TRAIL STOP-LOSS TO 24530

 

TRAIL STOP-LOSS TO 24530

 

WORLD MARKETS

 

U.S. indices gained 0.1%-0.6% after the minutes from the latest Federal Reserve meeting suggested the central bank was moving closer to a rate cut.

 

The summary of the minutes from the Fed’s July meeting said that the “vast majority” of participants “observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting.”

 

Nonfarm payroll revision showed there were 818,000 fewer jobs than originally reported in the 12-month period through March 2024.

 

U.S. 10-year treasury yield were flat at 3.803%. Dollar index fell quarter of a percent to 101.14. Gold was marginally lower at $2512 per ounce.

 

Brent crude futures declined 1.5% to settle at $76.05 a barrel, while WTI crude futures dropped 1.7% to settle at $71.93.

 

European markets gained 0.1%-0.7%.

 

AT HOME

 

Benchmark indices rose three tenth of a percent and closed at the highest level in 3-weeks. Nifty extended the winning streak to fifth consecutive day. Sensex settled at 80905, up 102 points while Nifty added 71 points to finish at 24770. Nifty mid-cap index rose a third of a percent while small-cap index surged 1.2%. Nifty Consumer Durables and FMCG indices were the top gainers among the sectoral indices, up 1.4% each while Realty and PSU Bank were the top losers, down 1.3% and 0.4% respectively.

 

FIIs net sold stocks and index futures worth Rs 800 cr and 728 cr respectively but net bought stock futures worth Rs 37 cr. DIIs were net buyers to the tune of Rs 3097 cr.

 

Rupee depreciated 14 paise to end at 83.92/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 1% and 0.5% respectively while Shanghai is flat. GIFT Nifty is suggesting around 80 points higher start for our market.

 

In yesterday's report we had said that 24825, the 78.6% retracement level of the recent 25078-23893 fall, continues to be next target and had advised trailing stop-loss in longs to 24350.

 

Nifty rose to 24788 before closing at 24770.

 

24825, the 78.6% retracement level of the recent 25078-23893 fall, continues to be next target, above which, 25078, the top made on 1st August, would be the next upside level to eye; 24530 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 51400, is the next upside levels to eye; 50200 is the immediate support, 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 disclaimer. 

TRAIL STOP-LOSS TO 24350

 

TRAIL STOP-LOSS TO 24350

 

WORLD MARKETS

 

U.S. indices ended with modest cuts, with the S & P 500 and Nasdaq snapping an 8-day winning streak while Dow had it's first negative day in the last six.

 

U.S. 10-year treasury yield fell 7 bps to 3.809%. Dollar index plunged half a percent to 101.38, it's lowest level since January. Gold rose 0.4% to $2514 per ounce.

 

WTI crude futures fell 0.4% to $74.04 while Brent futures fell 0.6% to $77.20 per barrel.

 

In Europe, FTSE tumbled 1% while DAX and CAC fell 0.4% and 0.2% respectively. Inflation in the euro zone was 2.6% in July, up from 2.5% in June. Germany’s producer price index fell 0.8% year-on-year last month.

 

China’s central bank left its one-year and five-year loan prime rates unchanged at 3.35% and 3.85% respectively, in line with expectations.

 

AT HOME

 

Benchmark indices rose half a percent, with Nifty extending the winning streak to fourth straight session. Sensex settled at 80802, up 378 points while Nifty added 126 points to finish at 24698. Nifty mid-cap and small-cap indices gained 0.8% and 0.5% respectively. Except 0.3% and 0.1% lower Media and FMCG indices, all the NSE sectoral indices ended higher, with Financial Services and PSU Bank indices on the top, up 1.7% each.

 

FIIs net sold stocks worth Rs 1458 cr but net bought index futures and stock futures worth Rs 1974 cr and 2323 cr respectively. DIIs were net buyers to the tune of Rs 2252 cr.

 

Rupee appreciated 5 paise to end at 83.78/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.3%-1.1% and GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 24825, the 78.6% retracement level of the recent 25078-23893 fall, was the next upside target, while 24300 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 24734, closed at 24699.

 

24825, the 78.6% retracement level of the recent 25078-23893 fall, continues to be next target, above which, 25078, the top made on 1st August, would be the next upside level to eye; 24350 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 20 and 34-DMAs, placed around 51450, is the next upside levels to eye; 50250 is the immediate support, 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 disclaimer. 

STAY LONG WITH THE STOP-LOSS OF 24300

 

STAY LONG WITH THE STOP-LOSS OF 24300

 

WORLD MARKETS

 

U.S. indices gained a fifth of a percent each on Friday.

 

U.S. single-family homebuilding fell in July as higher mortgage rates and house prices kept prospective buyers on the sidelines.

 

U.S. 10-year treasury yield fell 3 bps to 3.884%. Dollar index fell 0.6% to 102.40. Gold surged 2% to $2507 per ounce.

 

WTI crude futures fell 1.9% to $76.65 while Brent futures fell 1.7% to $79.68 per barrel.

 

In Europe, DAX and CAC gained 0.8% and 0.4% respectively while FTSE fell 0.4%. U.K. retail sales showed a rebound from a 0.9% decline in June to 0.5% growth in July, in line with expectations

 

For the week, the S&P 500 added nearly 3.9%, its best week since November 2023. The Nasdaq gained 5.2%, while the 30-stock Dow advanced 2.9% on the week. Dollar index fell 0.7%, extending the losing streak to fourth straight week. Gold surged 3.1%.

 

AT HOME

 

Benchmark indices surged 1.7% each, posting their best day since 7th June and 26th July respectively and closing at the highest level after 2nd August. Sensex settled at 80436, up 1330 points while Nifty added 397 points to finish at 24541. Nifty mid-cap and small-cap indices jumped 2% each. All the NSE sectoral indices ended higher, with IT and Realty indices on the top, up 2.9% and 2.5% respectively.

 

Rupee appreciated 1 paise to end at 83.94/$.

 

For the week, Sensex and Nifty gained 0.9% and 0.7% respectively, snapping a 2-week losing streak.

 

OUTLOOK

 

Today morning, Hang Seng is up 0.8%, Shanghai is little changed while Nikkei is down 0.3%. GIFT Nifty is suggesting around 70 points higher start for our market.

 

In Friday's report we had said that 20-DMA, placed around 24500, continued to be immediate hurdle while 23893, the bottom made the previous week, continued to be important immediate support.

 

Nifty crossed 24500 and surged all the way to 24563 before closing at 24541.

 

For Nifty, 24825, the 78.6% retracement level of the recent 25078-23893 fall, is the next upside target, above which, 25078, the top made on 1st August, would be the next upside level to eye; 24300 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 20 and 34-DMAs, placed around 50900 and 51500 respectively, are the next upside levels to eye. 49650 is where a "double bottom" is in place, making it an important immediate support, upon breach of which, 34-week moving average, placed around 48700, would be next important support to eye.

Investment in securities market is subject to market risk.

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

24500 CONTINUES TO BE IMMEDIATE HURDLE; 23893 IMPORATANT SUPPORT

 

24500 CONTINUES TO BE IMMEDIATE HURDLE; 23893 IMPORATANT SUPPORT

 

WORLD MARKETS

 

On Wednesday, Dow and S & P 500 rose 0.6% and 0.4% respectively while Nasdaq ended flat. Consumer prices increased 2.9% y-o-y, down from 3% in June and the lowest reading since March 2021. Month-over-month, prices ticked up 0.2%. Economists expected a 0.2% increase from the prior month and a 3% gain year-over-year.

 

Yesterday, U.S. indices gained 1.4%-2.3% as encouraging consumer and labor data helped ease recession worries. S & P 500 and Nasdaq notched six-day winning streak.

 

Retail sales increased 1% in July, far surpassing expected 0.3% uptick. Also separately, weekly jobless claims fell for the week.

 

Walmart surged 7% as it raised outlook and an earnings report topped analyst estimates.  Cisco Systems jumped 7% after announcing a fiscal fourth-quarter earnings and revenue beat and cuts to its global workforce.

 

U.S. 10-year treasury yield rose 8 bps to 3.915%. Dollar index jumped half a percent to 103.04. Gold rose 0.4% to $2457 per ounce.

 

WTI crude futures rose 1.5% to $78.16 while Brent futures rose 1.6% to $81.04 per barrel.

 

European markets gained 0.8%-1.7%. U.K. GDP data showed the economy expanded 0.6% in the second quarter, in line with expectations.

 

AT HOME

 

Benchmark indices ended flat to marginally higher after a rangebound session. Sensex settled at 79105, up 150 points while Nifty inched up 5 points to finish at 24144. Nifty mid-cap and small-cap indices fell 0.6% each. Nifty IT index surged 1.6%, becoming top gainer among the sectoral indices, followed by 0.1% higher Consumer Durables index. Metal and Media indices were the top losers, down 1.3% and 1.1% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 2595 cr, 769 cr and 1683 cr respectively. DIIs were net buyers to the tune of Rs 2236 cr.

 

Rupee appreciated 2 paise to end at 83.95/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 3% and 1.7% respectively, Shanghai is up 0.4% and GIFT Nifty is suggesting around 170 points higher start for our market.

 

In Wednesday's report we had said that 23893, the bottom made last week, continued to be important immediate support while 20-DMA, placed around 24500, continued to be immediate hurdle.

 

Nifty ended flat at 24143 and is set to open near 24300 today.

 

20-DMA, placed around 24500, continues to be immediate hurdle; 23893, the bottom made last week, continues to be important immediate support.

 

For Banknifty, 48860, the 61.8% retracement level of the upmove seen since the election result day bottom, is the next downside level to eye. On the way up 50300 is the immediate hurdle.

Investment in securities market is subject to market risk.

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

20-DMA RESISTANCE AROUND 24500; 23893 CONTINUES TO BE IMMEDIATE SUPPORT

 

20-DMA RESISTANCE AROUND 24500; 23893 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices surged 1%-2.4% on the back of soft wholesale inflation data.

 

The producer price index increased 0.1% last month, slower than the expected 0.2% rise.

 

U.S. 10-year treasury yield fell 6 bps to 3.845%. Dollar index tumbled half a percent to 102.60. Gold fell 0.2% to $2466/ounce.

 

WTI crude futures fell 2.1% to $78.35 while Brent futures fell 2% to $80.69 per barrel.

 

European markets gained 0.2%-0.7%. UK’s jobless rate fell to 4.2% in June from 4.4% in May, defying expectations of a slight rise. Job vacancies declined while wage growth slowed.

 

AT HOME

 

Benchmark indices slipped nine tenth of a percent each, closing in red for the sixth day out of past eight sessions. Sensex settled at 78956, down 692 points while Nifty lost 208 points to finish at 24139. Nifty mid-cap and small-cap indices fell 0.8% and 1.3% respectively.  Nifty Financial Services was the top loser among the sectoral indices, down 1.7%, followed by 1.6% lower Metal and PSU Bank indices. Consumer Durables index surged 1.3%, becoming top gainer, followed by 0.1% higher Healthcare index.

 

FIIs net sold stocks, index futures and stock futures worth Rs 2107 cr, 2421 cr and 6092 cr respectively. DIIs were net buyers to the tune of Rs 1240 cr.

Rupee ended flat at 83.97/$.

 

HDFC Bank shares tumbled as MSCI announced that the Bank's weightage on the MSCI Global Standard Index will increase in two tranches, while the street had anticipated the same to take place in one go.

 

OUTLOOK

 

Today morning, Nikkei is up a percent while Hang Seng and Shanghai are down 0.3% and 0.4% respectively. GIFT Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 20-DMA, placed around 24550, continues to be immediate hurdle while 23893, the bottom made last week, was the important support.

 

Nifty plunged to 24116 before closing at 24139.

 

23893, the bottom made last week, continues to be important immediate support. 20-DMA, placed around 24500, continues to be immediate hurdle.

 

For Banknifty, 49659, the low made last week, is the immediate support, upon breach of which, 48860, the 61.8% retracement level of the upmove seen since the election result day bottom, would be the next downside level to eye. On the way up 21087, the upper end of the gap created by gap-down opening on 5th August, is the immediate hurdle.

Investment in securities market is subject to market risk.

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

20-DMA RESISTANCE AROUND 24550; 23893 CONTINUES TO BE IMMEDIATE SUPPORT

 

20-DMA RESISTANCE AROUND 24550; 23893 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Nasdaq inched up 0.2%, S & P 500 ended flat while Dow fell 0.4%

 

U.S. 10-year treasury yield fell 4 bps to 3.907%. Dollar index was flat at 103.13. Gold surged 1.7% to $2472 per ounce.

 

Oil surged as the Pentagon dispatched more forces to the Middle East in anticipation of an Iranian attack on Israel. WTI crude futures rose 4.2% to $80.06 and Brent futures rose 3.3% to $82.30 per barrel.

 

In Europe, FTSE rose half a percent, DAX was flat while CAC was down 0.3%.

 

AT HOME

 

After starting lower by more than half a percent, benchmark indices recouped most of the losses through the session to end just marginally in the red. Sensex lost 57 points to finish at 79648 while Nifty lost 20 points to finish at 24347. Nifty mid-cap and small-cap indices managed to end higher by 0.3% and 0.2% respectively. Nifty Realty and Consumer Durables indices were the top gainers among the sectoral indices, up 1.3% and 0.9% respectively while Media and PSU Bank indices were the top losers, down 2% and 1.2% respectively.

 

FIIs net sold stocks and index futures worth Rs 4681 cr and 423 cr respectively but net bought stock futures worth Rs 506 cr. DIIs were net buyers to the tune of Rs 4478 cr.

 

Rupee depreciated 2 paise to end at 83.97/$.

 

 

India's July CPI cooled to near 5-year low at 3.54% from 5.08% in June. Industrial output grew at 4.2% in June, the slowest pace of growth in 5 months.

 

OUTLOOK

 

Today morning, Nikkei is up more than 2% while Hang Seng and Shanghai are little changed. GIFT Nifty is suggesting a modestly lower start for our market.

 

In yesterday's report we had said that 20-DMA, placed around 24550, was the immediate hurdle while 23893, the bottom made last week, was the important support.

 

Nifty, after touching a low of 24212, rebounded to end at 24347.

 

20-DMA, placed around 24550, continues to be immediate hurdle, upon crossover of which, 24686, the upper end of the gap created by gap-down opening on 5th August, would be next upside level/resistance to eye. On the way down, 23893, the bottom made last week, is the important support.

 

For Banknifty, 49659, the low made last week, is the immediate support, upon breach of which, 48860, the 61.8% retracement level of the upmove seen since the election result day bottom, would be the next downside level to eye. On the way up 21087, the upper end of the gap created by gap-down opening on 5th August, is the immediate hurdle, upon crossover of which, 34-DMA, placed around 21800, would be next upside target/resistance to eye.

Investment in securities market is subject to market risk.

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

20-DMA RESISTANCE AROUND 24550; 23893 CONTINUES TO BE IMMEDIATE SUPPORT

 

20-DMA RESISTANCE AROUND 24550; 23893 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow inched up 0.1% while S & P 500 and Nasdaq gained half a percent each on Friday.

 

U.S. 10-year treasury yield fell 4 bps to 3.944%. Dollar index fell 0.1% to 103.15. Gold rose 0.2% to $2431 per ounce.

 

WTI crude futures rose 0.8% to $76.84 while Brent futures rose 0.6% to $79.66 per barrel.

 

European markets gained 0.1%-0.8%.

 

China’s consumer price index for July rose 0.5% y-o-y, up from 0.2% rise in June and beating estimates of a 0.3% rise. The producer price index fell by 0.8%, slightly less than the 0.9% forecast decline, and unchanged from June’s 0.8% drop.

 

AT HOME

 

Benchmark indices surged 1% each. Sensex settled at 79705, up 819 points while Nifty added 250 points to finish at 24367. Nifty mid-cap and small-cap indices gained 0.9% and 0.6% respectively. All the NSE sectoral indices ended higher, with PSU Bank and Media indices on the top, up 1.9% and 1.8% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 407 cr, 461 cr and 3665 cr respectively. DIIs were net buyers to the tune of Rs 3980 cr.

 

Rupee was little changed at 83.9550/$.

 

For the week, Sensex and Nifty fell 1.6% and 1.4% respectively, extending the losing streak to second straight week.

 

OUTLOOK

 

Today morning, Nikkei is up half a percent, Shanghai is flat while Hang Seng is modestly lower. GIFT Nifty is suggesting around 50 points lower start for our market.

 

In Friday's report we had said that 20-DMA, placed around 24550, was the immediate hurdle while 23893, the low made Monday, continued to be immediate support.

 

Nifty rose to touch a high of 24420 before closing at 24367.

 

20-DMA, placed around 24550, is the immediate hurdle, upon crossover of which, 24686, the upper end of the gap created by last Monday’s gap-down opening, would be next upside level/resistance to eye. On the way down, 23893, the bottom made last week, is the important support.

 

For Banknifty, 49659, the low made last week, which coincided with 20-week moving average, is the immediate support, upon breach of which, 48860, the 61.8% retracement level of the upmove seen since the election result day bottom, would be the next downside level to eye. On the way up 21087, the upper end of the gap created by last Monday's gap-down opening, is the immediate hurdle, upon crossover of which, 34-DMA, placed around 21850, would be next upside target/resistance to eye.

Investment in securities market is subject to market risk.

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