25000, 25400 NEXT; TRAIL STOP-LOSS TO 24500

 

25000, 25400 NEXT; TRAIL STOP-LOSS TO 24500

 

WORLD MARKETS

 

U.S. indices fell 0.7%-1.3%.

 

Weekly initial jobless claims jumped by 20,000 to 243,000, above the 230,000 estimate. In addition, a gauge of manufacturing activity in the U.S. Mid-Atlantic region expanded more than expected in July, boosted by a surge in new orders.

 

U.S. 10-year treasury yield rose 5 bps to 4.204%. Dollar index rose 0.4% to 104.18. Gold fell half a percent to $2445 per ounce.

 

The ECB left rates unchanged and gave no insight into its next move, arguing that domestic price pressures remain high and inflation will be above its target well into next year.

 

WTI crude futures fell 3 cents to $82.82 while Brent futures rose 3 cents to $85.11 per barrel.

 

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

 

AT HOME

 

After falling 0.7% from morning high, benchmark indices surged a percent and fifth from bottom of the day to end higher by eight tenth of a percent, extending the winning streak to fourth straight session and hitting fresh record highs. Sensex settled at 81343, up 626 points while Nifty added 187 points to finish at 24800. Nifty mid-cap and small-cap indices however tumbled 1% and 1.2% respectively, posting their worst session since 19th and 4th June respectively. Nifty IT index soared 2.2%, becoming top gainer among the sectoral indices, followed by 1% higher FMCG index. Media index tumbled 3.6% to become top loser, followed by 1% lower Consumer Durables index.

 

FIIs net bought stocks, index futures and stock futures worth Rs 5484 cr, 2595 cr and 7556 cr respectively. DIIs were net sellers to the tune of Rs 2904 cr.

 

Rupee depreciated 7 paise to end at 83.65/$.

 

Infosys reported strong growth after 5-quarters of weakness. Margins beat estimate, rising 100 bps to 21.1%. It also raise full year revenue growth guidance to 3-4% from earlier 1-3%.

 

OUTLOOK

 

Today morning, Nikkei is down 2% while Shanghai and Nikkei are own 0.6% and 0.4% respectively. GIFT Nifty is suggesting nearly 50 points higher start for our market.

 

In yesterday's report we had said that 24750-24800 continued to be next target zone for Nifty while 24450 was the immediate support on the hourly, with the stop-loss which, trading longs could be held on to.

 

Nifty soared to 24837 before closing at 24800.

 

25000 followed by 25400 are the next upside levels to eye; 24500 is the immediate support on hourly chart, with the stop-loss which, trading longs could be held on to.

 

For Banknifty, 52800 is the immediate hurdle on hourly chart, upon crossover of which, 53357, the top made last week, would be next upside level to eye. 51749, the low made last week, which roughly coincided with 20-DMA, is the immediate support.

 

Reliance Industries, Wipro and Ultratech Cement 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. 

TRAIL STOP-LOSS TO 24450

 

TRAIL STOP-LOSS TO 24450

 

WORLD MARKETS

 

On Tuesday, Dow surged 1.8%, notching its best session since June 2023 and hitting fresh record highs. S & P 500 and Nasdaq gained 0.6% and 0.2% respectively. Financials gained after earnings from Bank of America and Morgan Stanley came in ahead of forecasts.  United Health surged 6.5% on the back of better-than-expected second-quarter results.

 

Yesterday, Dow rose 0.6% but S & P 500 and Nasdaq tumbled 1.4% and 2.8% respectively, with the latter posting its worst day since December 2022 as chip-related stocks dropped following reports of more stringent export restrictions from the U.S. and as comments from former U.S. President Donald Trump raised geopolitical tensions.

 

Bloomberg News reported that the Biden administration is considering tougher trade restrictions if companies continue granting China access to U.S.-made technology.

 

Data showed production at U.S. factories increased more than expected in June, contributing to a solid rebound in output in the second quarter.

 

U.S. 10-year treasury yield were flat at 4.159% after falling 7 bps in the previous session. Dollar index tumbled half a percent to 103.74. Gold fell 0.4% to $2458 after climbing 1.9% in the previous session.

 

Brent futures rose $1.34, or 1.6%, to $85.06 a barrel, while WTI crude rose $1.94, or 2.4%, to $82.70.

 

In Europe, FTSE rose 0.3% while DAX and CAC fell 0.4% and 0.1% respectively. Inflation in UK held at 2% on an annual basis in June against forecasts for a 1.9% increase, while the closely watched services inflation came in at 5.7%. Core inflation, however, was in line with expectations.

 

AT HOME

 

After rising three tenth of a percent, benchmark indices cooled off to end higher by 0.1%, extending the winning streak to third straight session and hitting fresh record highs. Sensex settled at 80716, up 51 points while Nifty added 26 points to finish at 24613. Nifty mid-cap index was absolutely flat while small-cap index inched up 0.1%. Nifty Realty and FMCG indices climbed 1.7% and 1% respectively, becoming top gainers among sectoral indices while Media index was the top loser, down 1%, followed by 0.4% lower Healthcare and Pharma indices.

 

FIIs net bought stocks worth Rs 1271 cr but net sold index futures and stock futures worth Rs 58 cr and 3335 cr respectively. DIIs were net sellers to the tune of Rs 529 cr.

 

Rupee appreciated 1 paise to end at 83.58/$.

 

Asian Paints reported weaker-than-expected first quarter with margins hitting multi-quarter low and tough demand conditions resulted in drop in revenue.

 

OUTLOOK

 

Japan’s exports rose 5.4% y-o-y in June, a steep decline from 13.5% in May. Imports grew 3.2%, down from 9.5% in May. Both exports and imports missed expectations of 6.4% and 9.3% growth, respectively. Trade balance reversed from a 1.2 trillion yen deficit in May, or $7.7 billion, to a 224 billion yen surplus.

 

Today morning, Nikkei is down 1.8% while Shanghai and Hang Seng are off 0.5% and 0.1% respectively. GIFT Nifty is suggesting a marginally higher start for our market.

 

In Tuesday's report we had said that 24750-24800 continued to be next target zone for Nifty while 24400-34350 was the immediate support zone, with the stop-loss which, trading longs can be held on to.

 

Nifty, after touching a high of 24661, eased to end at 24613.

 

24750-24800 continues to be next target zone for Nifty; 24450 is the immediate support on the hourly, with the stop-loss which, trading longs could be held on to.

 

For Banknifty, 51749, the low made last week, which roughly coincided with 20-DMA, is the immediate support, upon breach of which, 34-DMA, placed around 51200, would be bigger support to eye. 52800 is the immediate hurdle on hourly chart, upon crossover of which, 53357, the top made last week, would be next upside level to eye.

 

Infosys will report its quarterly earnings today.

Investment in securities market is subject to market risk.

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

24750-24800 IS THE NEXT TARGET AREA; 24400-24350 IS THE SUPPORT ZONE

 

24750-24800 IS THE NEXT TARGET AREA; 24400-24350 IS THE SUPPORT ZONE

 

WORLD MARKETS

 

U.S. indices gained 0.3%-0.5% as markets assessed impact of failed assassination attempt on Trump and on increased bets for a September rate cut.

 

Under a Trump presidency, markets expect a more hawkish trade policy, less regulation and looser climate change regulations. Investors also expect an extension of corporate and personal tax cuts expiring next year, fueling concerns about rising budget deficits under Trump.

 

Fed Chair Powell said the central bank wouldn’t wait until inflation was at its goal of 2% before lowering interest rates. He also said a hard landing scenario was unlikely for the economy.

 

U.S. 10-year treasury yield rose 5 bps to 4.233%. Dollar index rose 0.2% to 104.25. Gold rose 0.4% to $2422 per ounce.

 

Brent crude futures fell 0.2% to $81.96 a barrel while WTI futures fell 0.3% to $81.96 a barrel.

 

European markets fell 0.6%-1.2%.

 

AT HOME

 

Sensex and Nifty gained 0.2% and 0.4% respectively, extending Friday's climb and hitting fresh record highs. Sensex settled at 80664, up 145 points while Nifty added 84 points to finish at 24586. Nifty mid-cap and small-cap indices jumped 0.9% and 0.5% respectively, both extending the winning streak to third straight session and the former hitting fresh record highs. Except 0.3% lower IT index, all the NSE sectoral indices ended higher, with PSU Bank and Oil & Gas indices on the top, up 3.1% and 2% respectively.

 

FIIs net bought stock, index futures and stock futures worth Rs 2685 cr, 1335 cr and 4790 cr respectively. DIIs were net sellers to the tune of Rs 331 cr.

 

Rupee depreciated 5 paise to end at 83.59/$.

 

India's June exports rose 2.6% to $35.2 bn while imports rose 5% to $56.18 bn. Trade deficit rose 9.3% to $21 bn. India's June WPI inflation climbed to a 16-month high of 3.36% Vs 2.61% in May. Core WPI rose to 0.9% from 0.4%.

 

OUTLOOK

 

Today morning, Nikkei is up half a percent while Hang Seng and Shanghai are down 1.4% and 0.4% respectively. GIFT Nifty is suggesting a marginally higher start for our market.

 

In yesterday's report we had said that 24750-24800 is the next target zone for Nifty and had advised trailing stop-loss in longs to 24300.

 

Nifty surged to 24635 before closing at 24586.

 

24750-24800 continues to be next target zone for Nifty; 24400-34350 is the immediate support zone, with the stop-loss which, trading longs can be held on to.

 

For Banknifty, 51749, the low made last week, which roughly coincided with 20-DMA, is the immediate support, upon breach of which, 34-DMA, placed around 51100, would be bigger support to eye. 52800 is the immediate hurdle on hourly chart, upon crossover of which, 53357, the top made last week, would be next upside level to eye.

 

Bajaj Auto will report its quarterly earnings 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 24300

 

TRAIL STOP-LOSS TO 24300

 

WORLD MARKETS

 

U.S. indices gained 0.6% each on Friday.

 

The U.S. producer price index came in at 2.6% annually and 0.2% month-on-month, with the latter slightly ahead of expectations.

 

U.S. 10-year treasury yield fell 3 bps to 4.187%. Dollar index tumbled 0.4% to 104.08. Gold fell 0.2% to $2411 per ounce.

 

WTI crude futures fell 0.5% to $82.21 while Brent futures fell 0.4% to $85.03 per barrel.

 

European markets rose 0.4%-1.3%.

 

For the week, U.S. indices gained 0.6%-1.6% with the Dow on the top. U.S. 10-year treasury yield fell 10 bps. Dollar index fell 0.8%. Gold rose 0.8%. WTI and Brent crude fell 1.4% and 2.2% respectively, snapping a 4-week winning streak.

 

AT HOME

 

Benchmark indices climbed 0.8% each on Friday, snapping a 2-day losing streak and hitting fresh record highs. Sensex settled at 80519, up 622 points while Nifty added 186 points to finish at 24502. Nifty mid-cap index was little changed while small-cap index inched up 0.2%. Nifty IT index soared 4.5%, becoming top gainer among the sectoral indices, followed by 2.1% higher Media index. Realty and Consumer Durables indices were the top losers, down 1.5% and 0.6% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 4022 cr, 1414 cr and 6539 cr respectively. DIIs were net sellers to the tune of Rs 1651 cr.

 

Rupee appreciated 2 paise to end at 83.54/$.

 

For the week, Sensex and Nifty gained 0.7% and 0.6% respectively, extending the winning streak to sixth consecutive week.

 

HCL Tech's first quarter numbers were slightly better-than-expectation. Constant currency revenue declined 1.6%. It maintained FY25 revenue growth guidance of 3-5% and margin guidance of 18-19%.

 

India's retail inflation surged above 5% to hit 4-month high due to surge in vegetable prices. India's industrial output accelerated to 5.9% in May.

 

OUTLOOK

 

Today, Japan’s markets are closed for a public holiday. Shanghai is marginally higher while Hang Seng is off 0.8%. GIFT Nifty is suggesting around 70 points higher start for our market.

 

In Friday's report we had said that 24650-24700 continued to be next upside target zone and had advised holding on to longs with stop-loss of 24141.

 

Nifty surged to 24592 before closing at 24502.

 

24750-24800 is the next target zone for Nifty; 24300 is the immediate support on hourly chart, with the stop-loss which, trading longs can be held on to.

 

For Banknifty, 51749, the low made during the week, which roughly coincided with 20-DMA, is the immediate support, upon breach of which, 34-DMA, placed around 51000, would be bigger support to eye. 52800 is the immediate hurdle on hourly chart, upon crossover of which, 53357, the top made last week, would be next upside level 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 24141

 

STAY LONG WITH THE STOP-LOSS OF 24141

 

WORLD MARKETS

 

U.S. indices gained 1%-1.2%, with the S & P 500 and Nasdaq extending the winning streak to seventh straight session and hitting fresh record highs.

 

U.S. 10-year treasury yield fell 2 bps to 4.288%. Dollar index fell 0.1% to 104.98. Gold rose 0.3% to $2371 per ounce.

 

WTI crude futures rose 0.8% to $82.10 while Brent futures rose 0.5% to $85.08 per barrel.

 

European markets gained 0.7%-1.6%

 

AT HOME

 

After falling more than a percent, benchmark indices recouped more than half of the losses to end lower by about half a percent. Sensex settled at 79925, down 427 points while Nifty lost 109 points to finish at 24324. Nifty mid-cap and small-cap indices fell 0.3% and 0.9% respectively. Nifty Auto index tumbled 2%, becoming top loser among the sectoral indices, followed by 1.8% and 1.6% lower Media and Metal indices respectively. Pharma and Healthcare indices were the top gainers, up 0.4% each.

 

FIIs net bought stocks worth Rs 584 cr but net sold index futures and stock futures worth Rs 3435 cr and 2076 cr respectively. DIIs were net buyers to the tune of Rs 1082 cr.

 

Rupee depreciated 4 paise to end at 83.52/$.

 

OUTLOOK

Today morning, Asian markets are trading with gains of 0.6%-1.5% and GIFT Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 24650-24700 was the next target area for Nifty while 24200-24150 was the immediate support zone, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a low of 24141, rebounded to end at 24324.

 

24141, the low made yesterday, is the immediate support, upon breach of which, 20-DMA, placed around 23900, would be next downside level to eye; 24650-24700 continues to be next upside target zone. Meanwhile, trading longs can be held on to with the stop-loss of 24141.

 

For Banknifty, 20-DMA, placed around 52000 is the next support, upon breach of which, 51100 would be next downside level to eye; 52700-52800 is the immediate resistance zone, above which, 53357, the top made last week, would be bigger hurdle to eye.

 

TCS will report it's quarterly earnings today.

Investment in securities market is subject to market risk.

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

24650-24700 IS THE NEXT TARGET AREA; 24200-24150 IS THE SUPPORT ZONE

 

24650-24700 IS THE NEXT TARGET AREA; 24200-24150 IS THE SUPPORT ZONE

 

WORLD MARKETS

 

Dow fell 0.1% while S & P 500 and Nasdaq inched up 0.1% each after Fed Chair Powell warned about the dangers of keeping interest rates high for too long.

 

“Reducing policy restraint too late or too little could unduly weaken economic activity and employment,” Powell said in prepared remarks. “More good data would strengthen our confidence that inflation is moving sustainably toward 2 percent.”

 

U.S. 10-year treasury yield rose 2 bps to 4.30%. Dollar index inched up 0.1% to 105.12. Gold rose 0.2% to $2363 per ounce.

 

WTI crude futures fell 1.1% to $81.41 while Brent futures fell 1.3% to $84.66 per barrel.

 

European markets fell 0.7%-1.6% as markets weighed up political uncertainty in France after Sunday’s election result.

 

AT HOME

 

Benchmark indices climbed half a percent each to hit fresh record highs. Sensex settled at 80351, up 391 points while Nifty added 112 points to finish at 24433. Nifty mid-cap and small-cap indices rose 0.3% each. Except 0.2% lower IT and Oil & Gas indices, all the NSE sectoral indices ended higher, with Auto index on the top, up 2.2%, followed by 1.7% higher Consumer Durables index.

 

FIIs net bought stocks, index futures and stock futures worth Rs 314 cr, 498 cr and 1246 cr respectively. DIIs were net buyers to the tune of Rs 1416 cr.

 

 

Rupee ended flat at 83.49/$.

 

OUTLOOK

 

Today morning, Hang Seng and Nikkei are up 0.8% and 0.1% respectively while Shanghai is down a third of a percent. GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 24401, the top made last week, continued to be immediate hurdle, upon crossover of which, 24650-24700 would be next target area while 24100 continued to be immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty surged to touch a high of 24443 before closing at 24433.

 

24650-24700 is the next target area for Nifty; 24200-24150 is the immediate support zone, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 52300-52200 is the immediate support zone, upon breach of which, 20-DMA, placed around 51800, would be next downside level to eye; 53300-53350 is the immediate resistance zone.

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 24100

 

STAY LONG WITH THE STOP-LOSS OF 24100

 

WORLD MARKETS

 

Dow fell 0.1% while S & P 500 and Nasdaq rose 0.1% and 0.3% respectively.

 

U.S. 10-year treasury yield were flat at 4.282%. Dollar index inched up 0.1% to 105.01. Gold slipped 1.4% to $2358 per ounce.

 

WTI crude futures fell 1% to $82.33 while Brent futures fell 0.9% to $85.75 per barrel.

 

In Europe, DAX was flat while FTSE and CAC fell 0.1% and 0.6% respectively.

 

AT HOME

 

Benchmark indices ended little changed, extending the consolidation to third straight session. Sensex settled at 79960, down 36 points while Nifty lost 3 points to finish at 24320. Nifty mid-cap and small-cap indices fell 0.4% and 0.2% respectively, snapping a 3-session winning streak. Nifty FMCG and Oil & Gas indices climbed 1.6% and 0.9% respectively, becoming top gainers among the sectoral indices while PSU Bank and Consumer Durables indices were the top losers, down 1.6% and 1.3% respectively.

 

FIIs net bought stocks worth Rs 61 cr but net sold index futures and stock futures worth Rs 473 cr and 3760 cr respectively. DIIs were net buyers to the tune of Rs 2867 cr.

 

Rupee depreciated 1 paise to end at 83.50/$.

 

OUTLOOK

Today morning, Nikkei is up 1.4%, Shanghai is marginally in the green while Hang Seng is down 0.2%. GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 24401, the top made last week, was the immediate hurdle while 24100 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 24240, rose to end flat at 24320.

 

24401, the top made last week, continues to be immediate hurdle, upon crossover of which, 24650-24700 would be next target area; 24100 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 52300-52200 is the immediate support zone, upon breach of which, 20-DMA, placed around 51700, would be next downside level to eye; 53300-53350 is the immediate resistance zone.

Investment in securities market is subject to market risk.

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