TRAIL STOP-LOSS TO 16440

 

TRAIL STOP-LOSS TO 16440

 

WORLD MARKETS

 

US indices fell 0.7%-0.9% as the retail sales data disappointed. Dow and S & P 500 snapped 5-session winning streak.

 

Retail sales fell 1.1% in June, more than the expected 0.3% decline and compared to a revised 0.7% gain in June. Excluding autos, sales were down 0.4% compared to estimates of a 0.2% slowdown.

 

US 10-year treasury yield were flat at 1.258%. Dollar index rose 0.6% to 93.119Spot gold fell 0.2%. to $1,784.02 per ounce.

 

Oil fell for the fourth consecutive day. Brent crude eased 11 cents, or 0.2%, to $69.39 per barrel while WTI slid 38 cents, or 0.6%, to $66.91 a barrel.

 

In Europe, FTSE rose 0.4%, DAX was flat while CAC fell 0.3%. UK's headline unemployment rate for the second quarter came in at 4.7%, slightly lower than estimate.  Euro zone economy expanded 2% in the second quarter, reaffirming an earlier reading. Employment in the bloc rose 0.5% on a quarterly basis in the June quarter, matching estimate.

 

AT HOME

 

Sensex and Nifty gained 0.4% and 0.3% respectively, both hitting fresh record highs and the later extending the winning streak to seventh straight day. Sensex added 210 points to settle at 55792 while Nifty finished at 16614, up 51 points. Nifty mid-cap index rose 0.3% but the small-cap index fell 0.25%. BSE IT and Teck indices climbed 2.3% and 1.9% respectively, becoming top gainers among the sectoral indices while Metal index tumbled 2.6%, becoming the top loser, followed by 1.1% lower Telecom index.

 

FIIs net sold stocks and index futures worth Rs 344 cr and 459 cr respectively but net bought stock futures worth Rs 1580 cr. DIIs were net buyers to the tune of Rs 266 cr.

 

Rupee depreciated 10 paise to end at 74.35/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with modest gains and SGX Nifty is suggesting around 35 points higher start for our market.

 

Readers would recall that we had turned our view bullish after 15950 hurdle was taken out and have been advising holding on to long positions with a trailing stop-loss.

 

In yesterday's report we had reiterated the target zone of 16650-16700.

 

Nifty touched a high of 16628 before closing at 16615 and is set to open near 16650 today.

 

16700 continues to be next upside target.

 

Immediate support on the hourly chart has moved up to 16440, with the stop-loss of which, trading longs can be held on to.

 

36300 continues to be immediate hurdle for Banknifty above which 37200-37200 would be next target zone; 35531, the low made last week, is the important immediate support.

 

TRAIL STOP-LOSS TO 16380

 

TRAIL STOP-LOSS TO 16380

 

WORLD MARKETS

 

Dow and S & P 500 rose 0.3% each to hit record highs while Nasdaq fell 0.2%.

 

US 10-year Treasury yield fell 3.5 basis points to 1.262%. Spot gold rose 0.5% to $1,787.76 per ounce.

 

Data from China showed July retail sales, industrial production and fixed asset investment all missed forecasts.

 

Brent crude settled down $1.08, or 1.5%, at $69.51 a barrel and U.S. oil fell by $1.15, or 1.7%, to $67.29.

 

European markets fell 0.3%-0.9%.

 

AT HOME

 

Sensex and Nifty added nearly a fourth of a percent to hit fresh record highs. Sensex settled at 55582, up 145 points while Nifty finished at 16563, up 34 points. Nifty mid-cap and small-cap indices however fell 0.3% and 0.8% respectively, extending the underperformance.  BSE Metal and Energy indices climbed 1.8% and 1.1% respectively, becoming top gainers among the sectoral indices while Telecom and Auto indices were the top losers, down 1% and 0.8% respectively.

 

FIIs net sold stocks and index futures worth Rs 1088 cr and 332 cr respectively but net bought stock futures worth Rs 264 cr. DIIs were net buyers to the tune of Rs 506 cr.

 

India's July WPI inflation came in at 11.16%, down from 12.07% in June.

 

OUTLOOK

 

Today morning, Nikkei and Shanghai are trading with modest gains while Hang Seng is marginally in the red. SGX Nifty is suggesting a marginally lower start for our market.

 

In yesterday's report we had said that upon crossover of 16550, 16650-16700 would be the next target zone and had advised trailing stop-loss in long positions to 16325.

 

Nifty touched a high of 16589 before closing at 16563.

 

16650-16700 continues to be next target zone.

 

Immediate support on hourly chart has moved up to 16380, with the stop-loss of which, trading longs can be held on to.

 

36300 continues to be immediate hurdle for Banknifty above which 36500 and 37200 would be next upside levels to eye; 35531, the low made last week, is the important immediate support.

 

NIFTY HITS 16500-16550 TARGET ZONE

 

NIFTY HITS 16500-16550 TARGET ZONE

 

WORLD MARKETS

 

Dow and Nasdaq ended marginally in the green while S & P 500 added 0.2% on Friday.

 

Shares of Disney jumped 1% after it reported blowout fiscal third-quarter earnings.

 

The University of Michigan’s sentiment read for August came in at just 70.2,  the weakest since December 2011.

 

US 10-year treasury yield fell 8 bps to 1.287%. The dollar index fell 0.4% to 92.60. Spot gold jumped over 1% to $1,772.80 per ounce

 

Brent crude fell 21 cents, or 0.3%, to $71.10 per barrel while US crude was off by 12 cents, or 0.2%, at $68.97 a barrel.

 

European markets gained 0.2%-0.4%

 

For the week, Dow and the S&P 500 rose 0.8% and 0.7%, respectively while Nasdaq eased 0.1%. Oil was little changed this week.

 

AT HOME

 

Benchmark indices soared a percent to hit fresh record highs. Sensex settled at 55437, up 593 points while Nifty added 164 points to finish at 16529. Nifty mid-cap and small-cap indices however ended lower by 0.3% and 0.4% respectively. BSE Telecom index was the top gainer among the sectoral indices, up 1.8%, followed by 1.6% higher Teck and Capital Goods indices. Realty and Healthcare indices were the top losers, down 0.8% each.

 

FIIs net bought stocks, index futures and stock futures worth Rs 820 cr, 631 cr and 1437 cr respectively. DIIs were net buyers to the tune of Rs 150 cr.

 

Rupee was unchanged at 74.25/$.

 

For the week, Sensex and Nifty gained 2.1% and 1.8% respectively, extending the winning streak to second straight week. Nifty mid-cap and small-cap indices however ended lower by 1.4% and 2.3% respectively.

 

OUTLOOK

 

Today morning, Shanghai and Hang Seng are marginally in the red while Nikkei is down 1.6%. SGX Nifty is suggesting around 20 points lower start for our market.

 

In Friday's report we had said that 16500-16550 continued to be next target zone.

 

Nifty touched a high of 16543 before closing at 16529, achieving the target zone mentioned above and vindicating our view.

 

Upon crossover of 16550, 16650-16700 would be the next target zone.

 

16325 is the immediate support on the hourly chart, with the stop-loss of which, positional longs can be held on to.

 

16500-16550 IS THE NEXT TARGET ZONE; 16275 IMMEDIATE SUPPORT

 

16500-16550 IS THE NEXT TARGET ZONE; 16275 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow was little changed while S & P 500 and Nasdaq gained 0.3% each after digesting mixed economic data.

 

Weekly jobless claims came in at 375,000, matching estimates and declining for a third straight week. U.S. producer prices jumped by a record 7.8% y-o-y. Excluding volatile food, trade services and energy components, PPI rose 0.9% month-on-month versus a forecast for a 0.5% gain.

 

The U.S. Senate approved a $3.5 trillion budget plan.

 

The yield on the benchmark 10-year Treasury note was unchanged at 1.361%. Dollar index was 0.1% higher at 93.019. Spot gold was steady at $1,750.91 per ounce.

 

Brent crude dipped 13 cents to settle at $71.31 per barrel while WTI eased 16 cents to $69.09 per barrel as the International Energy Agency (IEA) said the spread of the Delta variant of the coronavirus would slow the global oil demand recovery.

 

In Europe, except 0.4% lower FTSE, other markets gained 0.4%-0.7%. U.K. GDP grew by a stronger-than-expected 1% in June, but remains 2.2% below its pre-pandemic level. A preliminary estimate of second-quarter GDP showed growth of 22.2% from the same period last year.

 

AT HOME

 

Sensex and Nifty surged 0.6% and 0.5% respectively and hit fresh record highs. Sensex settled at 54843, up 318 points while Nifty added 82 points to finish at 16364. Nifty mid-cap and small-cap indices too participated in the party, rising 1% and 2.1% respectively and snapping a 3-day losing streak.  Except 0.2% lower Energy index, all the BSE sectoral indices ended in green, with Utilities and Power indices leading the tally, up 3.1% and 2.6% respectively.

 

FIIs net sold stocks worth Rs 212 cr but net bought index futures and stock futures worth Rs 889 cr and 575 cr respectively. DIIs were net buyers to the tune of Rs 308 cr.

 

Rupee appreciated 18 paise to end at 74.25/$.

 

July CPI eased to 5.59% from 6.26% in June. June IIP growth stood at 13.6% as against 29.3% in May.

 

OUTLOOK

 

Today morning, Nikkei and Shanghai are little changed while Hang Seng is off half a percent. SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 16359, the top made Tuesday, was the immediate hurdle, upon crossover of which, 16500-16550 would be the next target zone. We had also advised holding on to long positions with the stop-loss of 16146.

 

Nifty surged to touch a high of 16375 before closing at 16364.

 

16500-16550 continues to be next target zone.

 

16275 is the immediate support on the hourly chart below which, 16176-16146, the gap created by 4th August gap-up opening, would be the crucial support zone.

 

For Banknifty, 35531, the low made Wednesday, continues to be the immediate support to eye. 36317, the top made Tuesday, is the immediate hurdle, above which, 36500 and 37200 would be next targets to eye.

SUPPORT ZONE HELD ONCE AGAIN

 

SUPPORT ZONE HELD ONCE AGAIN

 

WORLD MARKETS

 

Dow and S & P 500 gained 0.6% and 0.25% respectively to hit fresh record highs after digesting July inflation data. Nasdaq however fell 0.2%.

 

Consumer-price index for July rose 5.4% y-o-y and 0.5% from the previous month, the expected figures being 5.3% and 0.5% respectively. Core inflation, however, rose by just 4.3% y-o-y and 0.3% m-o-m, missing expectations of a 0.4% increase and lower than June’s 0.9% increase.

 

US 10-year treasury yield slid 1 bps to 1.329%. Dollar index fell 0.2% to 92.915. Spot gold rose 1.4% to $1,752.46 per ounce.

 

WTI crude settled 1.4% higher at $69.25 per barrel while Brent crude advanced 1.2% to $71.44 per barrel.

 

European markets gained 0.4%-0.8%.

 

AT HOME

 

After falling nearly three tenth of a percent, benchmark indices recouped all the losses to end little changed. Sensex settled at 52526, down 28 points while Nifty added 2 points to finish at 16282. Nifty mid-cap and small-cap indices ended lower by 0.1% and 0.7% respectively. BSE Metal index soared 3.5%, becoming top gainer among the sectoral indices, followed by 1.3% higher Power index. Healthcare index and Bankex were the top losers, down 1.3% and 0.7% respectively.

 

FIIs net bought stocks and stock futures worth Rs 238 cr and 899 cr respectively but net bought index futures worth Rs 905 cr. DIIs were net buyers to the tune of Rs 206 cr.

 

Rupee depreciated 1 paise to end at 74.43/$.

 

OUTLOOK

 

Today morning, Nikkei is up 0.3%, Shanghai is flat while Hang Seng is down 0.4%. SGX Nifty is suggesting around 40 points higher start for our market.

 

In yesterday's report we had said that 16176-16146, the gap created by last Wednesday’s gap-up opening, continued to be immediate support zone and trading longs can be held on to with the stop-loss of 16146.

 

Nifty, after touching a low of 16162, rebounded to end at 16282.

 

16176-16146, the gap created by last Wednesday’s gap-up opening, continues to be immediate support zone.

 

16359, the top made Tuesday, is the immediate hurdle, upon crossover of which, 16500-16550 would be the next target zone.

 

Meanwhile, trading longs can be held on to with the stop-loss of 16146.

 

For Banknifty, 35531, the low made yesterday, which also coincided with a downward sloping trendline adjoining recent bottoms on the hourly chart, is the immediate support to eye. 36317, the top made Tuesday, is the immediate hurdle, above which, 36500 and 37200 would be next targets to eye.

STAY LONG WITH THE STOP-LOSS OF 16150

 

STAY LONG WITH THE STOP-LOSS OF 16150

 

WORLD MARKETS

 

Dow and S & P 500 gained 0.5% and 0.1% respectively to hit record highs after the Senate passed the $1 trillion infrastructure bill. Nasdaq however fell half a percent, as treasury yields advanced, weighing on growth-oriented areas of the market.

 

The Senate passed the infrastructure bill, which earmarks $550 billion in new spending for areas including transportation and the electric grid.

 

US 10-year treasury yield ticked up 3.2 bps to 1.349%. The dollar index inched up 0.1%. Spot gold rose 0.1% to $1,730.93 per ounce.

 

Brent crude gained $1.59, or 2.3%, to settle at $70.63 per barrel and U.S. oil settled $1.81, or 2.7%, higher at $68.29 per barrel.

 

European markets gained 0.1%-0.4%. Germany’s ZEW survey of economic sentiment index for August tumbled to 40.4 from 63.3 in July, missing expected reading of 56.7 by a wide margin.

 

AT HOME

 

After rising more than half a percent in the morning, Sensex and Nifty slipped in noon to end higher by 0.3% and 0.1% respectively. Sensex settled at 54554, up 151 points while Nifty added 22 points to finish at 16280. Nifty mid-cap and small-cap indices ended with steep cuts of 1.1% and 2.3% to close at the lowest level since 28 and 13 July respectively. BSE Telecom index climbed 2.1%, becoming top gainer among the sectoral indices, followd by 0.9% higher Teck index. Metal and Basic Materials indices were the top loesr, down 2.7% and 2.2% respectively.

 

FIIs net sold stocks and index futures worth Rs 179 cr and 288 cr respectively but net bought stock futures worth Rs 470 cr. DIIs were net buyers to the tune of Rs 689 cr.

 

Rupee depreciated 16 paise to end at 74.42/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.1%-0.5% and SGX Nifty is suggesting around 20 points higher start for our market.

 

In yesterday's report we had said that 16349, the top made last week, continued to be immediate hurdle while 16176-16146, the gap created by Wednesday’s gap-up opening, continued to be immediate support zone.

 

Nifty, after touching a high of 16359, slipped to end at 16280.

 

16500 is the next upside target to eye.

 

16176-16146, the gap created by Wednesday’s gap-up opening, continues to be immediate support zone and trading longs can be held on to with the stop-loss of 16146.

 

36500, 37200 continue to be  upside targets for Banknifty; 35600, the low made Monday, is the immediate support.

16176-16146 CONTINUES TO BE IMMEDIATE SUPPORT ZONE; 16350 IMMEDIATE HURDLE

 

16176-16146 CONTINUES TO BE IMMEDIATE SUPPORT ZONE; 16350 IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.3% and 0.1% respectively amid concerns about a resurgence in Covid-19 cases. Nasdaq inched up 0.2%.

 

Energy stocks led the declines as oil extended last week's steep cuts. WTI crude fell 2.64% to settle at $66.48 per barrel and Brent crude settled at $69.04 per barrel for a loss of 2.35%

 

Back in the US, job openings jumped to 10.1 million for the month of June, versus the 9.1 million expected.

 

US 10-year treasury yield rose 3.7 bps to 1.325%. Dollar index inched up 0.1% to 92.937, its highest since July 23. Spot gold tumbled 2.1% to $1,725.96 per ounce to hit it's lowest in over 4-months.

 

In Europe, FTSE inched up 0.1% while DAX and CAC eased 0.1% each.

 

Data out of China showed the country’s export growth unexpectedly slowed in July while imports also lost momentum.

 

AT HOME

 

After rising half a percent at the open, Sensex and Nifty gave away a chunk of the gains to end higher by 0.2% and 0.1% respectively. Sensex settled at 54402, up 125 points while Nifty added 20 points to finish at 16258. Nifty mid-cap and small-cap indices slipped 0.7% and 0.9% respectively. BSE Metal and Telecom indices tumbled 1.5% and 1.3% respectively, becoming top loser among the sectoral indices while Bankex and IT indices were the top gainers, up 0.6% and 0.4% respectively.

 

FIIs net bought stocks and index futures worth Rs 212 cr and 257 cr respectively but net sold stock futures worth Rs 435 cr. DIIs were net sellers to the tune of Rs 716 cr.

 

Rupee depreciated 10 paise to end at 74.26/$.

 

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OUTLOOK

 

Today morning, Nikkei is up 1% while Hang Seng and Shanghai are marginally in the red. SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 16349, the top made last week, was the immediate hurdle while 16176-16146, the gap created by Wednesday’s gap-up opening, was the immediate support zone.

 

Nifty, after touching a low of 16179, rebounded to close at 16258.

 

16176-16146, the gap created by Wednesday’s gap-up opening, continues to be immediate support zone.

 

16349, the top made last week, continues to be immediate hurdle, upon crossover of which, 16500 would be the next target.