STAY LONG WITH THE STOP-LOSS WITH 19635

 

STAY LONG WITH THE STOP-LOSS WITH 19635

 

WORLD MARKETS

 

Dow and S & P 500 were little changed while Nasdaq fell quarter of a percent as bond yield surged following strong retail sales data. Chip stocks such as Nvidia and Advanced Micro Devices

sold off as the U.S. announced plans to tighten restrictions on AI chip exports to China.

 

Retail sales rose 0.7% last month. Production at U.S. factories increased more than expected in September despite strikes in the automobile industry.

 

U.S. 10-year treasury yield jumped 13 bps to 4.836%. Dollar index was flat at 106.19. Gold rose 0.2% to $1923 per ounce.

 

Brent crude futures settled up 68 cents to $90.33 a barrel. WTI was up 52 cents at $87.18.

 

In Europe, FTSE rose 0.6% while DAX and CAC inched up 0.1% each.

 

AT HOME

 

Benchmark indices gained four tenth of a percent, snapping a 3-day losing streak. Sensex settled at 66428, up 261 points while Nifty added 80 points to finish at 19811. Nifty mid-cap and small-cap indices gained 0.4% and 0.9% respectively, with the latter posting record closing high. Except marginally lower Consumer Durables index, all the NSE sectoral indices ended higher, with Oil & Gas and Financial Services indices on the top, up 0.7% each.

 

FIIs net bought stocks, index futures and stock futures worth Rs 264 cr, 465 cr and 2188 cr respectively. DIIs were net buyers to the tune of Rs 113 cr.

 

Rupee appreciated 2 paise to end at 83.26/$.

 

Bajaj Finance quarterly results largely met estimate even as net profit marginally missed estimate while NII held up well and asset quality remained stable.

 

OUTLOOK

 

Today morning, Nikkei is down 0.4% but Hang Seng and Shanghai are up 0.8% and 0.3% respectively. GIFT Nifty is suggesting a modestly lower start for our market.

 

In yesterday's report we had said that 19882, followed by 20032, the 61.8% and 78.6% retracement levels of the recent 20222-19333 fall, continued to be upside levels to eye while 19635 continued to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

Nifty rose to touch a high of 19850 before closing at 19811.

 

19882, followed by 20032, the 61.8% and 78.6% retracement levels of the recent 20222-19333 fall, continue to be upside levels to eye; 19635 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44710, the top made last week, around which 34-DMA is also placed, continues to be important immediate hurdle, upon crossover of which, 45050 and 45350, the 50% and 61.8% retracement levels of the recent fall, would be next upside targets; 43800, the low made last week, is the immediate support, upon breach of which, 43600 followed by 43345, the bottoms made in August and June respectively, would be next downside levels to eye.

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 19635

 

STAY LONG WITH THE STOP-LOSS OF 19635

 

WORLD MARKETS

 

U.S. indices surged 0.9%-1.2% on optimism over corporate earnings.

 

After strong start from JPMorgan Chase on Friday, Charles Schwab posted strong earnings yesterday.

 

U.S. 10-year treasury yield rose 9 bps to 4.708%. Dollar index fell 0.4% to 106.21. Gold fell 0.6% to $1920 per ounce.

 

Oil fell on expectation that the U.S. and Venezuela could soon reach a deal easing sanctions on Venezuelan crude exports. Brent crude futures settled at $89.65 a barrel, down 1.4%. WTI crude fell 1.2%, to finish at $86.66 a barrel.

 

European markets gained 0.3%-0.6%.

 

AT HOME

 

Benchmark indices ended marginally in the red, extending the losing streak to third straight day. Sensex settled at 66166, down 116 points while Nifty lost 19 points to finish at 19731. Nifty mid-cap and small-cap indices however gained 0.2% and 0.4% respectively. Nifty Metal and Consumer Durables indices gained 0.9% and 0.8% respectively, becoming top gainers among the sectoral indices while Pharma and Healthcare indices were the top losers, down 0.5% and 0.4% respectively.

 

FIIs net sold stocks and stock futures worth Rs 594 cr and 215 cr respectively but net bought index futures worth Rs 28 cr. DIIs were net buyers to the tune of Rs 1184 cr.

 

 

Rupee depreciated 2 paise to end at 83.28/$.

 

India's September WPI inflation came in at negative 0.26% as against negative 0.52% in August, marking the sixth straight month of negative reading.

 

HDFC Bank reported mixed set of numbers. Net Profit, at nearly Rs. 160000 cr, beat estimates while NII, at nearly Rs 27000 cr, marginally missed estimates.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 1.1% and 0.6% respectively while Shanghai is marginally in the red. GIFT Nifty is suggesting around 65 points higher start for our market.

 

In yesterday's report we had said that 19882 the 61.8% and retracement levels of the recent 20222-19333 fall, was upside levels to eye while, 19635, the low made on Friday, was the immediate support, with the stop-loss of which, trading longs can be held on to.

 

Nifty ended little changed at 19731 and is set to open near 19800 today.

 

19882, followed by 20032, the 61.8% and 78.6% retracement levels of the recent 20222-19333 fall, continues to be upside levels to eye; 19635 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44710, the top made last week, around which 34-DMA is also placed, continues to be important immediate hurdle, upon crossover of which, 45050 and 45350, the 50% and 61.8% retracement levels of the recent fall, would be next upside targets; 43800, the low made last week, is the immediate support, upon breach of which, 43600 followed by 43345, the bottoms made in August and June respectively, would be next downside levels to eye.

Investment in securities market is subject to market risk.

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

TRAIL STOP-LOSS TO 19635

 

TRAIL STOP-LOSS TO 19635

 

WORLD MARKETS

 

Dow inched up 0.1% but S & P 500 and Nasdaq fell 0.5% and 1.2% respectively on Friday.

 

University of Michigan’s closely watched preliminary consumer sentiment index slumped in October while inflation expectations spiked.

 

Israel said its infantry and tanks had carried out raids inside the Gaza Strip, its first announcement of a shift from an air war to ground operations.

 

U.S. 10-year treasury yield fell 9 bps to 4.612%. Dollar index rose 0.1% to 106.67. Gold surged 3.4% to $1932 per ounce.

 

WTI crude futures jumped 5.8% to settle at $87.7 per barrel for the best day since April 3. Brent  futures with December expiry climbed 5.7% to $90.89 per barrel.

 

European markets fell 0.6%-1.6%

 

China’s consumer price index for September came in flat, lower than a 0.2% climb expected. China also reported a 2.5% decline for its producer price index, compared to estimates of a 2.4% drop. China’s trade data for September showed exports and imports both shrank at a slower pace for a second month.

 

For the week, Dow and S & P 500 gained 0.8% and 0.4% respectively while Nasdaq fell 0.2%. WTI crude gained more than 4% this week, posting its biggest weekly gain since Sept. 1. Dollar index rose half a percent. Gold surged 5.4% for its best week in seven months.

 

AT HOME

 

After starting lower by eight tenth of a percent, benchmark indices recouped lot of the losses to end lower by a fifth of a percent. Sensex settled at 66282, down 125 points while lost 43 points to finish at 19751. Nifty mid-cap and small-cap indices fell 0.1% and 0.5% respectively. Nifty PSU Bank and Media indices were the top losers among the sectoral indices, down 1.4% and 1.2% respectively while Auto and Realty indices were the top gainers, up 0.9% and 0.4% respectively.

 

FIIs net bought stocks worth Rs 317 cr but net sold index futures and stock futures worth Rs 784 cr and 5 cr respectively. DIIs were net sellers to the tune of Rs 103 cr.

 

India's September exports fell 2.6% y-o-y to $35.4 bn while imports fell 15% to $53.8 bn. Trade deficit fell 31% to $19.4 bn.

 

For the week, Sensex and Nifty gained 0.4% and 0.5% respectively, extending the winning streak to second straight week.

 

OUTLOOK

 

Today morning, Nikkei is down nearly 2% while Hang Seng and Shanghai are down 0.3% each. GIFT Nifty is suggesting a modestly lower start for our market.

 

In Friday's report we had said that 19882, the 61.8% retracement level of the recent fall, continued to be next upside target while 19650-19600 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 low of 19635, rebounded to end at 19751.

 

19635, the low made on Friday, coincided with a trendline adjoining recent bottoms and hence is the immediate support to eye. Below 19635, 19480, the low made during the week, followed by 19333, the low made last week, would be next downside levels to eye. On the way up, 19882, followed by 20032, the 61.8% and 78.6% retracement levels of the recent 20222-19333 fall, are the upside levels to eye. Meanwhile, trading longs can be held on to with the stop-loss of 19635.

 

For Banknifty, 44710, the top made last week, around which 34-DMA is also placed, is the important immediate hurdle, upon crossover of which, 45050 and 45350, the 50% and 61.8% retracement levels of the recent fall, would be next upside targets; 43800, the low made during the week, is the immediate support, upon breach of which, 43600 followed by 43345, the bottoms made in August and June respectively, would be next downside levels to eye.

Investment in securities market is subject to market risk.

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

TRAIL STOP-LOSS TO 19600

 

TRAIL STOP-LOSS TO 19600

 

WORLD MARKETS

 

U.S. indices fell 0.5%-0.6% as bond yields ticked higher after consumer prices rose more than expected in September.

 

CPI rose 0.4% over the month and 3.7% y-o-y, that was more than the expected rise of 0.3% and 3.6% respectively. Core CPI increased 0.3% on the month and 4.1% on a yearly basis, both in line with expectations.

 

U.S. 10-year treasury yield rose 14 bps to 4.70%. Dollar index surged 0.8% to 106.58. Gold fell 0.3% to $1869 per ounce.

 

Brent crude futures settled up 18 cents to $86.00 per barrel and WTI crude fell 5 cents to $83.44 a barrel.

 

In Europe, FTSE rose 0.3% but DAX and CAC fell 0.2% and 0.4% respectively.

 

AT HOME

 

Benchmark indices ended 0.1% lower after a rangebound trade, snapping a 2-day winning streak. Sensex settled at 66408, down 64 points while Nifty lost 17 points to finish at 19794. Nifty mid-cap and small-cap indices gained 0.2% and 0.6% respectively, extending the winning streak to third straight day and with the later hitting one month high on closing basis. Nifty Media index surged 3%, becoming top gainer among the sectoral indices, followed by 1.1% higher Oil & Gas index. IT index tumbled 1.7%, becoming top loser, followed by 0.2% lower Realty index.

 

FIIs net sold stocks and stock futures worth Rs 1863 cr and 1064 cr respectively but net bought index futures worth Rs 253 cr. DIIs were net buyers to the tune of Rs 1532 cr.

 

Rupee ended unchanged at 83.2425/$.

 

India's retail inflation cooled to 5% in September. Core CPI eased to 4.5% from 4.8%. August industrial output growth beat estimate at 10.3%, up from 5.7% in July.

 

Infosys beat estimate as revenue grew more than 2%. The company lowered it's top end of the full year revenue growth guidance from 3.5% to 2.5%. HCL Tech's revenue growth marginally missed estimate and company lowered guidance even as margins beat estimate.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.2%-1.4% and GIFT Nifty is suggesting around 150 points lower start for our market.

 

In yesterday's report we had said that 19882 followed by 20032, the 61.8% and 78.6% retracement levels of the recent fall, were the next upside levels to eye and had advised trailing stop-loss in longs to 19580.

 

Nifty, after touching a high of 19843, slipped to end at 19794 and is set to open below 19700 today.

 

19882, the 61.8% retracement level of the recent fall, continues to be next upside target; 19650-19600 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 44750, is immediate hurdle, above which, 45053 and 45350, the 50% and 61.8% retracement levels of the recent 46310-43796 fall, would be the next upside targets; 44200-44100 is the immediate support area, below which, 43796, the low made Monday, would be next downside level to eye.

 Investment in securities market is subject to market risk.

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

TRAIL STOP-LOSS TO 19580

 

TRAIL STOP-LOSS TO 19580

 

WORLD MARKETS

 

U.S. indices gained 0.2%-0.7%, extending the winning streak to fourth straight day.

 

U.S. producer price index rose 0.5% for September, coming out higher than the estimate for a 0.3% rise but lower than the 0.7% increase in the prior month. Core PPI gained 0.2%, the same margin as in August.

 

Minutes of the September meeting showed majority of Fed officials indicated that one more hike would be likely.

 

U.S. 10-year treasury yield fell 9 bps to 4.56%. Dollar index was little changed at 105.72. Gold rose 0.8% to $1874 per ounce.

 

Brent crude fell 2.1% to settle at $85.82 a barrel and WTI crude slipped 2.9% to $83.49, a day after top OPEC producer Saudi Arabia pledged to help stabilize the market.

 

In Europe, FTSE and CAC fell 0.1% and 0.4% respectively while DAX rose 0.2%.

 

AT HOME

 

Benchmark indices rose six tenth of a percent, extending the winning streak to second straight day and closing at the highest level after 20th September. Sensex settled at 66473, up 393 points while Nifty added 121 points to finish at 19811. Nifty mid-cap and small-cap indices gained 0.5% and 0.8% respectively. Except 0.7% and 0.1% lower PSU Bank and IT indices respectively, all the NSE sectoral indices ended higher, with FMCG and Media indices on the top, up 0.9% each.

 

FIIs net sold stocks worth Rs 422 cr but net bought index futures and stock futures worth Rs 1120 cr and 936 cr respectively. DIIs were net buyers to the tune of Rs 1032 cr.

 

Rupee appreciated 6 paise to end at 83.19/$.

 

TCS's dollar revenue growth shrank for the first time in more than 3-years even as margin beat estimate in second quarter. Deal win remain robust at more than $11 bn. The company announced Rs. 17000 cr buyback at Rs. 4150 per share.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.6%-1.7% and GIFT Nifty is suggesting a flat start for our market.

 

In yesterday's report we had said that 20-DMA, placed around 19770, was the next target, above which, 19882, the 78.6% retracement level of the recent fall, would be next upside level to eye.

 

Nifty, after achieving 19770, went further to touch a high of 19839 before closing at 19811.

 

19882 followed by 20032, the 61.8% and 78.6% retracement levels of the recent fall, are the next upside levels to eye; 19580 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 44750, is immediate hurdle, above which, 45053 and 45350, the 50% and 61.8% retracement levels of the recent 46310-43796 fall, would be the next upside targets; 43796, the low made Monday, continues to be immediate support.

 

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

 

Infosys and HCL Tech will report their quarterly earnings today.

Investment in securities market is subject to market risk.

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

19770, 19880 ARE NEXT UPSIDE TARGETS; 19480 IS IMMEDIATE HURDLE

 

19770, 19880 ARE NEXT UPSIDE TARGETS; 19480 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices gained 0.4%-0.6% as U.S. Treasury yields fell on the back of dovish comments by Federal Reserve officials.

 

Fed Vice Chair Philip Jefferson said the central bank needs to be careful with how it proceeds following the recent climbs of Treasury yields, while Dallas Fed President Lorie Logan suggested surging yields may mean there is less of a need for further rate hikes. Atlanta Fed President Raphael Bostic told the American Bankers Association that Fed policy is sufficiently restrictive and that he sees no recession ahead even as the Fed’s rate hikes slow the economy and bring down inflation.

 

The International Monetary Fund raised its U.S. growth forecast for 2023 by 0.3% to 2.1%, citing resilience from consumers and stronger business investment.

 

U.S. 10-year Treasury yield fell nearly 13 basis points to about 4.65%,

 

Dollar index fell 0.3% to 105.77. Gold eased 0.1% to $1853 per ounce.

 

Brent crude settled down 50 cents at $87.65 a barrel while WTI crude fell 41 cents to $85.97 a barrel.

 

European markets surged 1.8%-2.3%.

 

AT HOME

 

Benchmark indices surged nine tenth of a percent and closed at the highest level after 27th September. Sensex added 566 points to settle at 66079 while Nifty finished at 19692, up 180 points. Nifty mid-cap and small-cap indices climbed 1.4% and 1.2% respectively. Except 0.2% lower Healthcare index, all the NSE sectoral indices ended higher, with Realty index on the top, up 4%, followed by 2% higher Metal index.

 

FIIs net sold stocks worth Rs 1005 cr but net bought index futures and stock futures worth Rs 303 cr and 4343 cr respectively. DIIs were net buyers to the tune of Rs 1963 cr.

 

Rupee appreciated 2 paise to end at 83.2450/$.

 

OUTLOOK

 

Today morning, Nikkei and Shanghai are up half a percent each while Hang Seng is up 1.6%. GIFT Nifty is suggesting around 60 points higher start for our market.

 

In yesterday's report we had said that 19675, the top made last week, was the immediate hurdle, above which, 20-DMA, placed around 19780, would be next target.

 

Nifty crossed 19675 and surged all the way to 19717 before closing at 19689.

 

20-DMA, placed around 19770, is the next upside target to eye, above which, 19882, the 78.6% retracement level of the recent fall, would be next upside level to eye; 19480, the low made Monday, is the immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44500 is the immediate hurdle, above which, 44756 and 45053, the 38.2% and 50% retracement levels of the recent 46310-43796 fall, would be the next upside targets; 43796, the low made Monday, continues to be immediate support.

 

TCS will report its quarterly results today.

Investment in securities market is subject to market risk.

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

19480 IS IMMEDIATE SUPPORT; 19780 ABOVE 19675

 

19480 IS IMMEDIATE SUPPORT; 19780 ABOVE 19675

 

WORLD MARKETS

 

After starting lower on account of Israel-Palestine conflict, U.S. indices rebounded to end higher, with Dow and S & P 500 up 0.6% each while Nasdaq rose 0.4%.

 

U.S. bond market was closed Monday for Columbus Day. Dollar index was little changed at 106.06. Gold surged 1.6% to $1861 per ounce.

 

Brent crude settled 4.2% higher at $88.15 a barrel, while WTI rose 4.3% to $86.38 per barrel. It was the biggest one-day gain for both benchmarks since April 3.

 

In Europe, FTSE was little changed while DAX and CAC wer down 0.6% each.

 

AT HOME

 

Benchmark indices slipped seven tenth of a percent each, snapping a 2-day winning streak. Sensex settled at 65512, down 483 points while Nifty lost 141 points to finish at 19512. Nifty mid-cap and small-cap indices tumbled 1.3% and 1.8% respectively with the former closing at the lowest level after 1st September. Except 0.03% higher Healthcare index, all the NSE sectoral indices ended lower, with PSU Bank and Media indices being the top losers, down 3.1% and 2.2% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 998 cr, 290 cr and 547 cr respectively. DIIs were net buyers to the tune of Rs 2661 cr.

 

Rupee depreciated 2 paise to end at 83.2625/$.

 

OUTLOOK

Today morning, Nikkei and Hang Seng are up nearly 2% while Shanghai is marginally in the red. GIFT Nifty is suggesting around 75 points higher start for our market.

 

In yesterday's report we had said that 20-DMA, placed around 19800, was the next upside target as well as resistance to eye while 19550-19500 was the immediate support zone.

 

Nifty plunged to 19480 before closing at 19512 and is set to open above 19550 today.

 

19675, the top made last week, is the immediate hurdle, above which, 20-DMA, placed around 19780, would be next target; 19480, the bottom made yesterday, is the immediate support, below which, 19333, the low made last week, which roughly coincided with 20-week moving average, would be the important support to eye.

 

For Banknifty, 43796, the low made yesterday, which coincided with a trendline adjoining bottoms made in June and August, is the immediate support, below which, 43600 followed by 43345, the bottoms made in August and June respectively, would be next downside levels to eye; 44600 is the immediate hurdle on the hourly chart.

Investment in securities market is subject to market risk.

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