TRAIL STOP-LOSS TO 21850

 

TRAIL STOP-LOSS TO 21850

 

WORLD MARKETS

 

U.S. markets were shut yesterday for President's day.

 

In Europe, FTSE rose 0.2%, CAC was flat while DAX fell 0.2%.

 

Dollar index was flat at 104.28. Gold rose quarter of a percent to $2018 per ounce.

 

Brent futures gained 9 cents to settle at $83.56 a barrel. WTI crude rose 30 cents to $79.49 a barrel.

 

AT HOME

 

Benchmark indices rose four tenth of a percent each, extending the winning streak to fifth straight session and Nifty hitting fresh record highs. Sensex settled at 72708, up 281 points while Nifty added 81 points to finish at 22122. Nifty mid-cap and small-cap indices also gained 0.4% each. Nifty Consumer Durables and Pharma indices were the top gainers among the sectoral indices, up 1.9% and 0.9% respectively while Realty and PSU Bank indices were the top losers, down 0.7% and 0.5% respectively.

 

FIIs net sold stocks and stock futures worth Rs 755 cr and 2107 cr respectively but net bought index futures worth Rs 720 cr. DIIs were net buyers to the tune of Rs 453 cr.

 

The Indian currency markets were closed today on account of Chatrapati Shivaji Maharaj Jayanti.

 

OUTLOOK

 

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

 

In yesterday's report we had said that 22126, the top made on 2nd February, was the next upside level to eye, upon crossover of which, 22550-22600 would be next target area and had advised holding on to longs with the stop-loss of 21775.

 

Nifty surged to touch a high of 22186 before closing at 22122.

 

22550-22600 is the next target area; Immediate support on the hourly chart has moved up to 21850, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 47029, followed by 47736, the 61.8% and 78.6% retracement levels of the 48636-44429 fall, are the upside levels to eye. 45600 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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22600 ABOVE 22126; STAY LONG WITH THE STOP-LOSS OF 21775

 

22600 ABOVE 22126; STAY LONG WITH THE STOP-LOSS OF 21775

 

WORLD MARKETS

 

U.S. indices fell 0.4%-0.8% on Friday after yet another hot inflation report stoked fears that Federal Reserve rate cuts may not arrive until later than anticipated this year.

 

The producer price index for January increased 0.3%, as against expectation of

a gain of 0.1%. Excluding food and energy, core PPI rose increased 0.5%, higher than the expectations for a 0.1% advance. Single-family housing starts, which account for the bulk of homebuilding, dropped 4.7% to a seasonally adjusted annual rate of 1.004 million units last month. U.S. consumer sentiment was little changed in February while one-year inflation expectations inched up. The University of Michigan’s preliminary reading on the overall index of consumer sentiment came in at 79.6 this month, compared with 79.0 in January.

 

U.S. 10-year treasury yield rose 5 bps to 4.283%. Dollar index was flat at 104.28. Gold rose 0.4% to $2013 per ounce.

 

WTI crude futures gained $1.16 or 1.5% to settle at $79.19 a barrel and Brent futures added 61 cents a barrel to settle at $83.47.

 

In Europe, FTSE surged 1.5% while DAX and CAC gained 0.4% and 0.3% respectively. U.K. retail sales rose by 3.4% month on month, higher than the 1.5% growth forecast.  It was the biggest monthly rise since April 2021, and follows a record fall in December.

 

For the week, U.S. indices fell 0.1%-1.3%. snapping five-week winning streak. U.S. crude gained about 3% for the week, settling at its highest level since Nov. 6. Brent rose 1.5% to settle at the highest level since Jan. 26.

 

AT HOME

 

Sensex and Nifty gained 0.6% and 0.5% respectively, extending the winning streak to fourth straight session and closed at the highest level after mid-January. Sensex settled at 72426, up 376 points while Nifty added 130 points to finish at 22040. Nifty mid-cap and small-cap indices gained 0.6% each. Except 0.6% and 0.4% lower Oil & Gas and PSU Bank indices, all the NSE sectoral indices ended higher, with Auto and Pharma indices being the top gainers, up 2.2% and 1.6% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 253 cr, 640 cr and 1260 cr respectively. DIIs were net buyers to the tune of Rs 1571 cr.

 

Rupee appreciated 3 paise to end at 83.01/$.

 

For the week, Sensex and Nifty gained 1.2% each while the latter posting highest ever weekly close.

 

OUTLOOK

 

The People’s Bank of China yesterday held a key policy rate steady as expected.

 

Today morning, Shanghai is up nearly a percent while Hang Seng and Nikkei are down 1% and 0.3% respectively. GIFT Nifty is suggesting around 50 points higher start for our market.

 

In Friday's report we had said that 22126, the top made on 2nd February, was the next upside level to eye while 21750 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 22068 before closing at 22040 and is set to open near 22100 today.

 

22126, the top made on 2nd February, is the next upside level to eye, upon crossover of which, 22550-22600 would be next target area. 21775 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 47029, followed by 47736, the 61.8% and 78.6% retracement levels of the 48636-44429 fall, are the upside levels to eye. 45600 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 

22126 NEXT; STAY LONG WITH THE STOP-LOSS OF 21750

 

22126 NEXT; STAY LONG WITH THE STOP-LOSS OF 21750

 

WORLD MARKETS

 

U.S. indices gained 0.3%-0.9% with the S&P 500 notching yet another record high.

 

Retail sales dropped 0.8% in January, much more than the 0.3% decline expected. Initial claims for state unemployment benefits fell 8,000 to a seasonally-adjusted 212,000 for the week ended Feb. 10. U.S. industrial production last month slid to a weaker-than-expected -0.1%, the lowest since October. However, the Empire State manufacturing index improved to -2.4 in February, after sinking to -43.7 in January, the lowest reading since May 2020. The Philadelphia Fed manufacturing index rose to 5.2 in February, well above expectations.

 

U.S. 10-year treasury yield fell 2 bps to 4.236%. Dollar index fell 0.4% to 104.28. Gold rose 0.6% to $2004 per ounce.

 

WTI crude futures gained 1.8% to settle at $78.03 a barrel, while Brent futures settled at $82.86 a barrel, up 1.5%.

 

European markets gained 0.4%-1.2%. The U.K. economy contracted by 0.3% in the final quarter of 2023, pushing the country into a technical recession after third-quarter growth was revised down to -0.1%.

 

Japan lost its spot as the world’s third-largest economy, with GDP falling 0.4% in the fourth quarter, versus expectations for 1.4% growth. This follows a 3.3% contraction in the third quarter.

 

AT HOME

 

Benchmark indices rose three tenth of a percent each, extending the winning streak to third straight day and closing at the highest level after 7th February. Sensex settled at 72050, up 227 points while Nifty added 70 points to finish at 21910. Nifty mid-cap and small-cap indices surged 1% and 1.3% respectively. Nifty PSU Bank and Oil & Gas indices climbed 3.3% and 2.5% respectively, becoming top gainers among the sectoral indices while FMCG and Healthcare indices were the top losers, down 1% and 0.4% respectively.

 

FIIs net sold stocks and stock futures worth Rs 3064 cr and 1780 cr respectively but net bought index futures worth Rs 492 cr. DIIs were net buyers to the tune of Rs 2277 cr.

 

Rupee depreciated 1 paise to end at 83.04/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 0.7% each and GIFT Nifty is suggesting around 70 points higher start for our market.

 

In yesterday's report we had said that 21915, around which a trendline adjoining recent tops on the hourly chart was placed, was the immediate resistance to eye, upon crossover of which, 22126, the top made  on 2nd February, would be next target while 21530, the low made Wednesday, was the immediate support.

 

Nifty, after touching a high of 21953, closed at 21910 and is set to open above 21950 today.

 

22126, the top made on 2nd February, is the next upside level to eye; 21750 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 46900 is the next upside target; 45500 is the immediate support.

Investment in securities market is subject to market risk.

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

21915 IS IMMEDIATE HURDLE; 21530 IMMEDIATE SUPPORT

 

21915 IS IMMEDIATE HURDLE; 21530 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices gained 0.4%-1.3%, clawing back some of the steep losses suffered in the previous session.

 

U.S. 10-year treasury yield fell 6 bps to 4.259%. Dollar index fell 0.1% to 104.71. Gold was flat at $1992 per ounce.

 

WTI crude futures fell 1.6% to $76.64 a barrel and Brent futures settled at $81.60 a barrel, down 1.4%.

 

European markets rose 0.4%-0.8%. UK inflation stood at an annual rate of 4.0% in January, unchanged from December. Eurozone GDP was flat in the last three months of 2023 against the previous quarter and up 0.1% against the same period of 2022. Euro zone employment rose 0.3% quarter-on-quarter and by 1.3% year-on-year in the fourth quarter.

 

Japan’s GDP for the fourth quarter fell 0.4% on an annualized basis, a sharp miss from the 1.4% growth expected. Singapore saw its fourth-quarter GDP grow 2.2% year on year, lower than the 2.5% expected.

 

AT HOME

 

After falling a percent at the open, benchmark indices surged nearly a percent and half to end higher by four tenth of a percent, extending the winning streak to second straight day. Sensex settled at 71833, up 277 points while Nifty added 96 points to finish at 21840. Nifty mid-cap and small-cap indices climbed 1% and 1.6% respectively. Nifty PSU Bank and Oil & Gas indices were the top gainers among the sectoral indices, up 3.2% and 3.1% respectively while IT index was the top loser, down 1.1%, followed by 0.9% lower Healthcare and Pharma indices.

 

FIIs net sold stocks, index futures and stock futures worth Rs 3930 cr, 87 cr and 645 cr respectively. DIIs were net buyers to the tune of Rs 2898 cr.

 

Rupee depreciated 3 paise to end at 83/$.

 

OUTLOOK

 

Today morning, Nikkei is up 0.8% while Hang Seng is down 0.8%. GIFT Nifty is suggesting around 60 points higher start for our market.

 

In yesterday's report we had said that 21515, the 61.8% retracement level of the recent 21137-22126 upmove, was the next downside levels to eye while 21930 was the immediate hurdle.

 

Nifty, after touching a low of 21530, rebounded to end at 21840. The benchmark is set to open near 21900 today.

 

21915, around which a trendline adjoining recent tops on the hourly chart is placed, is the immediate resistance to eye, upon crossover of which, 22126, the top made on 2nd February, would be next target; 21530, the low made yesterday, is the immediate support.

 

For Banknifty, above yesterday's high, i.e. 46170, next upside target to eye would be 46900; A trendline adjoining recent bottoms lands support around 45100.

 Investment in securities market is subject to market risk.

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

21515 CONTINUES TO BE IMMEIDATE SUPPORT; 21930 IMMEDIATE HURDLE

 

21515 CONTINUES TO BE IMMEIDATE SUPPORT; 21930 IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow and S & P 500 tumbled 1.4% each while Nasdaq nosedived 1.8% after hotter-than-expected inflation data for January spiked Treasury yields.

 

The consumer price index rose 0.3% month-on-month and 3.1% on an annual basis, higher than the expected rise of 0.2% and 2.9% respectively. Core prices, which exclude volatile food and energy components, rose 0.4% month over month and 3.9% from a year ago, against expected figures of 0.3% and 3.7% respectively.

 

U.S. 10-year treasury yield jumped 13 bps to 4.318%. Dollar index climbed 0.7% to 104.86, its highest level in 3-months. Gold tumbled 1.3% to $1993 per ounce.

 

WTI crude futures rose 1.2% to $77.87 a barrel and Brent settled at $82.77 a barrel, up 0.9%.

 

European markets fell 0.6%-1%.

 

AT HOME

 

After falling a third of a percent in the initial trade, benchmark indices surged nearly a percent from the bottom of the day to end higher by about two third of a percent. Sensex settled at 71555, up 482 points while Nifty added 127 points to finish at 21743. Nifty mid-cap and small-cap indices gained 0.3% and 0.2% respectively. Except 2.1% and 0.03% lower Metal and Media indices respectively, all the NSE sectoral indices ended higher with Financial Services and Bank indices on the top, up 1.6% and 1.4% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 376 cr, 345 cr and 2508 cr respectively. DIIs were net buyers to the tune of Rs 274 cr.

 

Rupee ended flat at 83/$.

 

OUTLOOK

 

Today morning, Hang Seng and Nikkei are down 0.8% and 0.5% respectively while GIFT Nifty is suggesting around 180 points gap-down start for our market.

 

In yesterday's report we had said that 21515 the 61.8% retracement levels of the recent 21137-22126 upmove, was the next downside levels to eye while a trendline adjoining recent tops on hourly charts presented resistance around 21950.

 

Nifty, after touching a low of 21543, rebounded to end at 21743. The benchmark is set to open below 21600 today.

 

21515 and 21350, the 61.8% and 78.6% retracement levels of the recent 21137-22126 upmove, continue to be downside levels to eye; 21930, around which a trendline adjoining recent tops on the hourly chart is placed, is the immediate resistance to eye.

 

For Banknifty, 44429, the low made in January, is the downside level to eye; 45750 is the immediate hurdle, upon crossover of which, 46000-46100 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. 

21515 IS NEXT SUPPORT; 21950 IMMEDIATE HURDLE

 

21515 IS NEXT SUPPORT; 21950 IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow rose a third of a percent to hit new high while S & P 500 and Nasdaq fell 0.1% and 0.3% respectively.

 

U.S. 10-year treasury yield rose 1 bps to 4.181%. Dollar index was little changed at 104.13. Gold fell 0.2% to $2020 per ounce.

 

WTI crude for March gained 8 cents to settle at $76.92 a barrel. The Brent contract for April fell 19 cents to $82 a barrel.

 

In Europe, FTSE was flat while DAX and CAC gained 0.6% each.

 

AT HOME

 

Benchmark indices slipped three fourth of a percent and closed at the lowest level after 30th January. Sensex settled at 71072, down 523 points while Nifty lost 166 points to finish at 21616. Nifty mid-cap and small-cap indices nosedived 2.5% and 4% respectively for their worst day since 23rd January and 12th September 2023 respectively. Nifty Media and PSU Bank plunged 4.4% each, becoming top losers among the sectoral indices while IT and Healthcare indices were the top gainers, up 0.8% and 0.5% respectively.

 

FIIs net bought stocks and stock futures worth Rs 127 cr and 1606 cr respectively but net sold index futures worth Rs 126 cr. DIIs were net buyers to the tune of Rs 1712 cr.

 

Rupee appreciated 4 paise to end at 83/$.

 

India's retail inflation fell to 5.1% in January from 5.69% in December. Core CPI fell to 3.6% from 3.88%. Industrial production grew at 3.8% in December, up from 2.4% in November.

 

OUTLOOK

 

Today morning, Nikkei is up 2% while GIFT Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that 21630, the low mad on Friday, was the important immediate support while 21975 was the immediate hurdle.

 

Nifty, after making a top of 21831, plunged all the way to 21574 before closing at 21616.

 

21515 and 21350, the 61.8% and 78.6% retracement levels of the recent 21137-22126 upmove, are the next downside levels to eye; A trendline adjoining recent tops on hourly charts presents resistance around 21950.

 

For Banknifty, 44429, the low made in January, is the next support; On the way up, 45750 is the immediate hurdle.

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 21630

 

STAY LONG WITH THE STOP-LOSS OF 21630

 

WORLD MARKETS

 

Nasdaq and S & P 500 gained 1.2% and 0.6% respectively while Dow fell 0.1%. The S & 500 closed above the key 5000 level for first time ever.

 

December’s consumer price index was revised lower to 0.2% from a 0.3% increase initially reported. Core inflation figures, excluding food and energy, were the same.

 

U.S. 10-year treasury yield rose 2 bps to 4.177%. Dollar index was little changed at 104.08. Gold fell half a percent to $2024 per ounce.

 

 

WTI crude futures rose 62 cents to settle at $76.84 a barrel and Brent contract settled at $82.19 a barrel, up 56 cents.

 

In Europe, FTSE fell 0.3% while DAX and CAC fell 0.2% each. German inflation fell in January to 3.1%.

 

Nikkei breached the 37,000 mark for the first time in 34 years on Friday. BOJ Governor Kazuo Ueda said on there was a high chance for easy monetary conditions to persist even after the central bank ends its negative interest rate policy.

 

For the week, Dow ended marginally higher while S & P 500 and Nasdaq gained 1.4% and 2.3% respectively. In Europe, CAC rose 0.7%, DAX was little changed while FTSE fell 0.6%. In Asia, Shanghai surged 5%, Hang Seng rose 1.4% and Nikkei climbed 2%.

 

 

AT HOME

 

After falling around four tenth of a percent, benchmark indices rebounded in noon trade to end higher by nearly three tenth of a percent. Sensex settled at 71595, up 167 points while Nifty added 64 points to finish at 21782. Nifty mid-cap and small-cap indices however slipped 0.9% and 1.4% respectively, their worst fall since 23rd January. Nifty Bank and Healthcare indices gained 1.4% and 1% respectively, becoming top gainers among the sectoral indices while Metal and Oil & Gas indices were the top losers, down 1.5% and 1.4% respectively.

 

FIIs net bought stocks and index futures worth Rs 142 cr and 657 cr respectively but net sold stock futures worth Rs 2173 cr. DIIs were net sellers to the tune of Rs 422 cr.

 

Rupee depreciated 8 paise to end at 83.04/$.

 

For the week, Sensex and Nifty fell 0.7% and 0.3% respectively.

 

Hero Motocorp's earnings beat estimates with profit and revenue rising 51% and 21% respectively.

 

OUTLOOK

 

China remains shut for the whole of this week while Hong Kong, Taiwan and South Korea are shut today. Nikkei is marginally in the green while GIFT Nifty is suggesting around 100 points gap-up start for our market.

 

In Friday's report we had said that 34-DMA, placed around 21650, was the important immediate support to eye while 22126 continues to be important immediate hurdle.

 

Nifty, after touching a low of 21630, rebounded to end at 21782. The benchmark is set to open above 21850 today.

 

21630, the low mad on Friday, coincided with the 50% retracement level of the recent 21137-22126 upmove and roughly coincided with 34-DMA, making it an important immediate support. On the way up, a trendline adjoining recent tops on the hourly chart presents immediate resistance around 21975, upon crossover of which, 22126, the top made last week, would be bigger hurdle to eye. Meanwhile, trading longs can be held on to with the stop-loss of 21630.

 

For Banknifty, 44859, the low made on Friday, coincided with 200-DMA, and hence is the immediate support to eye, upon breach of which, 44429, the low made in January, would be next support. On the way up, 46000-46100 is the immediate resistance zone, above which, 46892, the top made on 2nd February, would be next upside level to eye.

Investment in securities market is subject to market risk.

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