16950 IS THE IMMEDIATE SUPPORT; 16428 IMPORTANT HURDLE

 

16950 IS THE IMMEDIATE SUPPORT; 16428 IMPORTANT HURDLE

 

WORLD MARKETS

 

After a positive start, US indices saw a sustained downward move through the session to end with cuts of 1.3%-3.1%.

 

Indices fell to session lows after a consumer survey from the University of Michigan showed inflation expectations were increasing. Retail sales for September were flat.

 

US 10-year treasury yield rose 6 bps to 4.002%. The U.S. dollar index rose around 0.8% to 113.30. Sterling fell sharply against the U.S. dollar after British Prime Minister Truss fired finance minister and scrapped parts of economic package that has caused havoc in UK financial markets. Gold tumbled 1.3% to $1644 per ounce.

 

Brent crude futures dropped 3.1%, to $91.63 a barrel while WTI crude futures fell 3.9% to $85.61.

 

European markets gained 0.1%-0.9%.

 

For the week, Dow rose 1.2% but S & P 500 and Nasdaq fell 1.6% and 3.1% respectively. In Europe, FTSE fell 1.9% but DAX and CAC gained 1.3% and 1.1% respectively. In Asia Shanghai rose 1.6% but Hang Seng nosedived 6.5% and Nifty and Nikkei fell 0.8% and 0.1% respectively.

 

US 10-year treasury yield rose 3.4% to 4.023%. Dollar index rose half a percent to 113.30. Gold tumbled 3% to $1650 per ounce. Brent and WTI crude plunged 6.8% and 8.2% respectively as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target.

 

AT HOME

 

After climbing 2% in morning, Sensex and Nifty gave away nearly half of the gains in noon trade to end higher by 1.2% and 1% respectively. Sensex settled at 57919, up 684 points while Nifty added 171 points to finish at 17185. Nifty mid-cap and small-cap indices ended marginally in the red. Nifty Financial Services and Bank indices were the top gainers among the sectoral indices, rising 1.8% each while Realty and Media indices were the top losers, down 0.8% each.

 

FIIs net sold stocks worth Rs 1011 cr but net bought index futures and stock futures worth Rs 2022 cr and 2216 cr respectively. DIIs were net buyers to the tune of Rs 1624 cr.

 

Rupee ended flat at 82.35/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.6%-1.4% and SGX Nifty is suggesting nearly 100 points lower start for our market.

 

In Friday's report we had said that 17250-17280 was the immediate resistance area on the hourly chart, upon crossover of which, 17428, the top made previous week, would be next upside level to eye while 16950 was the immediate support.

 

Nifty, after touching a high of 17348, slipped to end at 17185. The benchmark is set to open near 17100 today.

 

16950, where Nifty had repeatedly taken support last week, is the immediate support, upon breach of which, 16850-16750 would be next support area; 17428, the top made on 6th October, is the important hurdle.

 

For Banknifty, 39608, the top made on 6th October, roughly coincided with 34-DMA and continues to be important immediate hurdle, a crossover of which is required for a fresh upmove. Upon crossover of this hurdle, 40038 and 40760, the 61.8% and 78.6% retracement levels of the recent 41677-37386 fall, would be next upside levels to eye; On the way down, 38438, the low made last week, is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

17250-17280 IS THE IMMEDIATE RESISTANCE ZONE; 16950 IMMEDIATE SUPPORT

 

17250-17280 IS THE IMMEDIATE RESISTANCE ZONE; 16950 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

After starting with cuts of 2-3% on the back of hot inflation data, US indices saw a sustained northward move through the session to end with hefty gains of 2.2%-2.8%. S & P 500 and Nasdaq snapped 6-day losing streak.

 

The consumer price index increased 0.4% month-on-month, more than the 0.3% estimate. On an annual basis, inflation was up 8.2%. Core CPI, which strips out food and energy, was up 0.6% month over month, also higher than expected.

 

US 10-year treasury yield rose 5 bps to 3.946%. Dollar index, after hitting an intraday high of 113.92, fell to end 0.7% lower at 112.46. Pound surged 2% after reports the British government is discussing making changes to the fiscal plan announced last month. Gold fell half a percent to $1665 per ounce.

 

Brent crude futures rose 2.4% to $96.47 a barrel and U.S. crude rose $1.93, or 2.2%, to $89.20 per barrel.

 

European markets gained 0.4%-1.5%.

 

AT HOME

 

Benchmark indices ended lower by nearly two third of a percent after a choppy session. Sensex lost 390 points to settle at 57235 while Nifty finished at 17014, down 109 points. Nifty mid-cap and small-cap indices fell 0.7% and 0.5% respectively. Nifty PSU Bank tumbled 1.6%, becoming top loser among the sectoral indices, followed by 1.3% lower Bank and Financial services indices.

 

FIIs net sold stocks, index futurs and stock futures worth Rs 1636 cr, 558 cr and 1010 cr respectively. DIIs were net buyers to the tune of Rs 753 cr.

 

Rupee depreciated 3 paise to end at 82.3450/$.

 

Infosys' quarterly results largely met estimates. The company raised full year revenue guidance even as it lowered upper end of margin guidance.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 1%-3% and SGX Nifty is suggesting more than 200 points gap-up start for our market.

 

In yesterday's report we had said that 16855, the low made last week, continued to be next support while 17250 continues to be immediate hurdle on the hourly chart.

 

Nifty slipped to 16956 before closing at 17014 and is set to open above 17200 today.

 

17250-17280 is the immediate resistance area on the hourly chart, upon crossover of which, 17428, the top made last week, would be next upside level to eye; 16950, where Nifty has repeatedly taken support over past three sessions, is the immediate support, upon breach of which, 16850-16750 would be next support area.

 

For Banknifty, 39608, the top made last week, continues to be immediate hurdle, upon crossover of which, 40038 and 40760, the 61.8% and 78.6% retracement levels of the recent 41677-37386 fall, would be next upside levels to eye; 38437, the low made yesterday, is the immediate support.

 

Bajaj Auto, Shree Cements and Tata Elxsi will report their quarterly earnings today.

17250 CONTINUES TO BE IMMEDIATE HURDLE; 16855 NEXT SUPPORT

 

17250 CONTINUES TO BE IMMEDIATE HURDLE; 16855 NEXT SUPPORT

 

WORLD MARKETS

 

Dow and Nasdaq fell 0.1% each while S & P 500 dipped 0.3% ahead of key inflation report due on Thursday. S&P 500 and Nasdaq fell for the sixth straight session with the former closing at its lowest since November 2020.

 

Minutes from the Federal Reserve’s September meeting showed that the central bank expects to keep hiking interest rates and keep them high until inflation shows signs of cooling off. However, several participants noted the importance of calibrating the pace of further tightening to mitigate the risk on the U.S. economy.

 

US wholesale prices rose at a higher-than-expected 0.4% in September. Y-o-Y rise stood at 8.5% after 8.7% advance in August.

 

US 10-year treasury yield fell 5 bps to 3.896%. Dollar index was flat at 113.26. Gold rose 0.4% to $1673 per ounce.

 

Oil dipped for a third consecutive day. Brent crude fell 2.1% to $92.27 a barrel and WTI crude lost 2.7% to $876.97.

 

European markets fell 0.3%-1.3%.

 

AT HOME

 

Benchmark indices rose eight tenth of a percent, snapping a 3-day losing streak. Sensex settled at 57625, up 478 points while Nifty added 140 points to finish at 17123. Nifty mid-cap and small-cap indices gained 0.6% and 0.8% respectively. Except a marginally lower Media index, all the NSE sectoral indices ended higher, with Realty index being the top gainer, up 1.6%, followed by 1.5% higher PSU Bank and FMCG indices.

 

FIIs net sold stocks worth Rs 542 cr but net bought index futures and stock futures worth Rs 1064 cr and 2467 cr respectively. DIIs were net buyers to the tune of Rs 85 cr.

 

Rupee ended unchanged at 82.31/$.

 

September CPI rose to a five-month high of 7.41%, up from 7% in previous month. IIP contracted first time in 18 months in August, dipping 0.8%.

 

HCL Tech's revenue met estimates while margins expanded. The company raised full year guidance. Wipro's revenue was largely in-line with estimate while net profit missed estimate. The company expects modest growth in Q3.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.4%-0.5% and SGX Nifty is suggesting nearly 50 points lower start for our market.

 

In yesterday's report we had said that 16855, the low made last week, was the next support while 17250 was the immediate hurdle on the hourly chart.

 

Nifty rose to touch a high of 17142 before closing at 17123.

 

16855, the low made last week, continues to be next support while 17250 continues to be immediate hurdle on the hourly chart, above which, 17428, the top made last week, would be bigger resistance to eye.

 

For Banknifty, 39608, the top made last week, continues to be immediate hurdle; 38450 continues to be immediate support on the hourly chart.

 

16855 IS THE NEXT SUPPORT; 17250 IMMEDIATE HURDLE

 

16855 IS THE NEXT SUPPORT; 17250 IMMEDIATE HURDLE

 

WORLD MARKETS

 

After starting in red, US indices saw sharp upmove, only to fall back later in the session. At the end, Dow rose 0.1% while S & P 500 and Nasdaq fell 0.6% and 1.1% respectively. Both S & P 500 and Nasdaq fell for the fifth consecutive day. S & P 500 intraday hit the lowest level since November 2020.

 

Stocks fell off their highs and bond yields rose after Bank of England said its market intervention will be over soon, and that pension funds have just three days to rebalance positions.

 

US 10-year treasury yield, after hitting an itraday high of 4.007%, eased to end 1 bps lower at 3.951%. Dollar index rose 0.1% to 113.29. Gold fell 0.1% to $1666 per ounce.

 

The IMF cut its 2023 global growth forecasts further and also said countries representing a third of world output could be in recession next year.

 

Brent as well as WTI crude settled 2% lower at $94.29 and $89.35 respectively.

 

European markets fell 0.1%-1.1%.

 

AT HOME

 

After starting marginally in the green, benchmark indices saw a sustined donward move through the session to end with deep cuts of a percent and half. Sensex settled at 57147, down 844 points while Nifty plunged 257 points to finish at 16983. Nifty mid-cap and small-cap indices tumbled 1.7% each. All the NSE sectoral indices ended in red, with Realty and Metal indices being the top losers, down 3.1% and 2.2% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 4613 cr, 1015 cr and 1659 cr respectively. DIIs were net buyers to the tune of Rs 2431 cr.

 

Rupee appreciated 1 paise to end at 82.31/$.

 

OUTLOOK

 

Today morning, Nikkei is flat while Hang Seng and Shanghai are down 1.8% and 0.6% respectively. SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 17428, the top made last week, continued to be immediate hurdle while 17064, the low made Monday, was the immediate support.

 

Nifty broke 17064 and plunged all the way to 16950 before closing at 16983.

 

16855, the low made last week, is the next support, below which, 16747, the bottom made in September, would be the next downside level to eye ; 17250 is the immediate hurdle on the hourly chart, above which, 17428, the top made last week, would be bigger resistance to eye.

 

For Banknifty, 38450 continues to be immediate support on the hourly chart, below which, 37963, the low made last week, would be next downside level to eye; 39608, the top made last week, continues to be immediate hurdle. 

 

India's September CPI and August IIP data will be released today.

 

HCL Tech and Wipro will report their quarterly earnings today.

17428 IS THE IMMEDIATE HURDLE; 17064 IMMEDIATE SUPPORT

 

17428 IS THE IMMEDIATE HURDLE; 17064 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices fell 0.3%-1% with the Nasdaq Composite closing at its lowest since July 2020.

 

Semiconductor stocks fell after the Biden administration announced new export controls that limit U.S. companies selling advanced computing semiconductors and related manufacturing equipment to China.

 

JPMorgan CEO Jamie Dimon warned that the U.S. would likely fall into a recession in 2023, and that it may not be just a mild economic contraction as some economists have projected.

 

US bond market was closed due to the Columbus Day Holiday. Dollar index rose 0.4% to 113.18 for it's fourth consecutive up day. Gold tumbled 1.5% to $1668 per ounce.

 

Brent crude futures fell 69 cents, or 0.7%, to $97.23 a barrel and WTI crude declined by 36 cents, or 0.4%, to $92.57 a barrel.

 

Russia pounded Kyiv and other Ukrainian cities with missiles in response to a blast that hit its only bridge to Crimea.

 

In Europe, DAX ended flat while FTSE and CAC fell 0.4% each.

 

AT HOME

 

After starting with cuts of nearly a percent and half, Sensex and Nifty recouped most of the losses through the session to end lower by 0.3% and 0.4% respectively. Sensex settled at 57991, down 200 points while Nifty lost 73 points to finish at 17241. Nifty mid-cap and small-cap indices fell 1% and 0.5% respectively. Except 1.1% higher IT index, all the NSE sectoral indices ended lower, with Consumer Durables index being the top loser, down 1.2%, followed by 1.1% lower FMGC and Media indices.

 

FIIs net sold stocks, index futures and stock futures worth Rs 2139 cr, 1316 cr and 2110 cr respectively. DIIs were net buyers to the tune of Rs 2137 cr.

 

Rupee ended unchanged at 82.32/$.

 

TCS quarterly results beat estimate on revenue and margins front. Quarterly profits crossed Rs. 10000 cr for the first time.

 

OUTLOOK

 

Today morning, Shanghai is flat while Hang Seng and Nikkei are down 1% and 2% respectively. SGX Nifty is suggesting a modestly lower start for our market.

 

In yesterday's report we had said that 17025 continued to be immediate support while 17428, the top made last week, continued to be immediate hurdle.

 

Nifty, after touching a low of 17064, rebounded to end at 17241.

 

17428, the top made last week, continues to be immediate hurdle; 17064, the low made yesterday, would now act as immediate support and should serve as the revised stop-loss for trading longs.

 

For Banknifty, 38450 continues to be immediate support on the hourly chart, below which, 37963, the low made during the week, would be next downside level to eye; 39608, the top made last week, continues to be immediate hurdle. 

 

17025 CONTINUES TO BE IMMEDIATE SUPPORT; 17428 IMMEDIATE HURDLE

 

17025 CONTINUES TO BE IMMEDIATE SUPPORT; 17428 IMMEDIATE HURDLE

 

WORLD MARKETS

 

US indices tumbled 2.1%-3.8% on Friday as September’s jobs report showed the unemployment rate continuing to decline and sparked an increase in interest rates.

 

The U.S. economy added 263,000 jobs in September, slightly below estimate of 275,000. However, the unemployment rate came in at 3.5%, down from the 3.7% in the previous month in a sign that the jobs picture continues to strengthen.

 

Advanced Micro Devices’ stock tumbled after the chipmaker warned its third-quarter revenue would be lower than anticipated.

 

US 10-year treasury yield rose 6 bps to 3.883%. Dollar index rose 0.4% to 112.75. Gold dipped 1% to $1694 per ounce.

 

Oil hit a five-week high. Brent crude climbed $3.48, or 3.7%, to $97.90 and WTI crude surged $4.18, or 4.7%, to $92.63.

 

In Europe, FTSE eased 0.1% while DAX and CAC dipped 1.6% and 1.2% respectively.

 

For the week, US indices gained 0.7%-2%. For the week, Brent was up about 10% and WTI up about 15% for their biggest weekly percentage gains since March.

 

AT HOME

 

After falling two third of a percent in the morning, benchmark indices recouped most of the losses in noon session to end just marginally in the red. Sensex settled at 58191, down 30 points while Nifty lost 17 points to finish at 17314. Nifty mid-cap index fell 0.2% but small-cap index gained 0.2%. NSE Oil & Gas and IT indices dipped 0.7% each, becoming top losers among the sectoral indices while Consumer Durables index climbed 1.3%, becoming top gainer, followed by 0.4% higher Media index.

 

FIIs net sold stocks, index futures and stock futures worth Rs 2251 cr, 47 cr and 977 cr respectively. DIIs were net buyers to the tune of Rs 545 cr.

 

Rupee depreciated 44 paise to end at 82.32/$.

 

For the week, Sensex and Nifty gained 1.3% each, snapping a 3-week losing streak.

 

OUTLOOK

 

Markets in Japan, South Korea, Taiwan and Malaysia are closed for holidays today. Hang Seng is trading with cuts of more than 2% while Shanghai, after a week long holiday, has opened flat. SGX Nifty is suggesting nearly 270 points lower start for our market.

 

In Friday's report we had said that upon crossover of Thursday's high, i.e. 17428, next upside level to eye would be 17581, which is the 61.8% retracement levels of the recent 18096-16747 fall. We had also said that 17025 was the immediate support, with the stop-loss of which, trading longs can be held on to.

 

Nifty touched a low of 17216 before closing at 17315 and is set to open near 17100 today.

 

17025 continues to be immediate support, upon breach of which, 16855, the low made last week, would be next downside level to eye; 17428, the top made last week, continues to be immediate hurdle.

 

For Banknifty, 38450 is the immediate support on the hourly chart, below which, 37963, the low made during the week, would be next downside level to eye; 39608, the top made during the week, roughly coincided with 34-DMA and is the immediate hurdle to eye. 

 

TCS will report its quarterly earnings today.

17581 ABOVE 17428; 17025 IS IMMEDIATE SUPPORT

 

17581 ABOVE 17428; 17025 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices fell 0.7%-1.2% as treasury yield and dollar extended upmove ahead of Friday's non-farm payroll data.

 

US 10-year treasury yield rose 7 bps to 3.828%. Dollar index rose half a percent to 112.26. Gold fell quarter of a percent to $1712 per ounce.

 

Brent crude futures settled at $94.42 barrels, up $1.05, or 1.1% and WTI crude futures settled at $88.45 barrels, gaining 69 cents, or 0.8%.

 

European markets fell 0.4%-1%.

 

AT HOME

 

After rising just under a percent in the initial trade, benchmark indices gave away bulk of the gains to end higher by three tenth of a percent. Sensex settled at 58222, up 156 points while Nifty added 57 points to finish at 17331. Nifty mid-cap and small-cap indices climbed a percent and quarter each. Nifty Metal and Media indices surged 3.2% and 2.7% respectively, becoming top gainers among the sectoral indices while FMCG and Pharma indices were the top losers, down 0.4% and 0.3% respectively.

 

FIIs net bought stocks and stock futures worth Rs 279 cr and 96 cr respectively but net sold index futures worth Rs 175 cr. DIIs were net sellers to the tune of Rs 44 cr.

 

Rupee depreciated 36 paise to end at 81.88/$.

 

OUTLOOK

 

Nikkei and Hang Seng are trading with cuts of 0.5% and 0.9% respectively. SGX Nifty is suggesting nearly 50 points lower start for our market.

 

In yesterday's report we had said that 17422 and 17581, the 50% and 61.8% retracement levels of the recent 18096-16747 fall, are the next upside levels to eye and that 17000 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty touched a high of 17428 and retreated from there to end at 17331.

 

Upon crossover of yesterday's high, i.e. 17428, next upside level to eye would be 17581, which is the 61.8% retracement levels of the recent 18096-16747 fall; 17025 is the immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 20-DMA, placed around 39840, is the next upside levels to eye; 38450 is the immediate support.