24550, 24750 ARE UPSIDE HURDLES; 23893 CONTINUES TO BE IMMEDIATE SUPPORT

 

24550, 24750 ARE UPSIDE HURDLES; 23893 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices surged 1.8%-2.8%, with S & P 500 posting its best day since November 2022, after new labor market data eased recession concern.

 

First-time filings for jobless benefits came in at 233,000 last week, down 17,000 from the previous week and lower than the estimate for 240,000.

 

U.S. 10-year treasury yield rose 5 bps to 3.992%. Dollar index was flat at 103.24. Gold jumped 1.8% to $2426 per ounce.

 

WTI crude futures rose 1.3% to $76.19 while Brent futures rose 1.1% to $79.16 per barrel.

 

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

 

AT HOME

 

Benchmark indices fell three fourth of a percent each, falling for the fourth day in last five. Sensex settled at 78886, down 581 points while Nifty lost 180 points to finish at 24117. Nifty mid-cap and small-cap indices fell 0.3% and 0.4% respectively. Nifty IT and Metal indices were the top losers among the sectoral indices, down 1.9% and 1.7% respectively while Pharma and Media indices were the top gainers, up 0.4% and 0.2% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 2627 cr, 2943 cr and 10224 cr respectively. DIIs were net buyers to the tune of Rs 577 cr.

 

Rupee ended flat at 83.96/$.

 

RBI's Monetary Policy Committee decided to keep key rates on hold and maintain the stance as "Withdrawal of Accommodation" with a majority of 4:2. FY25 GDP growth and CPI forecasts were maintained at 7.2% and 4.5% respectively.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 1.6% and 1.3% respectively while Shanghai is up 0.3%. GIFT Nifty is suggesting around 250 points gap-up start for our market.

 

In yesterday's report we had said that 23893, the low made Monday, continued to be immediate support while 20-DMA, placed around 24550, was the immediate hurdle, upon crossover of which, 24700-24750 would be next immediate resistance zone.

 

Nifty, after touching a high of 24340, slipped to end at 24117 but is set to open above 24300 today.

 

20-DMA, placed around 24550, is the immediate hurdle, upon crossover of which, 24700-24750 would be next resistance zone; 23893, the low made Monday, continues to be immediate support.

 

For Banknifty, 48860, the 61.8% retracement levels of the upmove seen since election result day bottom, is the next downside levels to eye; 51000 is immediate hurdle.

Investment in securities market is subject to market risk.

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

23893 CONTINUES TO BE IMMEDIATE SUPPORT; 24550, 24750 ARE UPSIDE HURDLE

 

23893 CONTINUES TO BE IMMEDIATE SUPPORT; 24550, 24750 ARE UPSIDE HURDLE

 

WORLD MARKETS

 

After starting with gains of 1.2%-2%, U.S. indices saw a sustained downward move through the session to end with cuts of 0.6%-1%.

 

U.S. 10-year treasury yield rose 5 bps to 3.943%. Dollar index rose quarter of a percent to 103.19. Gold fell quarter of a percent to $2383 per ounce. Yen fell 1.6% to $146.66 after BOJ Deputy Governor played down the chances of a near-term rate hike.

 

WTI crude futures rose 2.8% to $75.23 while Brent futures rose 2.4% to $78.33 per barrel.

 

European markets gained 1.5%-2.3%.

 

AT HOME

 

Sensex and Nifty gained 1.1% and 1.3% respectively, snapping a 3-day losing streak. Sensex settled at 79468, up 875 points while Nifty added 305 points to finish at 24297. Nifty mid-cap and small-cap indices surged 2.4% and 2.9% respectively, snapping a 4 and 5-session losing streak respectively. All the NSE sectoral indices ended higher with Oil & Gas and Metal indices being the top gainers, up 3.1% and 2.7% respectively.

 

FIIs net sold stocks and index futures worth Rs 3315 cr and 1032 cr respectively but net bought stock futures worth Rs 3054 cr. DIIs were net buyers to the tune of Rs 3801 cr.

 

Rupee ended flat at 83.95/$.

 

OUTLOOK

 

Today morning, Asian markets are down 0.4%-1.2% and GIFT Nifty is suggesting around 170 points lower start for our market.

 

In yesterday's report we had said that 23893, the low made Monday, continues to be immediate support while 24700-24750 continued to be immediate resistance zone.

 

Nifty rose to touch a high of 24337 before closing at 24297 and is set to open around 24150 today.

 

23893, the low made Monday, continues to be immediate support, upon breach of which, 23627, the 38.2% retracement level of the upmove seen since election result day bottom, would be the next downside level to eye; 20-DMA, placed around 24550, is the immediate hurdle, upon crossover of which, 24700-24750 would be next immediate resistance zone.

 

For Banknifty, 48860, the 61.8% retracement levels of the upmove seen since election result day bottom, is the next downside levels to eye; 51000 is immediate hurdle.

 

RBI's monetary policy committee is expected to leave repo rate unchanged for the eighth consecutive time when the decision is announced today. Monetary policy stance is also expected to be kept unchanged as "withdrawal of accommodation".

Investment in securities market is subject to market risk.

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

23893 CONTINUES TO BE IMMEDIATE SUPPORT; 24700-24750 IMMEDIATE RESISTANCE ZONE

 

23893 CONTINUES TO BE IMMEDIATE SUPPORT; 24700-24750 IMMEDIATE RESISTANCE ZONE

 

WORLD MARKETS

 

Dow rose 0.8% while S & P 500 and Nasdaq gained 1% each, all snapping a 3-day losing streak.

 

The Commerce Department reported that the U.S. trade deficit fell less than expected in June.

 

Fed Presidents of San Francisco and Chicago both gave indications that rate cuts are on the horizon without specifying when and to what degree.

 

U.S. 10-year treasury yield rose 10 bps to 3.896%. Dollar index rose quarter of a percent to 102.93. Gold fell 0.8% to $2389 per ounce.

 

WTI crude futures rose 0.4% to $73.20 while Brent futures rose 0.2% to $76.48 per barrel.

 

In Europe, FTSE and DAX inched up 0.2% and 0.1% respectively while CAC fell 0.3%.

 

The Nikkei 225 posted its best day since October 2008, soaring 10.2%.

 

AT HOME

 

After opening higher by a percent and fourth, benchmark indices, gave away all the gains and some more through the session to end lower by quarter of a percent, extending the losing streak to third straight session. Sensex settled at 78593, down 166 points while Nifty lost 63 points to finish at 23992. Nifty mid-cap and small-cap indices fell 0.6% and 0.4% respectively, extending the losing streak to fourth and fifth consecutive day respectively. Nifty Financial Services and PSU Bank indices were the top losers among the sectoral indices, down 1.4% and 1.3% respectively whereas Realty and IT indices were the top gainers, up 0.8% and 0.5% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 3531 cr, 2031 cr and 1309 cr respectively. DIIs were net buyers to the tune of Rs 3357 cr.

 

Rupee depreciated 11 paise to end at 83.95/$.

 

OUTLOOK

 

Today morning, Nikkei is up nearly 3%, Hang Seng is up 1% and Shanghai is up 0.3%. GIFT Nifty is suggesting around 200 points higher start for our market.

 

In yesterday's report we had said that 23893, the low made Monday, was the immediate support while 24700-24750 is the immediate resistance zone, with the stop-loss of which, trading shorts could be held on to.

 

Nifty, after starting at 24382, slipped to end at 23992.

 

23893, the low made Monday, continues to be immediate support, upon breach of which, 23627, the 38.2% retracement level of the upmove seen since election result day bottom, would be the next downside level to eye; 24700-24750 continues to be immediate resistance zone.

 

For Banknifty, 48860, the 61.8% retracement levels of the upmove seen since election result day bottom, is the next downside levels to eye; 51000 is immediate hurdle.

Investment in securities market is subject to market risk.

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

23627 BELOW 23893; 24700-24750 IS THE RESISTACE ZONE

 

23627 BELOW 23893; 24700-24750 IS THE RESISTACE ZONE

 

WORLD MARKETS

 

U.S. indices fell 2.6%-3.4%, with the Dow and S&P 500 registering their biggest daily losses since September 2022.

 

Nvidia tumbled 6.4%, bringing its decline from its 52-week high to nearly 29%. Apple

fell 4.8% after Warren Buffett’s Berkshire Hathaway cut its stake in the iPhone maker in half.

 

The ISM services index for July came in at 51.4, up from 48.8% in June and better than the estimate for 50.9%.

 

U.S. 10-year treasury yield, after touching a low of 3.667, rebounded to end flat at 3.792%. Dollar index fell half a percent to 102.67. Gold fell 1.3% to $2409 per ounce.

 

WTI crude futures fell 0.8% to $72.94 while Brent futures fell 0.7% to $76.30 per barrel.

 

European markets fell 1.4%-2.3%. U.K. services PMI in July rose to 52.5 from 52.1 the previous month. Corresponding data for Italy and Spain also pointed to sustained growth in the sector but at a slower pace than previous months.

 

Japan’s stock market nosedived 12.4%, posting its worst drop since Wall Street’s Black Monday in 1987.

 

AT HOME

 

Benchmark indices nosedived 2.7% each, posting their worst day since election result day and closing at the lowest level since late June 2024. Sensex settled at 78759, down 2222 points while Nifty lost 662 points to finish at 24055. Nifty mid-cap and small-cap indices tumbled 3.6% and 4.6% respectively. All the NSE sectoral indices ended in red, with Metal and Media indices being the top losers, down 4.8% and 4.6% respectively.

 

FIIs net sold stocks and index futures worth Rs 10074 cr and 2434 cr respectively but net bought stock futures worth Rs 1391 cr. DIIs were net buyers to the tune of Rs 9156 cr.

 

Rupee depreciated 10 paise to end at 83.85/$.

 

Bharti Airtel posted mixed set of numbers. Profit doubled due to exceptional item while margin and average revenue per user were marginally below estimates.

 

OUTLOOK

 

Today morning, Nikkei is up 9% while Hang Seng and Shanghai are up 0.6% and 0.2% respectively. GIFT Nifty is suggesting nearly 200 points higher start for our market.

 

In yesterday's report we had said that 34-DMA, placed around 24300, was the next support to eye while 24900 was the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts could be held on to.

 

Nifty plunged all the way to 23893 before closing at 24055 and is set to open above 24200 today.

 

23893, the low made yesterday, is the immediate support, upon breach of which, 23627, the 38.2% retracement level of the upmove seen since the election result day, would be next downside level to eye; 24700-24750 is the immediate resistance zone, with the stop-loss of which, trading shorts can be held on to.

 

For Banknifty, 49719, the low made yesterday, is the immediate support, upon breach of which, 48860, the 61.8% retracement levels of the upmove seen since election result day, would be next downside levels to eye; 51400 is immediate hurdle.

Investment in securities market is subject to market risk.

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

34-DMA SUPPORT AROUND 24300; 24900 IS IMMEDIATE HURDLE

 

34-DMA SUPPORT AROUND 24300; 24900 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices fell 1.5%-2.4% on Friday as a much weaker-than-anticipated jobs report for July ignited worries that the economy could be falling into a recession.

 

Nonfarm payrolls grew by just 114,000 last month, a slowing from 179,000 jobs added in June and below the 185,000 expectations. The unemployment rate increased to 4.3%, highest since October 2021.

 

Amazon tumbled 8.8% after missing the Street’s revenue estimates and issuing a disappointing forecast. Intel nosedived 26% after announcing weak guidance and layoffs.

 

The 10-year Treasury yield fell 18 bps to 3.794%, its lowest since December. Dollar index fell 1.1% to 103.22, its lowest in four months. Gold eased 0.1% to $2442 per ounce.

 

WTI crude futures fell 3.7%, to $76.81 a barrel and Brent future dropped 3.4% to settle at $76.81 per barrel.

 

European markets fell 1.3%-2.6%.

 

For the week, Dow and S & P 500 fell 2.1% each while Nasdaq dipped 3.4%. U.S. 10-year treasury yield fell 40 bps. Dollar index fell 1.1%. Gold jumped 2.3%. WTI dropped 4.7% for the week, while Brent pulled back 5.3%.

 

AT HOME

 

Sensex and Nifty tumbled 1.1% and 1.2% respectively, snapping a 5-session winning streak. Sensex settled at 80981, down 885 points while Nifty lost 293 points to finish at 24717. Nifty mid-cap and small-cap indices fell 1% and 0.8% respectively. Except 0.5% and 0.4% higher Pharma and Healthcare indices respectively, all the NSE sectoral indices ended in red, with Realty and Auto indices being the top losers, down 3.5% and 2.9% respectively.

 

FIIs net sold stocks worth Rs 3310 cr but net bought index futures and stock futures worth Rs 1390 cr and 1627 cr respectively. DIIs were net buyers to the tune of Rs 2966 cr.

 

Rupee depreciated 3 paise to end at 83.75/$.

 

For the week, Sensex and Nifty fell 0.4% and 0.5% respectively, snapping an 8-week winning streak.

 

OUTLOOK

 

Today morning, Nikkei is down 6%, Hang Seng is off 0.4% while Shanghai is up 0.2%. GIFT Nifty is suggesting more than 300 points gap-down start for our market.

 

In Friday's report we had said that 25400 followed by 25600, continued to be next upside targets to eye for Nifty while 24750 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty broke 24750 and plunged all the way to 24686 before closing at 24717 and is set to open near 24400 today.

 

After today's big gap-down start, 34-DMA, placed around 24300, would be important support to eye; 24900 is the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts can be held on to.

 

For Banknifty, 50438, the low made in July, is the immediate support, upon breach of which, 49720 and 48860, the 50% and 61.8% retracement levels of the upmove seen since election result day, would be next downside levels to eye; 52000 is 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 24750

 

STAY LONG WITH THE STOP-LOSS OF 24750

 

WORLD MARKETS

 

U.S. indices tumbled 1.2%-2.3% after some fresh data stoked fears over a possible recession.

 

Initial jobless claims surged to 249,000 for the week that ended July 27, the most since August 2023. The ISM manufacturing index, a barometer of factory activity in the U.S., came in at 46.8, worse than expected 48.9 and contracting for a fourth consecutive month.

 

The Bank of England cut rates by a quarter-point to 5% from a 16-year high of 5.25% with a five to four majority.

 

U.S. 10-year treasury yield fell 6 bps to 3.978%, its lowest level since Feb. 2. Dollar index rose 0.3% to 104.34. Gold fell 0.2% to $2441 per ounce.

 

WTI crude futures fell 2% to $76.31 while Brent futures fell 1.6% to $79.52 per barrel.

 

European markets fell 1%-2.7%.

 

AT HOME

 

Sensex and Nifty gained a fifth of a percent each, extending the winning streak to fifth straight session and hitting fresh record highs. Sensex settled at 81867, up 126 points while Nifty added 60 points to finish at 25010. Nifty mid-cap and small-cap indices however fell 0.8% and 1% respectively, with the former snapping a 4-session winning streak. Nifty Media and Realty indices tumbled 1.9% and 1.7% respectively, becoming top losers among the sectoral indices while Oil & Gas and Healthcare indices were the top gainers, up 0.4% and 0.3% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 2089 cr, 1390 cr and 1627 cr respectively.

 

Rupee ended flat at 83.72/$.

 

ITC's cigarette volumes were in-line with expectations however paper business revenue was a miss. Tata Motors beat estimates but outlook on global demand and JLR was cautious.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are nearly down 4% and 2% respectively while Shanghai is off 0.3%. GIFT Nifty is suggesting nearly 200 points gap-down start for our market.

 

In yesterday's report we had said that 25400 followed by 25600, continued to be next upside targets to eye for Nifty while 24750-24700 was the immediate support area, with the stop-loss of which, trading longs could be held on to.

 

Nifty touched a high of 25078 before closing at 25010. The benchmark is set to open below 24900 today.

 

25400 followed by 25600, continue to be next upside targets to eye for Nifty; 24750 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 52340, the top made on Monday, continues to be immediate hurdle, upon crossover of which, 52700-52800 would be next target area; 51150, 50850 are the support levels to eye.

 

Titan and Britannia 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 24700

 

TRAIL STOP-LOSS TO 24700

 

WORLD MARKETS

 

Nasdaq and S & P 500 surged 2.6% and 1.6% respectively, posting their best session since February, while Dow rose quarter of a percent as Fed Chair Powell pointed to possible September rate cut.

 

Federal Reserve kept interest rates unchanged and pointed to “some further progress” toward bringing inflation down to the central banks 2% goal. During a press conference following the decision, Powell also said that an interest rate cut could be on the table as early as September if inflation moves down in line with expectations, growth remains reasonably strong and the labor market remains as it is.

 

U.S. 10-year treasury yield tumbled 11 bps to 4.033%. Dollar index slipped 0.4% to 104.02. Gold jumped 1.6% to $2448 per ounce.

 

The Japanese yen hit a four-month high against the dollar after the Bank of Japan raised rates to the highest since 2008 and indicated that more hikes may follow.

 

Oil jumped after Hamas political leader Ismail Haniyeh was assassinated in Tehran, Iran, renewing fears that the Middle East is teetering on the brink of a regional war. WTI crude futures rose 4% to $77.76 while Brent futures rose 2.7% to $80.74 per barrel.

 

European markets gained 0.5%-1.1%. Eurozone inflation rose to 2.6% in July from 2.5% in June.

 

AT HOME

 

Benchmark indices rose four tenth of a percent to post highest ever close. Sensex settled at 81741, up 285 points while Nifty added 93 points to finish at 24951. Nifty mid-cap index rose 0.6% while small-cap index fell 0.4%.  Nifty Metal index climbed 1.2%, becoming top gainer among the sectoral indices, followed by 1.1% higher Pharma and Media indices. PSU Bank and Realty indices were the top losers, down 0.4% each.

 

FII s net sold stocks, index futures and stock futures worth Rs 3462 cr, 1267 cr and 640 cr respectively. DIIs were net buyers to the tune of Rs 3367 cr.

 

Rupee appreciated 1 paise to end at 83.72/$.

 

Tata Steel's Q1 results were largely in-line with estimates. Europe performance improved while net debt rose sequentially on higher working capital requirement. Coal India was a good set.

 

OUTLOOK

 

Today morning, Nikkei is down more than 3%, Hang Seng is marginally in the red while Shanghai is up 0.2%. GIFT Nifty is suggesting around 60 points higher start for our market.

 

In yesterday's report we had said that 25400 followed by 25600, continued to be next upside targets to eye for Nifty while 24500 continued to be immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty rose to touch a high of 24985 before closing at 24951 and is set to open near 25000 today.

 

25400 followed by 25600, continue to be next upside targets to eye for Nifty; 24750-24700 is the immediate support area, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 52340, the top made on Monday, continues to be immediate hurdle, upon crossover of which, 52700-52800 would be next target area; 51150, 50850 are the support levels to eye.

 

ITC, Tata Motors, Sun Pharma and Adani Enterprise 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.