19000 ABOVE 18887; STAY LONG WITH THE STOP-LOSS OF 18670

 

19000 ABOVE 18887; STAY LONG WITH THE STOP-LOSS OF 18670

 

WORLD MARKETS

 

U.S. indices fell 0.3%-0.7% on Friday.

 

University of Michigan’s survey showed U.S. consumers’ near-term inflation expectations dropped to a more than two-year low in June and the outlook over the next five years improved slightly.

 

U.S. 10-year treasury yield rose 5 bps to 3.769%. Dollar index rose 0.2% to 102.29. Gold inched up 0.1% to $1957 per ounce.

 

Brent crude gained 94 cents to settle at $76.61 a barrel and WTI crude rose $1.16 to $71.78.

 

European markets gained 0.2%-1.3%.

 

The Bank of Japan again left its benchmark interest rate unchanged at -0.1% and forecast that inflation will slow later this year.

 

AT HOME

 

Benchmark indices climbed three fourth of a percent and posted highest ever close. Sensex settled at 63384, up 466 points while Nifty added 138 points to finish at 18826. Nifty mid-cap and small-cap indices gained 0.7% and 1% respectively. Except 0.4% and 0.2% lower IT and Realty indices respectively, all the NSE sectoral indices ended higher, with Financial Services and Bank indices on the top, up 1.4% and 1.1% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 795 cr, 1181 cr and 2031 cr respectively. DIIs were net buyers to the tune of Rs 681 cr.

 

Rupee appreciated 25 paise to end at 81.93/$.

 

For the week, Sensex and Nifty gained 1.2% and 1.4% respectively, extending the winning streak to fourth consecutive week and posting highest ever weekly close.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.3%-0.6% and SGX Nifty is suggesting a flat start for our market.

 

In Friday's report we had said that 18887, the record high made in December 2022, was the next upside level to eye while  18600-18550 is the immediate support area, with the stop-loss of which, trading longs could be held on to.

 

Nifty rose to touch a high of 18864 before closing at 18826.

 

18887, the high made in December 2022, is the immediate upside level to eye, upon crossover of which, 19000, around which an upward sloping trendline adjoining tops made in October 2021 and December 2022 is placed, would be the next target to eye; 18700-18670 is the immediate support area on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44500 is the important immediate hurdle, a crossover of which is required for a fresh upmove. If that happens, 45300, around which an upward sloping trendline adjoining tops made in October 2021 and December 2022 is placed, would be the next target to eye. 43400, the low made last week, is the immediate support, below which, 42800-42600 would be next support area.

Investment in securities market is subject to market risk.

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

18887 IS THE NEXT TARGET; 18600-18550 IS THE SUPPORT AREA

 

18887 IS THE NEXT TARGET; 18600-18550 IS THE SUPPORT AREA

 

WORLD MARKETS

 

U.S. indices surged 1.2%-1.3%, with S&P 500 and Nasdaq Composite posting a sixth-straight day of gains.

 

U.S. initial jobless claims were unchanged at 262,000 for last week, the expected figure being 249,000. Industrial output dropped 0.2% in May, missing expectations for a 0.1% increase.

 

U.S. 10-year treasury yield fell 7 bps to 3.72%. Dollar index fell 0.8% to 102.14. Gold rose 0.6% to $1955 per ounce.

 

The euro hit a 15-year peak against the yen and a five-week high against the dollar after European Central Bank raised rates by 25 to 3.5%, the highest in 22 years, and signaled further tightening to bring euro zone inflation to its medium-term target of 2%.

 

Brent and WTI crude futures rose 3.4% each to $75.67 and $70.62 a barrel respectively.

 

In Europe, FTSE rose 0.3% but DAX and CAC fell 0.1% and 0.5% respectively.

 

AT HOME

 

Sensex and Nifty slipped 0.5% and 0.4%, snapping a 3-day winning streak. Sensex settled at 62917, down 310 points while Nifty lost 67 points to finish at 18688. Nifty mid-cap and small-cap indices however rose 0.2% each. Nifty Bank was the top loser among the sectoral indices, down 1.2%, followed by 1% lower Media and Financial Services indices. Healthcare and Pharma indices were the top gainers, up 1.6% and 1.4% respectively.

 

FIIs net bought stocks worth Rs 3086 cr but net sold index futures and stock futures worth Rs 745 cr and 1441 cr respectively. DIIs were net sellers to the tune of Rs 298 cr.

 

Rupee depreciated 8 paise to end at 82.18/$.

 

India's trade deficit in May widened to a five-month high of $22.1 bn as exports dipped 10.3%  to $35 bn while imports fell 6.6% to $57.1 bn.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 0.3% and 0.2% respectively but Nikkei is off 0.7%. SGX Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 18777, the top made last week, continued to be immediate upside level to eye, above which, 18887, the record high made in December 2022, would be next target; We had also advised holding on to longs with the stop-loss of 18555.

 

Nifty, after touching a high of 18794, slipped to end at 18688.

 

18887, the record high made in December 2022, is the next upside level to eye; 18600-18550 is the immediate support area, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 43390, the low made on 25th May, is the immediate support, below which, 42800-42600 would be next support area; 44000 is immediate hurdle.

Investment in securities market is subject to market risk.

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

18887 ABOVE 18777; 18555 CONTINUES TO BE IMMEDIATE SUPPORT

 

18887 ABOVE 18777; 18555 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow fell 0.7% but S & P 500 and Nasdaq rose 0.1% and 0.4% respectively after the Federal Reserve held interest rates steady but signaled another 50 basis points hike by end-December.

 

Fed left borrowing rate unchanged in a target range of 5%-5.25% but forecast it will raise interest rates as high as 5.6% before 2023 is over.

 

U.S. producer prices fell more than expected in May.

 

U.S. 10-year treasury yield fell 3 bps to 3.792%. Dollar index fell 0.3% to 103. Gold was flat at $1943 per ounce.

 

Brent crude futures fell 1.5% to $73.20 a barrel and WTI crude closed 1.7%, lower at $68.27.

 

European markets gained 0.1%-1.1%. U.K. economy grew by 0.2% in April, in line with expectations.

 

AT HOME

 

Sensex and Nifty inched up 0.1% and 0.2% respectively, extending the winning streak to third consecutive day. Sensex settled at 63228, up 85 points while Nifty added 40 points to finish at 18755. Nifty mid-cap and small-cap indices gained 0.2% and 0.1% respectively. Nifty Metal and Oil & Gas indices were the top gainers among the sectoral indices, up 1.4% and 0.9% respectively whereas Financial Services and Bank indices were the top losers, down 0.3% and 0.2% respectively.

 

FIIs net bought stocks and index futures worth Rs 1715 cr and 758 cr respectively but net sold stock futures worth Rs 608 cr. DIIs were net sellers to the tune of Rs 655 cr.

 

Rupee appreciated 27 paise to end at 82.10/$.

 

India’s Wholesale Price Index declined 3.48% y-o-y in May compared to a fall of 0.92% in April. This is the lowest reading since November 2015. Core WPI stood at negative 2.10% vs negative 1.80% in April.

 

OUTLOOK

 

Today morning, Hang Seng is up more than a percent while Shanghai and Nikkei are up 0.3% and 0.1% respectively. SGX Nifty is suggesting a marginally lower start for our market.

 

In yesterday's report we had said that 18777, the top made last week, was the immediate upside level to eye, above which, 18887, the record high made in December 2022, would be next target.

 

Nifty rose to touch a high of 18769 before closing at 18755.

 

18777, the top made last week, continues to be immediate upside level to eye, above which, 18887, the record high made in December 2022, would be next target; 18555, the low made last Friday, is the immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 43706, the low made last week, continues to be important immediate support; 44500 is the immediate hurdle, upon crossover of which, 45000-45200 would be next upside target area.

 Investment in securities market is subject to market risk.

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

18887 ABOVE 18777; STAY LONG WITH THE STOP-LOSS OF 18555

 

18887 ABOVE 18777; STAY LONG WITH THE STOP-LOSS OF 18555

 

WORLD MARKETS

 

U.S. indices gained 0.4%-0.8% after smallest annual increase in inflation in more than two years bolstered hopes that the Fed will not raise interest rates..

 

CPI rose 4.0%, the smallest year-on-year increase since March 2021, after rising 4.9% in April. Over the previous month, CPI rose 0.1% after increasing 0.4% in April. Core CPI, which strips out volatile food and energy prices, was hotter with 5.3% annual increase and 0.4% monthly change.

 

U.S. 10-year treasury yield rose 8 bps to 3.819%. Dollar index fell 0.3% to 103.31. Gold fell 0.7% to $1943 per ounce.

 

China’s central bank lowered a short-term lending rate for the first time in 10 months.

 

Brent crude futures climbed 3% to $74.06 a barrel and WTI crude was up 3.1% at $69.19 a barrel.

 

European markets rose 0.3%-0.8%.

 

AT HOME

 

Sensex and Nifty gained 0.7% and 0.6% respectively, building on yesterday's modest gains. Sensex settled at 63143, up 418 points while Nifty added 115 points to finish at 18716. Nifty mid-cap and small-cap indices climbed 1.2% and 0.7% respectively with the former hitting fresh record high and later scaling highest level after 22nd April 2022. Except 0.1% lower Auto index, all the NSE sectoral indices ended higher, with Realty index on the top, up 3%, followed by 1.8% higher Media index.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1678 cr, 615 cr and 786 cr respectively. DIIs were net sellers to the tune of Rs 203 cr.

           

Rupee appreciated 5 paise to end at 82.38/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.3%-1% and SGX Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 18777, the top made last week, was the immediate upside level to eye while 18531, the low made last week, continued to be immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty soared to touch a high of 18728 before closing at 18716. The benchmark is set to open above 18750 today.

 

18777, the top made last week, is the immediate upside level to eye, above which, 18887, the record high made in December 2022, would be next target; 18555, the low made Friday, is the immediate support, with the stop-loss of which, trading longs should be held on to.

 

For Banknifty, 43706, the low made last week, around which 34-DMA is also placed, is the important immediate support; 44500 is the immediate hurdle, upon crossover of which, 45000-45200 would be next upside target area.

 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 18531

 

STAY LONG WITH THE STOP-LOSS OF 18531

 

WORLD MARKETS

 

U.S. indices gained 0.6%-1.5%, with the S & P 500 and Nasdaq both scaling their highest levels in 13-month. The move came ahead of Tuesday's CPI data and Wednesday's Fed decision.

 

U.S. 10-year treasury yield was little changed at 3.739%. Dollar index inched up 0.1% to 103.63. Gold fell 0.2% to $1957 per ounce.

 

Brent crude futures plunged 3.9% to $71.84 a barrel, their lowest since Dec. 2021. WTI crude fell 4.4% to settle at $67.12 a barrel. Goldman Sachs cut its Brent crude price forecast from $95 to $86 and WTI price forecast to $81 from $89, citing higher-than-expected supplies later this year and through 2024.

 

European markets gained 0.1%-0.9%.

 

AT HOME

 

Benchmark indices rose a fifth of a percent each, snapping a 2-day losing streak. Sensex settled at 62724, up 99 points while Nifty added 38 points to finish at 18601. Nifty mid-cap and small-cap indices gained 0.6% and 0.9% respectively. Nifty IT and Realty indices climbed 1.5% and 1.4% respectively, becoming top gainers among the sectoral indices while Nifty Bank and Financial Services indices were the top losers, down 0.1% each.

 

Rupee appreciated 3 paise to end at 82.43/$.

 

FIIs net sold stocks worth Rs 627 cr but net bought index futures and stock futures worth Rs 969 cr and 524 cr respectively. DIIs were net buyers to the tune of Rs 1794 cr.

 

India's May CPI fell to a 25-month low of 4.25% from 4.7% in April. April Industrial Production rose 4.2%, rising from a five-month low of 1.7% in March.

 

OUTLOOK

 

Today morning, Nikkei is up 1.6%, Shanghai is little changed while Hang Seng is down 0.6%. SGX Nifty is suggesting around 60 points higher start for our market.

 

In yesterday's report we had said that 18531, the low made last week, was the immediate support, while 18777, the top made last week, was the immediate hurdle.

 

Nifty, after touching a low of 18559, rebounded to end at 18601. The benchmark is set to open near 18650 today.

 

18777, the top made last week, is the immediate upside level to eye, above which, 18887, the record high made in December 2022, would be next target; 18531, the low made last week, continues to be immediate support, with the stop-loss of which, trading longs should be held on to.

 

For Bannifty, 43706, the low made last week, around which 34-DMA is also placed, is the important immediate support, upon breach of which, 43390, the low made on 25th May, would be next downside level to eye; 44500 is the immediate hurdle, upon crossover of which, 45000-45200 would be next upside target area.

 

Investment in securities market is subject to market risk.

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

18531 IS IMMEDIATE SUPPORT; 18777 IMMEDIATE HURDLE

 

18531 IS IMMEDIATE SUPPORT; 18777 IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices rose 0.1%-0.2% on Friday.

 

U.S. 10-year treasury yield rose 2 bps to 3.743%. Dollar index rose 0.2% to 103.55. Gold fell 0.25% to $1961 per ounce.

 

European markets fell 0.1%-0.5%

 

Brent crude futures fell 1.5% to $74.79 a barrel while WTI crude fell 1.6% to $70.17 a barrel.

 

China’s consumer price index rose 0.2% in May while its producer prices fell 4.6% y-o-y, marking the steepest drop since May 2016.

 

For the week, U.S. indices rose 0.1%-0.4%, with Nasdaq and S & P 500 rising for 7th and 4th consecutive week respectively while Dow advanced for the second straight week.

 

AT HOME

 

Benchmark indices fell 0.4% each, extending losing streak to second straight day. Sensex settled at 62625, down 223 points while Nifty lost 71 points to finish at 18563. Nifty mid-cap and small-cap indices fell 0.1% each. Except 0.2% and 0.04% higher Private Bank and Realty indices respectively, all the NSE sectoral indices ended in red, with PSU Bank and FMCG indices being the top losers, down 1.2% and 0.9% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 309 cr, 618 cr and 1149 cr respectively. DIIs were net buyers to the tune of Rs 1245 cr.

 

Rupee appreciated 10 paise to end at 82.46/$.

 

For the week, Sensex and Nifty inched up 0.1% and 0.2% respectively, extending the winning streak to third consecutive week.

 

OUTLOOK

 

Today morning, Nikkei is up 0.7% but Hang Seng and Shanghai are off 0.2% and 0.4% respectively. SGX Nifty is suggesting around 50 points higher start for our market.

 

In Friday's report we had said that 18887, continued to be next upside level to eye while 18550 continued to be immediate support on hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Nifty fell to 18555 before closing at 18563 and is set to open near 18600 today.

 

18531, the low made last week, is the immediate support, upon breach of which, 20 DMA, placed around 18450 would be next downside levels to eye; 18777, the top made last week, is the immediate hurdle. Meanwhile, trading longs can be held on to with the stop-loss of 18531.

 

For Banknifty, 43706, the low made last week, around which 34-DMA is also placed, is the important immediate support, upon breach of which, 43390, the low made on 25th May, would be next downside level to eye; 44500 is the immediate hurdle, upon crossover of which, 45000-45200 would be next upside target area.

 

India’s May CPI and April IIP data will be released today.

 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 18550

 

STAY LONG WITH THE STOP-LOSS OF 18550

 

WORLD MARKETS

 

U.S. indices gained 0.5%-1%, with the Dow rising for the third straight session and S & P 500 posting it's best close of 2023.

 

Jobless claims increased more than expected to their highest since October 2021, a potential sign that the labor market is softening.

 

U.S. 10-year treasury yield fell 8 bps to 3.722%. Dollar index tumbled 0.8% to 103.32. Gold jumped 1.3% to $1966 per ounce.

 

Brent crude settled down 1.3% at $75.96 a barrel and WTI crude fell 1.7% to $71.29.

 

In Europe, FTSE fell 0.3% but DAX and CAC rose 0.2% and 0.3% respectively. Euro zone entered a technical recession in the first three months of the year, with revisions to GDP showing a 0.1% contraction in the previous two quarters.

 

AT HOME

 

After gaining three tenth of a percent, benchmark indices plunged to end lower by half a percent, snapping a 4-day winning streak. Sensex settled at 62484, down 294 points while Nifty lost 91 points to finish at 18634. Nifty mid-cap and small-cap indices fell 0.6% and 1% respectively for their first red day in 14 and 15 days respectively. Except 0.2% higher Metal index, all the NSE sectoral indices ended lower, with Realty and Media indices being the top losers, down 1.6% and 1.5% respectively.

 

FIIs net bought stocks worth Rs 212 cr but net sold index futures and stock futures worth Rs 442 cr and 1094 cr respectively. DIIs were net sellers to the tune of Rs 405 cr.

 

Rupee ended unchanged at 82.56/$.

 

RBI's 6-memeber Monetary Policy Committee voted unanimously to keep repo rate unchanged at 6.5%. The "Withdrawal of accommodation" stance was maintained with 5:1 majority. FY24 GDP growth forecast was left unchanged at 6.5% while CPI forecast was lowered from 5.2% to 5.1%.

 

OUTLOOK

 

Today morning, Nikkei is up 1.6% while Hang Seng and Shanghai are up 0.3% and 0.2% respectively. SGX Nifty is suggesting around 40 points higher start for our market.

 

In yesterday's report we had said that 18887, the record high made in December 2022, was the next upside level to eye while 18550 was the immediate support on hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 18777, slipped to end at 18634.

 

18887, the record high made in December 2022, continues to be next upside level to eye; 18550 continues to be immediate support on hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44500, the top made last week, continues to be immediate hurdle, upon crossover of which, 44800-45000 would be next target area; 43706, the low made last week, is the immediate support.

 

Investment in securities market is subject to market risk.

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