34-DMA LANDS SUPPORT AROUND 21350; 21850 IS IMMEDIATE HURDLE

 

34-DMA LANDS SUPPORT AROUND 21350; 21850 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow fell 0.25% while S & P 500 and Nasdaq fell 0.6% each as Treasury yields rose following stronger-than-expected retail sales data.

 

December retail sales were up 0.6% from November, and gained 0.4% excluding autos. This was against estimate of 0.4% month-to-month increase in retail sales and 0.2% ex-autos.

 

U.S. 10-year treasury yield rose 4 bps to 4.106%. Dollar index was little changed at 103.37. Gold fell 1.1% to $2006 per ounce.

 

Brent crude futures settled down 41 cents to $77.88 a barrel while WTI gained 16 cents at $72.56.

 

European markets fell 0.8%-1.5%. At the World Economic Forum in Davos, more European Central Bank members indicated that markets were getting ahead of themselves on rate cut projections.

 

China’s economy expanded by 5.2% in the fourth quarter of 2023, missing estimates of 5.3% growth.

 

AT HOME

 

Benchmark indices nosedived more than 2% for their worst fall since mid-June 2022. Sensex lost 1628 points to settle at 71500 while Nifty finished at 21571, down 460 points. Nifty mid-cap and small-cap indices fell 1.1% and 1.2% respectively. Except 0.6% higher IT index, all the NSE sectoral indices ended lower, with Bank and Financial Services indices being the top losers, down 4.3% each.

 

FIIs net sold stocks, index futures and stock futures worth Rs 10578 cr, 5048 cr and 6012 cr respectively. DIIs were net buyers to the tune of Rs 4006 cr.

 

Rupee depreciated 7 paise to end at 83.14/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 0.4% and 0.2% respectively while Shanghai is down 1.2%. GIFT Nifty is suggesting around 190 points gap-down start for our market.

 

In yesterday's report we had said that immediate support on the hourly chart has moved up to 21800, upon breach of which, 21550-21500 would be next support area.

 

Nifty plunged all the way to 21550 before closing at 21571 and is set to open near 21400 today.

 

34-DMA, placed around 21350, is the important support to eye; 21850 is the immediate hurdle, with the stop-loss of which, trading shorts can be held on to.

 

For Banknifty, 45484-44951, the gap created by gap-up opening on 4th December, is the next support area; 47550 is the immediate hurdle.

 

Indusind Bank 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. 

TRAIL STOP-LOSS TO 21800

 

TRAIL STOP-LOSS TO 21800

 

WORLD MARKETS

 

U.S. indices fell 0.2%-0.6% as bond yields surged past 4% and wall street pored through the latest batch of fourth-quarter earnings.

 

U.S. 10-year treasury yield rose 12 bps to 4.062% after Federal Reserve Governor Christopher Waller indicated that the central bank may ease monetary policy slower than Wall Street had anticipated. Dollar index rose 0.6% to 103.33. Sterling fell 0.8% after British wage growth slowed sharply in the three months through November. Gold slipped 1.3% to $2028 per ounce.

 

Goldman Sachs reported better-than-expected profit and revenue, while Morgan Stanley posted a revenue beat in the fourth quarter. Boeing shares tumbled 8% after Wells Fargo downgraded the company.  AMD shares jumped 8.3% following upbeat analyst commentary on semiconductor demand.

 

WTI crude futures settled $72.40 a barrel, down 0.4%. Brent crude futures rose 0.2% to $78.29 a barrel.

 

European markets fell 0.2%-0.5%. European Central Bank officials have expressed a series of divergent views at the Davos summit so far, but have largely pushed back on market expectations for interest rate cuts starting as soon as the spring. An ECB survey showed consumer expectations of euro zone inflation three years ahead fell in a November poll to 2.2% from 2.5%.

 

Japan’s wholesale price index stayed flat in December from a year ago, with the rate of change slowing for the 12th straight month.

 

AT HOME

 

Benchmark indices fell three tenth of a percent each, snapping a 5-session winning streak. Sensex settled at 73128, down 199 points while Nifty lost 65 points to finish at 22032. Nifty mid-cap and small-cap indices fell 0.4% and 0.5% respectively. Nifty Realty and IT indices tumbled 1.7% and 1.3% respectively, becoming top losers among the sectoral indices while Metal and Oil & Gas indices were the top gainers, up 1% and 0.4% respectively.

 

FIIs net bought stocks worth Rs 657 cr but net sold index futures and stock futures worth Rs 135 cr and 1166 cr respectively. DIIs were net sellers to the tune of Rs 369 cr.

 

Rupee depreciated 19 paise to end at 83.07/$.

 

Metal stocks rose on China stimulus hopes after reports suggested China is considering 1 trillion yuan ($139 billion) of new debt issuance under a so-called special sovereign bond plan.

 

HDFC Bank reported mixed set of numbers as Profit beat estimate but NII was a miss.

 

OUTLOOK

 

Today morning, Nikkei is up 1.6% but Hang Seng and Shanghai are down 2% and 0.6% respectively. GIFT Nifty is suggesting around 190 points gap-down opening for our market.

 

In yesterday's report we had said that 22200-22250 continued to be next target area for Nifty while immediate support on the hourly chart had moved up to 21750, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 22124, slipped to end at 22032. The benchmark is set to open below 21900 today.

 

Immediate support on the hourly chart has moved up to 21800, upon breach of which, 21550-21500 would be next support area; 22124, the top made yesterday, would now act as immediate hurdle; Meanwhile, trading longs can be held on to with the stop-loss of 21800.

 

For Banknifty, 48380 and 48636, the tops made on 5th January and 28th December respectively, are the next upside levels to eye; 47700-47650 is the immediate support zone, below which, 47250 and 47000 would be next downside levels to eye.

 

Asian Paints and LTI Mindtree 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 21750

 

TRAIL STOP-LOSS TO 21750

 

WORLD MARKETS

 

U.S. markets were closed yesterday due to the Martin Luther King holiday.

 

European markets fell 0.2%-0.7%. The German economy contracted 0.3% in 2023, initial figures published by the national statistics agency showed.

 

Dollar index rose 0.2% to102.67. Gold rose a fourth of a percent to $2054 per ounce.

 

Brent and WTI crude futures fell 0.4% each to $77.98 and $72.36 a barrel respectively.

 

China's central bank left its medium-term policy loans rate unchanged.

 

AT HOME

 

Benchmark indices surged a percent each, extending the winning streak to fifth consecutive session and hitting fresh record highs. Sensex settled at 73328, up 759 points while Nifty added 203 points to finish at 22097. Nifty mid-cap and small-cap indices rose 0.7% and 0.4% respectively, both hitting fresh record highs. Except 1.9% and 0.4% lower Media and Metal indices respectively, all the NSE sectoral indices ended higher, with IT index on the top, up 1.9%, followed by 1% higher Pharma and Healthcare indices.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1086 cr, 1446 cr and 135 cr respectively. DIIs were net sellers to the tune of Rs 821 cr.

 

Rupee appreciated 4 paise to end at 82.88/$.

 

India's December trade deficit fell to $19.8 bn vs $20.58 bn month-on-month and vs $23.14 bn y-o-y.

 

OUTLOOK

Today morning, Nikkei and Hang Seng are down 0.6% and 0.2% respectively while Shanghai is marginally higher. GIFT Nifty is suggesting around 25 points lower start for our market.

 

In yesterday's report we had said that 22200-22250 was the next target area for Nifty while 21700-21650 was the immediate support zone on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty surged to touch a high of 22115 before closing at 22097.

 

22200-22250 continues to be next target area for Nifty; Immediate support on the hourly chart has moved up to 21750, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 48380 and 48636, the tops made on 5th January and 28th December respectively, are the next upside levels to eye; 47600 is the immediate support.

 

HDFC Bank will report it's quarterly earnings today.

 

Investment in securities market is subject to market risk.

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

22250-22200 IS THE NEXT TARGET AREA; 21700-21650 IS THE SUPPORT ZONE

 

22250-22200 IS THE NEXT TARGET AREA; 21700-21650 IS THE SUPPORT ZONE

 

WORLD MARKETS

 

Dow fell 0.3% while S & P 500 and Nasdaq ended marginally in the green on Friday as traders parsed through the first batch of fourth-quarter earnings and digested the wholesale inflation data.

 

December producer price index fell 0.1% for the month and rose 1% y-o-y, as against expectation of a monthly gain of 0.1%. Excluding food and energy, core PPI was flat against the estimate for a 0.2% increase.

 

Bank of America shares fell 1.1% after posting declining fourth-quarter profit, while Wells Fargo

 shed 3.3% despite posting a higher profit for the quarterly period. Shares of JPMorgan Chase

 lost 0.7% after the bank said its earnings slipped by 15% from a year earlier. Citigroup rose 1% after announcing 10% workforce cut and posting a $1.8 billion quarterly loss after incurring several large charges. Dow component UnitedHealth fell 3.4% despite the company announcing higher-than-expected earnings and revenue for the fourth quarter. Delta Air Lines also plunged 9% even after exceeding quarterly earnings expectations.

 

U.S. 10-year treasury yield fell 3 bps to 3.941%. Dollar index inched up 0.1% to 102.44. Gold jumped 1.1% to $2049 per ounce.

 

Oil prices intraday surged more than 4% to hit their highest levels since Dec. 27 after Britain and the United States carried out military strikes against targets in Houthi-controlled areas of Yemen.  U.S. crude oil jumped to $75.25 before coming back to $72.68 a barrel while Brent touched $80.75 but reversed from there to settle at $78.29.

 

European markets gained 0.6%-1%.

 

For the week, Dow, S & P 500 and Nasdaq gained 0.3%, 1.8% and 3.1% respectively. In Europe, FTSE was down 0.8% but DAX and CAC gained 0.6% each. In Asia, Nikkei soared 6.6%, Nifty inched up 0.8% but Hang Seng and Shanghai fell 1.8% and 1.6% respectively. WTI crude fell 1.6%. U.S. 10-year treasury yield fell 10 bps to 3.944. Dollar index was flat at 102.44. Gold inched up 0.2%.

 

AT HOME

 

Benchmark indices surged 1.1% each for their best day since 15th December and hit fresh record highs. Sensex settled at 72568, up 847 points while Nifty added 247 points to finish at 21894. Nifty mid-cap and small-cap indices rose 0.4% each, with the former posting record close while the latter hit intraday as well as closing record high. Nifty IT index soared 5.1%, becoming top gainer among the sectoral indices and posting it's best single day gain after 15th July 2020. PSU Bank followed with 2.8 jump. Media and Healthcare indices were the top losers, down 0.6% and 0.5% respectively.

 

FIIs net sold stocks worth Rs 340 cr but net bought index futures and stock futures worth Rs 64 cr and 551 cr respectively. DIIs were net buyers to the tune of Rs 2912 cr.

 

Rupee appreciated 11 paise to end at 82.92/$.

 

For the week, Sensex and Nifty gained 0.8% each.

 

HCL Tech reported stellar set of results as dollar revenue grew 6% and margin expanded. Wipro's dollar revenue fell 2% revenue but beat estimate along with margin and the management said there are green shoots in discretionary spending.

 

Retail inflation accelerated marginally to 5.69% in December from 5.55% in November. Core CPI however eased to 3.9% from 4.1%. Industrial output growth slowed to 2.4% in November from 11.7% in October.

 

China’s annual exports dropped 4.6% in 2023, marking the first dip in seven years.

 

OUTLOOK

 

Today morning, Nikkei is up 0.6% but Hang Seng and Shanghai are down 0.8% and 0.4% respectively. GIFT Nifty is suggesting around 90 points higher start for our market.

 

In Friday's report we had reiterated that 21760 was the immediate hurdle.

 

Nifty, after crossing this hurdle, surged all the way to 21928 before closing at 21894 and is set to open near 22000 today.

 

22200-22250 is the next target area for Nifty; 21700-21650 is the immediate support zone on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

47900 continues to be immediate hurdle for Banknifty, above which, 48380 and 48636, the tops made on 5th January and 28th December respectively, would be next upside levels to eye; 47250, 47000 are downside levels to eye.

21760-21448 CONTINUES TO BE IMMEDIATE RANGE

 

21760-21448 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

 

After falling nearly a percent on the back of hotter than expected consumer inflation report, U.S. indices rebounded from intraday lows to end little changed.

 

December CPI rose 0.3% over the month and 3.4% y-o-y, slightly higher than the expected figures of 0.2% and 3.2% respectively. Core CPI rose 0.3% for the month and 3.9% from the year-ago period, compared to respective estimates of 0.3% and 3.8%.

 

U.S. 10-year treasury yield, after hitting an intraday high of 4.068%. slipped to end at 3.968%, down 6 bps compared to previous day's close. Dollar index was little changed at 102.32. Gold rose 0.2% to $2028 per ounce.

 

WTI crude future rose 0.9% to $72.02 a barrel and Brent future rose 0.8% to settle at $77.41 a barrel.

 

European markets fell 0.5%-1%.

 

AT HOME

 

After rising half a percent in the initial trade, benchmark indices gave away most of the gains through the session to end just marginally in the green. Sensex settled at 71721, up 63 points while Nifty added 28 points to finish at 21647. Nifty mid-cap and small-cap indices climbed 0.5% and 0.6% respectively, with the latter posting record high on closing basis. Nifty Oil & Gas and Consumer Durables indices were the top gainers among the sectoral indices, up 1.5% and 1.2% respectively while Media and IT indices were the top losers, down 0.4% and 0.3% respectively.

 

FIIs net sold stocks worth Rs 865 cr but net bought index futures and stock futures worth Rs 75 cr and 1667 cr respectively. DIIs were net buyers to the tune of Rs 1607 cr.

 

Rupee appreciated 1 paise to end at 83.03/$.

 

TCS beat muted estimates in Q3 as dollar revenue grew a percent and margins expanded by 70 bps to 25% sequentially. Infosys largely met estimates even as dollar revenue declined a percent and margin contracted 70 bps. The company tightened full-year revenue guidance to 1.5-2%.

 

OUTLOOK

 

Today morning, Asian markets are up 0.3%-1% and GIFT Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that 21448, the low made Wednesday, coincided with 20-DMA and hence was the immediate support to eye while 21760, the top made Monday, continued to be immediate hurdle.

 

Nifty, after touching a high of 21726, slipped to end at 21647.

 

21760, the top made Monday, continues to be immediate hurdle; 21448, the bottom made Thursday, continues to be immediate support.

 

For Banknifty, 47000 is the immediate support; 47900 is the immediate hurdle.

 

Wipro and HCL Tech will report their quarterly earnings today.

 

India's December CPI and November IIP data will be released today.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer. May@#255

NIFTY REBOUNDS FROM 20-DMA SUPPORT; 21760 IS THE IMMEDIATE HURDLE

 

NIFTY REBOUNDS FROM 20-DMA SUPPORT; 21760 IS THE IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices gained 0.4%-0.8%, with Wall Street preparing for the latest inflation data and the start of the fourth-quarter earnings season.

 

U.S. 10-year treasury yield rose 2 bps to 4.03%. Dollar index fell 0.2% to 102.36. Gold fell 0.3% to $2024 per ounce.

 

WTI crude futures fell 1.2% to $71.37 a barrel while Brent futures settled 1% lower at $76.80 a barrel after a surprise jump in U.S. crude stockpiles.

 

In Europe, FTSE fell 0.4% while DAX and CAC were little changed.

 

AT HOME

 

After falling nearly half a percent, benchmark indices rebounded in late noon session to end higher by nearly four tenth of a percent. Sensex settled at 71657, up 271 points while Nifty added 73 points to finish at 21618. Nifty mid-cap index rose 0.3% but small-cap index fell 0.2%. Nifty Media index surged 3.5%, becoming top gainer among the sectoral indices, followed by 1% higher Metal index. FMCG and PSU Bank indices were the top losers, down 0.4% and 0.3% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 1721 cr, 641 cr and 1099 cr respectively. DIIs were net buyers to the tune of Rs 2080 cr.

 

Rupee appreciated 8 paise to end at 83.04/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 2% and 0.6% respectively while Shanghai is off 0.2%. GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 21492, the low made Monday, was the immediate support, upon breach of which, 21400 would be next downside levels to eye and that 21760, the top made Monday, was the immediate hurdle.

 

Nifty, after touching a low of 21448, rebounded to end at 21618.

 

21448, the low made yesterday, coincided with 20-DMA and hence is the immediate support to eye; On the way up, 21760, the top made Monday, continues to be immediate hurdle.

 

For Banknifty, 34-DMA, placed around 46900, is the important immediate support; 47900 is the immediate hurdle.

 

TCS and Infosys 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. May@#255

21760 IS THE TOUGH HURDLE; 21492 IS IMMEDIATE SUPPORT

 

21760 IS THE TOUGH HURDLE; 21492 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.4% and 0.2% respectively while Nasdaq inched up 0.1%

 

U.S. 10-year treasury yield fell 2 bps to 4.015%. Dollar index rose 0.2% to 102.52. Gold inched up 0.1% to $2030 per ounce.

 

U.S. trade deficit unexpectedly narrowed in November as imports of consumer goods fell to a one-year low amid slowing domestic demand.

 

Brent crude futures rose 1.9% to settle at $77.59 a barrel while WTI crude futures gained 2.1% to settle at $72.24 a barrel.

 

Main European markets fell 0.1%-0.3%.

 

AT HOME

 

After rising a percent, benchmark indices gave away most of the gains in late noon plunge to end just marginally higher. Sensex settled at 71386, up 31 points while Nifty added 32 points to finish at 21544. Nifty mid-cap and small-cap indices gained 0.2% and 0.4% respectively. Nifty Realty index surged 2.5%, becoming top gainer among the sectoral indices, followed by 1.1% higher Healthcare index. Media index nosedived 3.3%, becoming top loser, followed by 0.4% lower Bank index.

 

FIIs net sold stocks worth Rs 991 cr but net bought index futures and stock futures worth Rs 1435 cr and 1012 cr respectively. DIIs were net buyers to the tune of Rs 104 cr.

 

Rupee appreciated 2 paise to end at 83.12/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 1.2% and 0.1% respectively while Shanghai is off 0.2%. GIFT Nifty is suggesting around 40 points lower start for our market.

 

In yesterday's report we had said that 21625-21650 is the immediate resistance zone for Nifty, upon crossover of which, 21763, the top made yesterday, would be next upside level to eye while 21492, the low made Monday, was the immediate support.

 

Nifty after touching a high of 21724, reversed and plunged to 21517 before closing at 21544.

 

21492, the low made Monday, is the immediate support, upon breach of which, 21400, followed by 21300, the 50% and 61.8% retracement levels of the recent 48636-47481 fall, would be next downside levels to eye; 21760, the top made Monday, is the immediate hurdle.

 

For Banknifty, 46900 is the next downside level to eye; 47900 is immediate hurdle.

Investment in securities market is subject to market risk.

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