18133 IS THE NEXT SUPPORT; 20-DMA HURDLE AROUND 18530

 

18133 IS THE NEXT SUPPORT; 20-DMA HURDLE AROUND 18530

 

WORLD MARKETS

 

US indices fell 0.8%-1.1% on heightened recession fears following the Federal Reserve’s unrelenting rate hiking.

 

US 10-year treasury yield rose 4 bps to 3.49%. Dollar index rose 0.2% to 104.84. Gold rose 0.9% to $1792 per ounce.

 

Brent crude futures fell 2.7% to $79.04 a barrel and WTI crude futures slipped 2.4%, to $74.29 a barrel.

 

European markets fell 0.7%-1.3%.

 

For the week, US indices fell 1.7%-2.7%, extending the losing streak to second straight week. In Europe, FTSE fell 1.9% while DAX and CAC fell 3.3% each. Asian markets dipped 1%-2%.

 

AT HOME

 

Benchmark indices fell eight tenth of a percent, extending yesterday's big plunge. Sensex settled at 61337, down 461 points while Nifty lost 146 points to finish at 18269. Nifty mid-cap and small-cap indices fell 1.6% and 0.6% respectively. All the NSE sectoral indices ended in red, with PSU Bank index leading the losses, down 2.9%, followed by 1.5% lower Realty and Healthcare indices.

 

FIIs net sold stocks worth Rs 1975 cr but net bought index futures and stock futures worth Rs 514 cr and 267 cr respectively. DIIs were net buyers to the tune of Rs 1542 cr.

 

Rupee depreciated 11 paise to end at 82.87/$.

 

For the week, Sensex and Nifty fell 1.4% and 1.2% respectively, extending the losing streak to second consecutive week.

 

OUTLOOK

 

Today morning, Nikkei and Shanghai are down 1.1% and 0.6% respectively but Hang Seng is up half a percent. SGX Nifty is suggesting around 40 points higher start for our market.

 

In Friday's report we had said that 18345, was the important support, a breach of which can take Nifty to 18000. We had also said that 18550-18600 was the immediate resistance zone.

 

Nifty broke 18345 and fell all the way to 18255 before closing at 18269.

 

18133, the low made on 21st November is the next support, below which, a trendline adjoining bottoms made in June and September would land support in 18000-18050 region; On the way up, 20-DMA, placed around 18530 would be the immediate hurdle, with the stop-loss of which, trading shorts can be held on to.

 

For Banknifty, 43080, the low of the week made on Friday, is the immediate support, upon breach of which, 34-DMA, placed around 42700, would be crucial support to eye. On the way up, 43800 is the immediate hurdle on the hourly chart, above which, 44151, the top made during the week, would be next resistance.

 

18000 BELOW 18345; 18550-18600 IS THE IMMEDIATE RESISTANCE ZONE

 

18000 BELOW 18345; 18550-18600 IS THE IMMEDIATE RESISTANCE ZONE

 

WORLD MARKETS

 

US indices nosedived 2.2%-3.2% as poor retail sales data raised fears that the Federal Reserve’s relentless interest rate hikes are tipping the economy into a recession.

 

Retail sales fell 0.6% in November, higher than the estimate of a 0.3% decline.

 

US 10-year treasury yield fell 3 bps to 3.45%. 1% Dollar index jumped a percent to 104.60. Gold fell 1.7% to $1776.54 per ounce.

 

Brent futures fell 2.0% to $81.01 a barrel and WTI crude fell 2.3% to $75.51.

 

In Europe, FTSE fell 0.9% while DAX and CAC tumbled 3.3% and 3.1% respectively.  Bank of England, European Central Bank and Swiss National Bank, all three opted for 50 bps interest rate hikes as they try to rein in inflation. ECB president, Christine Lagarde, stressed that “significant” further rate rises at a “steady pace” were still to come.

 

AT HOME

 

Sensex and Nifty nosedived 1.4% and 1.3% respectively, suffering the worst cut after 11th October and closing at the lowest level after 23rd November. Sensex settled at 61799, down 878 points while Nifty lost 245 points to finish at 18414. Nifty mid-cap and small-cap indices fell 1% and 0.6% respectively. All the NSE sectoral indices ended in red, with IT and Media indices being the top losers, down 2.1% each.

 

FIIs net sold stocks, index futures and stock futures worth Rs 711 cr, 1935 cr and 1970 cr respectively. DIIs were net buyers to the tune of Rs 261 cr.

 

Rupee depreciated 30 paise to end at 82.76/$.

 

India's November trade deficit stood at $23.89 bn Vs $21.23 in the same month last year.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.4%-1.6% and SGX Nifty is suggesting around 70 points lower start for our market.

 

In yesterday's report we had said that 18550-18500 is the immediate support area, below which, 18345, the low made Monday, would be the crucial support; We had also said that a crossover of 18696 is required to generate a "Buy" on the hourly chart.

 

Nifty broke 18550-18500 support area and plunged all the way to 18387 before closing at 18414.

 

18345, the low made Monday, is the important support to eye. A decisive breach of this level can take Nifty to 18000; 18550-18600 is the immediate resistance zone.

 

43100-42900 is the next support area for Banknifty; 43900 is the immediate hurdle.

18887 ABOVE 18696; 18550-18500 IS THE IMMEDIATE SUPPORT AREA

 

18887 ABOVE 18696; 18550-18500 IS THE IMMEDIATE SUPPORT AREA

 

WORLD MARKETS

 

US indices fell 0.4%-0.8% after Federal Reserve raised interest rates by half a percentage point as expected and indicated that it will continue raising rates to tame inflation.

 

Fed officials forecast raising rates through next year, not lowering rates until 2024. The central bank ultimately sees itself taking rates to 5.1% before it stops hiking, a so-called terminal rate that is higher than the 4.6% level it forecast in September.

 

US 10-year treasury yield fell 2 bps to 3.483%. Dollar index fell 0.4% to 103.62. Gold eased 0.2% to $1807 per ounce.

 

Brent crude futures settled up $2.02 at $82.70 per barrel and WTI crude futures rose $1.94 to $77.28.

 

European markets fell 0.1%-0.3%.

 

AT HOME

 

Sensex and Nifty gained 0.2% and 0.3% respectively, extending the rebound which started on Monday. Sensex settled at 62677, up 144 points while Nifty added 52 points to finish at 18660. Nifty mid-cap and small-cap indices gained 0.6% and 0.7% respectively, extending the winning streak to third straight day. Except 0.4% lower FMCG index, all the NSE sectoral indices ended higher, with Realty and Metal indices on the top, up 1.4% and 1.2% respectively.

 

FIIs net bought stocks and stock futures worth Rs 372 cr and 559 cr respectively but net sold index futures worth Rs 636 cr. DIIs were net buyers to the tune of Rs 926 cr.

 

Rupee appreciated 35 paise to end at 81.46/$.

 

OUTLOOK

 

Today morning, Hang Seng is down 2% while Shanghai and Nikkei are off 0.5% and 0.25% respectively. SGX Nifty is suggesting around 60 points lower start for our market.

 

In yesterday's report we had said that upon sustained trading above 18668/first hour high, 18887, the top made on 1st December, would be the next target.

 

Nifty, after making a top of 18696 in the initial trade, eased to end at 18660 and is set to open near 18600 today.

 

A crossover of 18696, the high made yesterday, would confirm a "Buy" on the hourly chart, paving the way for next upside target of 18887, the top made on 1st December; 18550-18500 is the immediate support area, below which, 18345, the low made Monday, would be the crucial support.

 

For Banknifty, 44300-44350 continues to be next target area; 43700-43600 is the immediate support area, with the stop-loss of which, trading longs can be held on to.

 

NIFTY SET TO CHALLENGE IMMEDIATE RESISTANCE AREA

 

NIFTY SET TO CHALLENGE IMMEDIATE RESISTANCE AREA

 

WORLD MARKETS

 

After starting with big gains of 2-4% on the back of softer-than-expected inflation report, US indices gave away big chunk of these advances to end higher by 0.3%-1%.

 

CPI rose just 0.1% month-on-month and 7.1% y-o-y, as against expected rise of 0.3% and 7.3% respectively. Core CPI, which excludes volatile food and energy prices, rose 0.2% on the month and 6% on an annual basis, compared to respective estimates of 0.3% and 6.1%.

 

US 10-year treasury yield fell 11 bps to 3.505%. Dollar index plunged a percent to 104, it's lowest level in nearly six months. Gold jumped 1.7% to $1811 per ounce.

 

Brent crude climbed 3.5% to $80.68 per barrel, and WTI crude futures settled 3% higher at $75.39 per barrel.

 

European markets gained 0.8%-1.4%.

 

AT HOME

 

Benchmark indices gained six tenth of a percent, building on yesterday's rebound from lower levels. Sensex settled at 62533, up 402 points while Nifty added 110 points to finish at 18608. Nifty mid-cap and small-cap indices gained 0.5% and 0.4% respectively. Nifty PSU Bank index soared 3.8%, becoming top gainer among the sectoral indices, followed by 1.1% higher IT index. Realty index was the top loser, down 0.8%, followed by 0.2% lower Consumer Durables and FMCG indices.

 

FIIs net bought stocks and index futures worth Rs 620 cr and 557 cr respectively but net sold stock futures worth Rs 1674 cr. DIIs were net buyers to the tune of Rs 37 cr.

 

Rupee depreciated 28 paise to end at 82.81/$.

 

OUTLOOK

Today morning, Nikkei and Hang Seng are up 0.7% each while Shanghai is flat. SGX Nifty is suggesting nearly 100 points higher start for our market.

 

In yesterday's report we had said that 18668 continued to be immediate hurdle on the hourly chart while 34-DMA, placed around 18310, was the important support.

 

Nifty rose to touch a high of 18617 before closing at 18608. The benchmark is set to open near 18700 today.

 

A higher start today would take Nifty above the immediate hurdle of 18668. Upon sustained trading above this level (preferably a crossover of first-hour high), 18887, the top made on 1st December, would be the next target; 18345, the low made Monday, is the important immediate support.

 

For Banknifty, 44300-44350 is the next target area; 43360 is the immediate support, with the stop-loss of which, trading longs can be held on to.

18668 CONTINUES TO BE IMMEDIATE HURDLE; 34-DMA LANDS SUPPORT AT 18310

 

18668 CONTINUES TO BE IMMEDIATE HURDLE; 34-DMA LANDS SUPPORT AT 18310

 

WORLD MARKETS

 

US indices climbed 1.3%-1.6%. Markets are gearing up for November CPI data due Tuesday and announcement of Fed interest rate decision a day later.

 

A New York Fed survey showed consumers had grown more optimistic about inflation in November.

 

US 10-year treasury yield rose 3 bps to 3.613%. Dollar index inched up 0.1% to 105. Gold fell 0.9% to $1781 per ounce.

 

Brent crude futures rose 2.5% to $77.99 a barrel and WTI crude climbed 3% to $73.17 a barrel.

 

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

 

AT HOME

 

After falling nearly eight tenth of a percent in the initial trade, benchmark indices recouped all the losses through the session to end almost flat. Sensex settled at 62130, down 51 points while Nifty ended flat at 18497. Nifty mid-cap and small-cap indices gained 0.4% and 0.6% respectively. Nifty PSU Bank and Oil & Gas indices climbed 1.4% and 1% respectively, becoming top gainers among sectoral indices while Consumer Durables and IT indices were the top losers, down 0.9% and 0.4% respectively.

 

FIIs net sold stocks and stock futures worth Rs 139 cr and 310 cr respectively but net bought index futures worth Rs 658 cr. DIIs were net buyers to the tune of Rs 696 cr.

 

Rupee depreciated 26 paise to end at 82.53/$.

 

India's retail inflation slowed to an 11-month low of 5.88% in November as against 6.77% in the previous month.

 

Industrial production had it's worst reading in 2-years as it degrew 4% in October as against growth of 3.1% in the previous month.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 0.4% each while Shanghai is little changed. SGX Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that 18410, the low made Friday, was the immediate support, below which, 34-DMA, placed around 18300, would be the important support to eye. We had also said that on the way up, 18668 was the immediate hurdle on the hourly chart.

 

Nifty, after touching a low of 18345 in the initial trade, rebounded to end at 18497.

 

18668 continues to be immediate hurdle on the hourly chart, upon crossover of which, 18887, the top made on 1st December, would be the bigger hurdle to eye; 34-DMA, which has moved up to 18310, is the important support.

 

For Banknifty, 44300 is the next upside target; 43200 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

18300 BELOW 18410; 18668 IS IMMEDIATE HURDLE

 

18300 BELOW 18410; 18668 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow dipped 0.9% while S & P 500 and Nasdaq fell 0.7% each after November’s producer price index came in hotter-than-expected.

 

PPI rose 0.3% over previous month and 7.4% over the previous year. Core PPI, which excludes food and energy, also topped expectations.

 

US 10-year treasury yield rose 10 bps to 3.584%. Dollar index inched up 0.1% to 104.93. Gold rose half a percent to $1797 per ounce.

 

WTI crude settled 44 cents lower at $71.02 a barrel, a new low for 2022. Brent crude settled 5 cents lower at $76.10 per barrel.

 

In Europe, FTSE inched up 0.1% while DAX and CAC gained 0.7% and 0.5% respectively.

 

Earlier Hong Kong’s Hang Seng index advanced more than 2%. China’s consumer price index rose 1.6% in November on an annualized basis, while its producer price index fell 1.3%.

 

On a weekly basis, the Dow fell 2.8% for its worst week since September. The S&P tumbled 3.4%, while the Nasdaq dropped 4%. Brent as well as WTI crude posted weekly losses of around 10% each. It was the biggest weekly decline since April for WTI and since early August for Brent.

 

AT HOME

 

Benchmark indices slipped six tenth of a percent each to close at the lowest levels in two-weeks. Sensex settled at 62181, down 389 points while Nifty lost 112 points to finish at 18496. Nifty mid-cap and small-cap indices fell 0.4% and 1.1% respectively. Nifty IT index nosedived 3.1%, becoming top loser among the sectoral indices, followed by 1.8% lower PSU Bank index. FMCG and Healthcare indices were the top gainers, up 0.9% and 0.3% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 158 cr, 980 cr and 1987 cr respectively. DIIs were net buyers to the tune of Rs 502 cr.

 

Rupee depreciated 15 paise to end at 82.27/$.

 

For the week, Sensex and Nifty fell 1.1% each, snapping a 2-week winning streak.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.3%-1.4% and SGX Nifty is suggesting around 35 points lower start for our market.

 

In Friday's report we had said that 18670-18730 continues to be immediate resistance zone on the hourly chart, while 20-DMA, placed around 18500, was the immediate support.

 

Nifty, after touching a high of 18664 in the initial trade, plunged to 18410 before closing at 18496.

 

18410, the low made Friday, also coincided with a rising trendline adjoining bottoms made on 10th and 22nd November and hence is the immediate support to eye. Below 18410, 34-DMA, placed around 18300, would be the important support; On the way up, 18668 is the immediate hurdle on the hourly chart, upon crossover of which, 18887, the top made on 1st December, would be the bigger hurdle to eye.

 

For Banknifty, 44300 is the next upside target; Immediate support on the hourly chart has moved up to 43200, with the stop-loss of which, trading longs can be held on to.

 

18887 ABOVE 18730; 18500 IS IMMEDIATE SUPPORT

 

18887 ABOVE 18730; 18500 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices gained 0.6%-1.1%, with the S & P 500 snapping 5-day losing streak as weak jobless claim data raised hopes for a soft landing.

 

The data showed a modest uptick in claims while continuing claims hit their highest level since February.

 

US 10-year treasury yield rose 7 bps to 3.486%. Dollar index fell a third of a percent to 104.81. Gold inched up 0.2% to $1789 per ounce.

 

Brent crude lost fell 0.7% to $76.67 a barrel while WTI crude shed 0.2% to $71.85.

 

In Europe, FTSE and CAC were down 0.2% each while DAX ended marginally in the green.

 

AT HOME

 

Benchmark indices rose three tenth of a percent each, with Sensex snapping a 4-day losing streak. Sensex settled at 62570, up 160 points while Nifty added 48 points to finish at 18609. Nifty mid-cap and small-cap indices gained 0.6% and 0.3% respectively. Nifty Bank, powered by 3.8% surged in PSU Bank and 1.2% rise in Private Bank index, surged 1.2%, followed by 0.8% higher Media index. Pharma and Healthcare indices were the top losers, down 1.1% each.

 

FIIs net sold stocks worth Rs 1132 cr but net bought index futures and stock futures worth Rs 770 cr and 27 cr respectively. DIIs were net buyers to the tune of Rs 772 cr.

 

Rupee appreciated 5 paise to end at 82.42/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 1.2% and 0.8% respectively while Shanghai is down 0.2%. SGX Nifty is suggesting around 75 points higher start for our market.

 

In yesterday's report we had said that 20-DMA, placed around 18460, was the downside supports to eye while 18670-18730 was the immediate resistance zone on the hourly chart.

 

Nifty, after touching a low of 18536, rebounded to end at 18609. The benchmark is set to open above 18650 today.

 

18670-18730 continues to be immediate resistance zone on the hourly chart, upon crossover of which, 18887, the top made last week, would be bigger hurdle to eye; 20-DMA, placed around 18500, is the immediate support.

 

For Banknifty, 44000-44100 continues to be next target area on the way up; Immediate support on the hourly chart has moved up to 43200, with the stop-loss of which, trading longs can be held on to.