers to the tune of Rs 1380 cr.

 

Rupee appreciated 5 paise to end at 83.24/$.

 

Tata Motors, led by JLR, reported strong quarterly numbers. Revenue rose 32%, JLR margin expanded to nearly 15% and company raised full year outlook by 200 bps.

 

OUTLOOK

 

Japanese markets is shut today while Hang Seng and Shanghai are up 1.1% and 0.3% respectively. GIFT Nifty is suggesting more than 100 points gap-up start for our market.

 

In yesterday's report we had said that 19300 continued to be immediate hurdle while 18940, the low made Monday, continued to be immediate support.

 

Nifty surged to touch a high of 19175 before closing at 19133. The benchmark is set to open above 19200 today.

 

19300 continues to be immediate hurdle on the hourly chart; 18940, the low made Monday, continues to be immediate support.

 

For Banknifty, 43400 continues to be immediate hurdle on the hourly chart, above which, 43715 and 44153, the 61.8% and 78.6% retracement levels of the recent 44700-42100 fall, would be next upside levels to eye; 42390, the low made Monday, is the immediate support below which, 42105, the low made last week, would be next downside level to eye.

 

Titan will report its quarterly earnings today.

Investment in securities market is subject to market risk.

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

19300 CONTINUES TO BE IMMEDIATE HURDLE; 18940 IMMEDIATE SUPPORT

 

19300 CONTINUES TO BE IMMEDIATE HURDLE; 18940 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices gained 0.7%-1.6% after the Federal Reserve left rates unchanged for a second consecutive meeting and upgraded its assessment of the economy.

 

The central bank kept interest rates unchanged, holding the key federal funds rate at the 5.25%-5.5% set in July. At a post decision conference, Fed Chair Powell said he would not rule out a rate increase at the December meeting,

 

The ISM manufacturing index showed manufacturing activity contracted more than expected in October.

 

U.S. 10-year treasury yield plunged 20 bps to 4.734%. Dollar index was flat at 106.67. Gold too was little changed at $1982 per ounce.

 

Brent futures fell 0.2% to $84.82 a barrel, while WTI crude fell 0.5% to $80.65.

 

European markets gained 0.3%-0.9%. Euro zone economy contracted by 0.1% in the third quarter, below a forecast of stagnation.

 

In China factory activity unexpectedly contracted in October, a private survey showed, adding to downbeat official figures from a day earlier.

 

AT HOME

 

Benchmark indices dipped nearly half a percent, extending yesterday's weakness. Sensex settled at 63591, down 284 points while Nifty lost 90 points to finish at 18989. Nifty mid-cap and small-cap indices fell 0.3% and 0.1% respectively, snapping a 3-day winning streak. Nifty Metal index was the top loser among the sectoral indices, down 1.4%, followed by 0.8% lower IT index. Realty index surged 1.6% to become top gainer, followed by 0.8% higher Media index.

 

Rupee depreciated 4 paise to end at 83.29/$.

 

India's October GST revenue collection surged 13% y-o-y to Rs. 1.72 lkcr, which is second highest ever monthly number.

 

India's October manufacturing PMI fell to an 8-month low of 55.5, down from 57.5 in the previous month.

 

Maruti October sales rose 19.1% y-o-y to 1.99 lk units. Hero Motocorp sold 5.74 lk units, a growth of 26%. Bajaj Auto sales rose 19% to 4.71 lk units. Eicher Motors' CV sales rose 24% to 7486 units. TVS Motor sales were up 21% at 4.34 lk units. Tata Motors sold 80825 units, a growth of 80825 units. On the flip side, Escorts tractor sales dipped 8.9% to 13205 units. M & M auto sales were up 32% at 80679 units but tractor sales fell 3% to 50460 units.

 

Sun Pharma reported a steady quarter as revenue grew 11% led by strong U.S. generic sales. Hero Motocorp results beat estimates.

 

OUTLOOK

 

Today morning, Nikkei is up 1.3% while Hang Seng and Shanghai are little changed. GIFT Nifty is suggesting around 160 points gap-up start for our market.

 

In yesterday's report we had said that 19300 continued to be immediate hurdle on the hourly chart while 18940, the low made Monday, was the immediate support.

 

Nifty fell to 18973 before closing at 18989. The benchmark is set to open above 19100 today.

 

19300 continues to be immediate hurdle on the hourly chart; 18940, the low made Monday, continues to be immediate support, below which, 18837, the low made last week, would be crucial support to eye.

 

For Banknifty, 43400 continues to be immediate hurdle on the hourly chart, above which, 43715 and 44153, the 61.8% and 78.6% retracement levels of the recent 44700-42100 fall, would be next upside levels to eye; 42390, the low made Monday, is the immediate support below which, 42105, the low made last week, would be next downside level to eye.

 

Tata Motors, Adani Enterprises, Dabur and Godrej Properties 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.

19300 CONTINUES TO BE IMMEDIATE HURDLE; 18940 IMMEDIATE SUPPORT

 

19300 CONTINUES TO BE IMMEDIATE HURDLE; 18940 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices gained 0.4%-0.6%

 

Caterpillar slid more than 6% after guiding that its fourth-quarter revenue would only be “slightly” higher than the year-ago period. JetBlue shares dropped more than 10% after results missed expectations on the top and bottom lines.

 

U.S. 10-year treasury yield rose 4 bps to 4.933%. Dollar index rose half a percent to 106.71. Gold fell 0.6% to $1984 per ounce.

 

The Fed is set to release its latest interest rate decision Today and is widely expected to keep rates unchanged. Markets would watch out for hints about whether it’s likely done raising rates from guidance released alongside the rate decision and Fed Chairman Jerome Powell’s post-meeting press conference.

 

Brent crude January contract fell 1.4%，to $85.02 while WTI crude for December delivery fell 1.6% to $81.02.

 

In Europe, FTSE fell 0.1% while DAX and CAC gained 0.6% and 0.9% respectively. Euro zone inflation fell to a two-year low of 2.9% in October, as against the expected figure of 3.1%.

 

China's October manufacturing PMI came in at 49.5 Vs estimate of 50.2. Non-manufacturing PMI fell to 50.6 Vs 51.7 in September. As a result, composite PMI came in at 50.7. The Bank of Japan announced it would keep interest rates unchanged but make its yield curve control policy more flexible.

 

For the month, U.S. indices fell 1.4%-2.2% for their third consecutive negative month.

 

AT HOME

 

After starting half a percent higher, benchmark indices plunged eight tenth of a percent from the top to end lower by three tenth of a percent, snapping a 2-day winning streak. Sensex settled at 63874, down 237 points while Nifty lost 61 points to finish at 19079. Nifty mid-cap and small-cap indices however gained 0.4% each, extending the winning streak to third straight session. Nifty Realty and Media indices gained 1.3% and 0.9% respectively, becoming top gainers among sectoral indices, while Auto index was the top losers, down 0.7%, followed by 0.6% lower Pharma and Healthcare indices.

 

FIIs net sold stocks worth Rs 696 cr but net bought index futures and stock futures worth Rs 68 cr and 562 cr respectively. DIIs were net buyers to the tune of Rs 340 cr.

 

Rupee ended unchanged at 83.25/$.

 

For the month, Sensex and Nifty fell 3% and 2.8% respectively for their worst cut since December 2022.

 

India's April-September fiscal deficit stood at Rs. 7.02 lk cr, which is 39.3% of the FY24 target.

 

September eight core industries' growth slowed to a 4-month low of 8.1% vs 12.1% in the previous month.

 

Bharti Airtel reported 1% decline in revenue and 17% decline in profit on account of higher taxes but ARPU continues to grow, hitting Rs. 203. L & T beat estimate with 19% revenue growth and order book growth of 72% y-o-y and also guided for a higher revenue and order inflow. Tata Consumer delivered a good set of numbers.

 

OUTLOOK

 

Today morning, Nikkei is up 2%, Shanghai is flat while Hang Seng is down 0.5%. GIFT Nifty is suggesting around 30 points lower start for our market.

 

In yesterday's report we had said that 19300 continued to be immediate hurdle on the hourly chart while 18940, the low made Monday, was the immediate support.

 

Nifty, after touching a high of 19233, slipped to 19056 before closing at 19079.

 

19300 continues to be immediate hurdle on the hourly chart; 18940, the low made yesterday, is the immediate support, below which, 18837, the low made last week, would be crucial support to eye.

 

For Banknifty, 43400 continues to be immediate hurdle on the hourly chart, above which, 43715 and 44153, the 61.8% and 78.6% retracement levels of the recent 44700-42100 fall, would be next upside levels to eye; 42390, the low made yesterday, is the immediate support below which, 42105, the low made last week, would be next downside level to eye.

 

Tata Steel, Sun Pharma, Hero Motocorp and Britannina will report their quarterly numbers today.

 

Auto companies will report October sales figures today.

Investment in securities market is subject to market risk.

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