21550 NEXT; 21000 IS IMMEDIATE SUPPORT

 

21550 NEXT; 21000 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices gained 0.2%-0.4% as the 10-year Treasury tumbled below 4% and retail sales surprised on the upside.

 

Retail sales rose 0.3% in November from October, when sales fell 0.2%. Sales were expected to decline again.

 

U.S. 10-year treasury yield fell 10 bps to 3.923%. Dollar index tumbled 0.9% to 101.95. Gold rose 0.4% to $2036 per ounce.

 

The WTI contract for January gained 3% to settle at $71.58 a barrel, while the Brent contract for February rose 3.2% to $76.61 a barrel.

 

The European Central Bank held interest rates steady for the second meeting in a row, as it revised its growth forecasts lower. The Bank of England also kept its main interest rate unchanged at 5.25% and said monetary policy is “likely to need to be restrictive for an extended period of time.”

 

In Europe, FTSE and CAC gained 1.3% and 0.6% respectively while DAX fell 0.1%.

 

AT HOME

 

Sensex and Nifty surged 1.3% and 1.2% respectively to hit fresh record highs. Sensex settled at 70514, up 929 points while Nifty added 256 points to finish at 21182. Nifty mid-cap and small-cap indices climbed 1.3% and 0.8% respectively, also hitting fresh record highs. Nifty Realty and IT indices were the top gainers among the sectoral indices, up 3.9% and 3.5% respectively while Media index was the top loser, down 0.4%, followed by 0.1% lower Consumer Durables and Healthcare indices.

 

FIIs net bought stocks worth Rs 3570 cr but net sold index futures and stock futures worth Rs 340 cr and 1816 cr respectively. DIIs were net buyers to the tune of Rs 553 cr.

 

Rupee appreciated 7 paise to end at 83.33/$.

 

India's November WPI inflation came in at 0.26% as against -0.52% in the previous month. Core WPI stood at negative 0.4% Vs -1.0%.

 

OUTLOOK

 

Today morning, Hang Seng and Nikkei are up 2% and 1.3% respectively while Shanghai is little changed. GIFT Nifty is suggesting nearly 100 points higher start for our market.

 

In yesterday's report we had said that 21200 was the next upside level to eye for Nifty.

 

Nifty touched a high of 21210 before closing at 21182. The benchmark is set to open above 21250 today.

 

21550, around which a upper end of a rising channel formation is placed, is the next upside target to eye; 21000-20950 is the immediate support zone, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, above 48000, 50000 would be next major target to eye; 47150 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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

21200 NEXT UPSIDE LEVEL TO EYE; 20769 IS IMMEDIATE SUPPORT

 

21200 NEXT UPSIDE LEVEL TO EYE; 20769 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices surged 1.4% each with Dow hitting a record high after Federal Reserve laid out the timeline for cuts in 2024 and beyond.

 

Fed held the benchmark overnight borrowing rate steady in the 5.25% to 5.5% range as expected, but more importantly it forecast three rate cuts in 2024, which were more than it had previously indicated. Fed also cut the forecasts for the core personal consumption expenditures price index — it's favored inflation gauge— to 2.4% in 2024 and 2.2% in 2025, down from 2.6% and 2.3% respectively in its previous forecasts.

 

U.S. producer price index was unchanged for November, against the estimate for a 0.1% increase.

 

U.S. 10-year treasury yield tumbled 18 bps to 4.02%, it's lowest level since August. Dollar index slipped 0.9% to 102.90. Gold jumped 2.4% to $2027 per ounce.

 

Brent crude futures rose 1.4% to $74.26 a barrel and WTI crude futures gained 1.2% to settle at $69.47 a barrel.

 

In Europe, FTSE inched up 0.1% while DAX and CAC fell 0.2% each.

 

AT HOME

 

After falling two-third of a percent in the first half, benchmark indices recouped all the losses to end marginally in the green. Sensex settled at 69584, up 33 points while Nifty added 20 points to finish at 20926. Nifty mid-cap and small-cap indices surged 0.9% each, both hitting fresh record highs. Nifty Realty and Healthcare indices climbed 1.6% and 1.2% respectively, becoming top gainers among the sectoral indices while IT index tumbled 1.3%, becoming top loser, followed by 0.1% lower Private Bank index.

 

FIIs net bought stocks worth Rs 4711 cr but net sold index futures and stock futures worth Rs 861 cr and 2460 cr respectively. DIIs were net sellers to the tune of Rs 958 cr.

 

Rupee depreciated 1 paise to end at 83.40/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 1.2% and 0.1% respectively while Nikkei is down 0.2%. GIFT Nifty is suggesting nearly 200 points gap-up start for our market.

 

In yesterday's report we had said that 21038, the top made on Tuesday, was the immediate hurdle while 20850 was the immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty broke 20850 and plunged all the way to 20769, but rebounded from there to end at 20926.

 

The benchmark is set to open near 21100 today.

 

21200 is the next upside level to eye for Nifty; 20769, the low made yesterday, is the immediate support to eye.

 

For Banknifty, 48000, around which a rising trendline adjoining tops made in December 2022 and July 2023 is placed, continues to be next upside target, above which, 50000 would be the major target to eye; 46800 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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

21200 ABOVE 21038; 20850 IS IMMEDIATE SUPPORT

 

21200 ABOVE 21038; 20850 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow and S & P 500 rose half a percent each while Nasdaq gained 0.7%, all three extending the winning streak to fourth consecutive day. Markets parsed the latest inflation numbers and braced for the Federal Reserve’s last interest rate decision.

 

November CPI inched up 0.1% from the prior month as against expectation of a flat reading. Y-o-Y rise of 3.1% was in line with expectations. Core CPI, which excludes volatile food and energy prices, rose 0.3% from the prior month and 4% on the year, both matching estimates.

 

Fed is widely expected to hold the benchmark overnight borrowing rate steady in the 5.25% to 5.5% range, but markets will keenly watch Fed Chair Powell’s commentary for clues into how soon rate cuts can be expected.

 

U.S. 10-year treasury yield fell 3 bps to 4.203%. Dollar index fell 0.3% to 103.81. Gold fell 0.1% to $1979 per ounce.

 

WTI crude plunged 3.8% to $68.61 a barrel while Brent futures shed 3.7% to settle at $73.24 a barrel.

 

Main European markets ended marginally in the red.

 

AT HOME

 

Benchmark indices slipped nearly half a percent, which was their biggest cut in nearly a month and half. Sensex settled at 69551, down 377 points while Nifty lost 90 points to finish at 20906. Nifty mid-cap index fell 0.4% but small-cap index managed to end marginally in the green. Nifty Realty and Oil & Gas indices tumbled 1.8% and 1.3% respectively, becoming top losers among the sectoral indices, while Media and Metal indices were the top gainers, up 0.6% and 0.3% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 77 cr, 1379 cr and 1137 cr respectively. DIIs were net buyers to the tune of Rs 1923 cr.

 

Rupee ended flat at 83.39/$.

 

India's retail inflation accelerated to 5.55% in November from 4.87% in October. Core CPI however eased to 4.1% from 4.3%. Industrial output grew at 11.7% in October, the highest in 16-months.

 

OUTLOOK

 

Today morning, Nikkei is up half a percent while Hang Seng and Shanghai are down 0.7% and 0.5% respectively. GIFT Nifty is suggesting nearly 50 points higher start for our market.

 

In yesterday's report we had said that 21050-21100 continued to be immediate target area, while 20850-20800 was the immediate support zone, with the stop-loss of which, trading longs could be held on to.

 

Nifty slipped to 20867 before closing at 20906.

 

Upon crossover of yesterday's high, i.e. 21038, 21200 would be next upside level to eye; 20850 is the immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 48000, around which a rising trendline adjoining tops made in December 2022 and July 2023 is placed, is the next upside target, above which, 50000 would be the major target to eye; 46800 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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

21550 ABOVE 21100; 20850-20800 IS THE IMMEDIATE SUPPORT AREA

 

21550 ABOVE 21100; 20850-20800 IS THE IMMEDIATE SUPPORT AREA

 

WORLD MARKETS

 

Dow and S & P 500 gained 0.4% each to close at their highest level since January 2022 and March 2022 respectively. Nasdaq inched up 0.2%.

 

U.S. 10-year treasury yield was little changed at 4.235%. Dollar index inched up 0.1% to 104.09. Gold fell 1.1% to $1982 per ounce.

 

The WTI contract for January rose 0.1% to settle at $71.32 a barrel while Brent crude contract for February gained 0.25% to settle at $76.03 a barrel.

 

In Europe, DAX and CAC rose 0.2% and 0.3% respectively while FTSE fell 0.1%.

 

AT HOME

 

Benchmark indices ended marginally higher after a rangebound session, hitting fresh record highs. Sensex settled at 69928, up 102 points while Nifty added 27 points to finish at 20997. Nifty mid-cap and small-cap indices gained 0.7% and 0.8% respectively. Except 0.8% and 0.6% lower Pharma and Healthcare indices respectively, all the NSE sectoral indices ended higher, with PSU Bank and Media indices on the top, up 1.4% and 1.3% respectively.

 

FIIs net bought stocks and stock futures worth Rs 1261 cr and 273 cr respectively but net sold index futures worth Rs 233 cr. DIIs were net sellers to the tune of Rs 1033 cr.

 

Rupee ended flat at 83.39/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 0.6% and 0.4% respectively while Shanghai is little changed. GIFT Nifty is suggesting around 60 points higher start for our market.

 

In yesterday's report we had said that 21050-21100 was the next target area and had advised trailing stop-loss in longs to 20750.

 

Nifty, after touching a high of 21026, closed at 20997.

 

21050-21100 continues to be immediate target area, upon crossover of which, 21550, around which the upper end of a rising channel formation is placed, would be the next upside target to eye; 20850-20800 is the immediate support zone, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 48000, around which a rising trendline adjoining tops made in December 2022 and July 2023 is placed, is the next upside target, above which, 50000 would be the major target to eye; 46800 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

India's November CPI and October 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.

TRAIL STOP-LOSS TO 20750

 

TRAIL STOP-LOSS TO 20750

 

WORLD MARKETS

 

U.S. indices gained 0.4% each on Friday, after the November jobs report and University of Michigan consumer survey data signaled a resilient economy and cooling inflation, fueling hopes for a "soft landing" scenario.

 

November’s nonfarm payrolls report showed the economy added 199,000 jobs, slightly ahead of the 190,000 estimate and well ahead of the 150,000 jobs added in October. The jobless rate fell to 3.7% in November from 3.9% the prior month.  Average hourly earnings, seen as a leading indicator of inflation, rose about as expected. Meanwhile, a closely watched University of Michigan survey showed inflation expectations drop and consumer sentiment jump in December to it highest level since July.

 

U.S. 10-year treasury yield rose 7 bps to 4.229%. Dollar index rose a third of a percent to 103.98. Gold slipped 1.2% to $2004 per ounce.

 

The WTI contract for January rose 2.7% to settle at $71.23 a barrel while Brent crude for February gained 2.4% to $75.84 a barrel.

 

European markets gained 0.5%-1.3%.

 

Earlier, Japan’s third-quarter GDP was revised downward to a 0.7% fall q-o-q, a sharper slide compared with the 0.5% decline estimated earlier.

 

For the week, Dow ended marginally higher, S & P 500 inched up 0.2% while Nasdaq rose 0.7%, all extending the winning streak to sixth consecutive week.

 

AT HOME

 

Sensex and Nifty gained 0.4% and 0.3% respectively, hitting fresh record highs. Sensex settled at 69825, up 303 points while Nifty added 68 points to finish at 20969. Nifty mid-cap and small-cap indices however fell 0.2% and 1.1% respectively, snapping 25-day and 10-day winning streak. Nifty IT index was the top gainer among the sectoral indices, up 1.3%, followed by 0.9% higher Bank and Financial Services indices

 

FIIs net bought stocks, index futures and stock futures worth Rs 3632 cr, 360 cr and 228 cr respectively. DIIs were net sellers to the tune of Rs 434 cr.

 

Rupee depreciated 4 paise to end at 83.39/$.

 

For the week, Sensex and Nifty surged 3.5% each, extending the winning streak to sixth straight week and posting highest weekly gain since the week ended 22^nd July 2022.

 

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) unanimously decided to keep rep rate unchanged at 6.5%, raised its GDP growth projection for 2023-24 to 7% from 6.5%, and retained its average inflation forecast at 5.4%. The MPC also decided by a majority of 5:1 to remain focused on the withdrawal of accommodation to ensure that inflation aligns to the target, while supporting growth.

 

OUTLOOK

 

China's November CPI fell 0.5% y-o-y, more than the 0.1% drop expected and the fastest slide since November 2020. The producer price index fell 3% y-o-y, compared with October’s 2.6% drop and expectations of a 2.8% decline. It also marked the 14th straight month of PPI decline and the quickest since August.

 

Today morning, Nikkei is up 1.7% while Hang Seng and Shanghai are down 1.4% and 1% respectively. GIFT Nifty is suggesting a flattish start for our market.

 

In Friday's report we had said that 21050 continued to be next upside level to eye while 20525 continued to be immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty rose to touch a high of 21006 before closing at 20969.

 

21050-21100 is the next target area, above which, 21550, around which the upper end of a rising channel formation is placed, is the next upside target to eye; 20750 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 48000, around which a rising trendline adjoining tops made in December 2022 and July 2023 is placed, is the next upside target, above which, 50000 would be the major target to eye; 46500 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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

RBI IN FOCUS

 

RBI IN FOCUS

 

WORLD MARKETS

 

U.S. indices gained 0.2%-1.4%, with Nasdaq on the top. Dow and S&P 500 broke three-day losing streak.

 

Google-parent Alphabet surged more than 5% as company launched its Gemini artificial intelligence model. Nvidia and AMD also added more than 2% and 9%, respectively.

 

Weekly initial jobless claims came in below expectation at 220,000, while continuing claims declined to 1.861 million, indicating that the pace of layoffs hasn’t increased.

 

U.S. 10-year treasury yield rose 5 bps to 4.151%. Dollar index fell half a percent to 103.63. Gold inched up 0.2% to $2028 per ounce.

 

The yen staged its biggest one-day rally in almost a year after Japanese monetary authorities offered a surprisingly clear hint at a shift in policy.

 

WTI contract for January fell 4 cents to settle at $69.34 a barrel and Brent contract for February lost 25 cents to settle at $74.05 a barrel.

 

Main European markets were flat to modestly lower.

 

AT HOME

 

Benchmark indices eased a fifth of a percent each, snapping a 7-day winning streak. Sensex settled at 69521, down 132 points while Nifty lost 36 points to finish at 20901. Nifty mid-cap and small-cap indices however gained 0.6% and 0.4% respectively, both hitting fresh record highs and the former extending the winning streak to 25th consecutive session. Nifty Consumer Durables and Media indices gained 1% and 0.9% respectively, becoming top gainers among the sectoral indices while FMCG and Metal indices were the top losers, down 0.9% and 0.8% respectively.

 

FIIs net sold stocks and index futures worth Rs 1564 cr and 2331 cr respectively but net bought index futures worth Rs 598 cr. DIIs were net buyers to the tune of Rs 10 cr.

 

Rupee depreciated 2 paise to end at 83.35/$.

 

OUTLOOK

 

Today morning, Shanghai is little changed, Hang Seng is down 0.2% while Nikkei is off 1.5%. GIFT Nifty is suggesting around 40 points higher start for our market.

 

In yesterday's report we had said that 21050 was the next upside level to eye for Nifty while immediate support on the hourly chart had moved up to 20525, with the stop-loss of which, trading longs could be held on to.

 

Nifty fell to 20850 before closing at 20901.

 

21050 continues to be next upside level to eye; 20525 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, above yesterday's high of 47260, 48000, around which a rising trendline adjoining tops made in December 2022 and July 2023 is placed, would be next major target; 45450 is immediate support.

 

RBI's Monetary Policy Committee is widely expected to leave key interest rate and stance unchanged when it announces it's decision today. Growth projections however, might be raised.

Investment in securities market is subject to market risk.

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

TRAIL STOP-LOSS TO 20525

 

TRAIL STOP-LOSS TO 20525

 

WORLD MARKETS

 

U.S. indices fell 0.2%-0.6% respectively, with the Dow and S & P 500 extending the losing streak to third straight session.

 

Private payrolls data showed that employers added 103,000 positions in November, coming in below expectations. Unit labor costs, a measure of wages to output, fell 1.2% in the July-through-September period, more than the initial -0.8% estimate last month and the -0.9% forecast. Productivity, or output per hour, rose 5.2% for the same period, compared to the 4.7% initial estimate in November and the 4.9% expectation.

 

U.S. 10-year treasury yield fell 6 bps to 4.106%, hitting a more than three-month low. Dollar index rose 0.2% to 104.16. Gold rose 0.3% to $2025 per ounce.

 

Oil price slipped to their lowest level since June. WTI crude futures tumbled 4.1% to $69.38 a barrel, while the Brent futures declined 3.8%, to settle at $74.30 a barrel.

 

European markets gained 0.3%-0.8%.

 

AT HOME

 

Sensex and Nifty gained 0.5% and 0.4% respectively, extending the winning streak to seventh straight session and hit fresh record highs. Sensex settled at 69653, up 357 points while Nifty added 82 points to finish at 20937. Nifty mid-cap and small-cap indices gained 0.2% and 0.4% respectively, with both hitting fresh record highs and the former extending the winning streak to 24th consecutive session. Nifty Media and IT indices were the top gainers among the sectoral indices, up 2.1% and 1.7% respectively while Healthcare index was the top losers, down 0.7%, followed by 0.4% lower Bank and Pharma indices. 

 

FIIs net sold stocks and stock futures worth Rs 80 cr and 464 cr respectively but net bought index futures worth Rs 2041 cr. DIIs were net buyers to the tune of Rs 1372 cr.

 

Rupee appreciated 5 paise to end at 83.33/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are down 1.5% each while Shanghai is off half a percent. GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 21000 was the next upside target to eye while 20375 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty surged all the way to 20961 before closing at 20937.

 

21050 is the next upside level to eye for Nifty; Immediate support on the hourly chart has moved up to 20525, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, above yesterday's high of 47260, 48000, around which a rising trendline adjoining tops made in December 2022 and July 2023 is placed, would be next major target; 45450 is immediate support.

Investment in securities market is subject to market risk.

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