25100-25000 IS THE SUPPORT ZONE; 25333 IMMEDIATE HURDLE

 

25100-25000 IS THE SUPPORT ZONE; 25333 IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices nosedived 1.5%-3.3%, posting their worst day going back to the Aug. 5th sell-off, as chip names came under pressure and new economic data rekindled fears around the health of the economy.

 

ISM manufacturing index for August came in at 47.2 for the month, up 0.4 percentage points from July, but below the 47.9% expected from Dow Jones.

 

U.S. 10-year treasury yield fell 7 bps to 3.833%. Dollar index inched up 0.1% to 101.77. Gold fell 0.3% to $2492 per ounce.

 

Oil price tumbled to post their lowest close since December and erasing all gains for the year. WTI crude futures fell 4.4% to $70.34 while Brent futures fell 4.9% to $73.75 per barrel.

 

European markets fell 0.8%-1.3%. Total U.K. sales were up 1% y-o-y in August — a moderation from 4.1% growth in the same month of 2023.

 

AT HOME

 

Benchmark indices ended little changed after a rangebound session. Sensex settled at 82555, down 4 points while Nifty inched up 1 point to finish at 25280, extending the winning streak to fourteenth straight session. Nifty mid-cap and small-cap indices gained 0.25% and 0.4% respectively. Nifty Consumer Durables and Financial Services indices climbed 1.3% and 1.1% respectively, becoming top gainers among the sectoral indices while Media index was the top losers, down 1.4%, followed by 0.6% lower Metal index.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1029 cr, 389 cr and 5992 cr respectively. DIIs were net buyers to the tune of Rs 1896 cr.

 

Rupee depreciated 5 paise to end at 83.97/$.

 

OUTLOOK

 

Today morning, Nikkei is down more than 3% while Hang Seng and Shanghai are off 1.6% and 0.7% respectively. GIFT Nifty is suggesting around 175 points gap-down start for our market.

 

In yesterday's report we had said that 25600, around which a rising trendline adjoining recent tops on daily chart was placed, continued to be next big upside target to eye while 25100 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 high of 25321, eased to end at 25280. The benchmark is set to open near 25100 today.

 

25100-25000 is the immediate support zone on the hourly chart, upon breach of which, 20-DMA, placed around 24700, would be next downside level to eye; 25333, the top made Monday, is the immediate hurdle.

 

For Banknifty, 51943 and 52565, the 61.8% and 78.6% retracement levels of the 53357-49654 fall, are the next upside levels to eye; 51200-51000 is the immediate support zone.

Investment in securities market is subject to market risk.

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

TRAIL STOP-LOSS TO 25100

 

TRAIL STOP-LOSS TO 25100

 

WORLD MARKETS

 

U.S. markets were closed yesterday due to the Labor Day holiday.

 

Dollar index fell 0.1% to 101.64. Gold fell 0.2% to $2499 per ounce.

 

WTI crude rose 0.7% to $74.04 while Brent crude futures settled up 0.8% at $77.52 a barrel.

 

In Europe, FTSE fell 0.2% while DAX and CAC gained 0.1% and 0.2% respectively. Euro zone manufacturing activity remained firmly in contractive territory, coming in at 45.8 in August as it was weighed down by Germany and France. U.K. manufacturing PMI increased to a 26-month high of 52.5 in August.

 

AT HOME

 

Benchmark indices gained a fifth of a percent each, hitting fresh record highs and Nifty closing in the green for the thirteenth consecutive session. Sensex settled at 82559, up 194 points while Nifty added 43 points to finish at 25278. Nifty mid-cap and small-cap indices however fell 0.2% and 0.3% respectively. Nifty FMCG and Financial Services indices were the top gainers among the sectoral indices, up 0.8% and 0.7% respectively while Metal and Pharma indices were the top losers, down 1% each.

 

FIIs net bought stocks and stock futures worth Rs 1735 cr and 2186 cr respectively but net sold index futures worth Rs 600 cr. DIIs were net buyers to the tune of Rs 356 cr.

 

Rupee depreciated 6 paise to end at 83.92/$.

 

OUTLOOK

 

Today morning, Nikkei is up 0.1% while Hang Seng and Shanghai are down 0.4% and 0.3% respectively. GIFT Nifty is suggesting a modestly higher start for our market.

 

In yesterday's report we had said that 25600, around was the next big upside target to eye while 25000-24950 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 high of 25333, closed at 25278.

 

25600, around which a rising trendline adjoining recent tops on daily chart is placed, continues to be next big upside target to eye; 25100 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, upon sustained crossover of 51500, 51943 and 52565, the 61.8% and 78.6% retracement levels of the 53357-49654 fall, would be next upside levels to eye; 51000-50900 continues to be support zone.

Investment in securities market is subject to market risk.

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

25600 IS NEXT BIG TARGET; 25000-24950 IS THE SUPPORT ZONE

 

25600 IS NEXT BIG TARGET; 25000-24950 IS THE SUPPORT ZONE

 

WORLD MARKETS

 

U.S. indices climbed 0.6%-1.1% on Friday.

 

The personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge, rose 0.2% on a monthly basis in July and 2.5% y-o-y. The result was in line with estimates. Excluding food and energy, it also rose 0.2% from the prior month.

 

U.S. 10-year treasury yield rose 4 bps to 3.907%. Dollar index rose 0.4% to 101.73. Gold fell 0.7% to $2503 per ounce.

 

Brent crude futures for October delivery, settled 1.4% lower at $78.80 while WTI fell 3.1% to $73.55 a barrel.

 

In Europe, FTSE, DAX and CAC ended marginally in the red. Euro zone inflation fell to a three-year low of 2.2% in August, in line with expectations, and below July’s 2.6% print. France’s preliminary, EU-harmonized consumer price index came in at 2.2% for August on an annual basis, down from the 2.7% print of July. Italy’s harmonized CPI came in at 1.3% on an annual basis in August, less than in the previous month.

 

For the week, Dow and S & P 500 gained 0.9% and 0.2% respectively while Nasdaq fell 0.9%. U.S. 10-year treasury yield rose 10 bps. Dollar index rose 1%, snapping a 5-week losing streak. Gold fell 0.4%. WTI crude fell 1.7% while Brent fell 0.3%.

 

For the month, U.S. indices gained 0.7%-2.3%, with the Dow and S & P 500 extending the winning streak to fourth consecutive month. U.S. 10-year treasury yield fell 10 bps. Dollar index fell 2.2%. Gold rose 2.3%. Brent crude fell 2.4% while WTI crude fell 3.6%.

 

AT HOME

 

Benchmark indices gained three tenth of a percent each, hitting fresh record highs and Nifty extending the winning streak to 12th consecutive session. Sensex settled at 82365, up 231 points while Nifty added 84 points to finish at 25235. Nifty mid-cap and small-cap indices gained 0.7% and 0.5% respectively. Except 0.4% and 0.2% lower Media and FMCG indices respectively, all the NSE sectoral indices ended higher, with Realty and Pharma being the top gainers, up 1.8% and 1.5% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 5318 cr, 2276 cr and 4370 cr respectively. DIIs were net sellers to the tune of Rs 3198 cr.

 

Rupee appreciated 1 paise to end at 83.86/$.

 

For the week, Sensex and Nifty gained 1.6% each, extending the winning streak to third straight week and hitting fresh record highs.

 

OUTLOOK

 

Over the weekend, China's official PMI for August came in at a six-month low of 49.1, a faster contraction compared to the 49.4 seen in July.

 

Today morning, Nikkei is up 0.4% while Hang Seng and Shanghai are down 1.4% and 0.5% respectively. GIFT Nifty is suggesting a marginally higher start for our market.

 

In Friday's report we had said that 25200-25250 is the next target area, while 24900-24850 continued to be immediate support zone, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 25268, ended at 25235.

 

25600, around which a rising trendline adjoining recent tops on daily chart is placed, is the next big upside target to eye; 25000-24950 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 51500, the 50% retracement levels of the entire 53357-49654 fall, is the immediate hurdle, upon crossover of which, 51943 and 52565, the 61.8% and 78.6% retracement levels of this fall, would be next upside levels to eye.

Investment in securities market is subject to market risk.

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

25200-25250 IS THE NEXT TARGET AREA; 24900-24850 IS THE SUPPORT ZONE

 

25200-25250 IS THE NEXT TARGET AREA; 24900-24850 IS THE SUPPORT ZONE

 

WORLD MARKETS

 

Dow rose 0.6% to a record, S & P 500 was flat while Nasdaq fell 0.2%.

 

Initial jobless claims fell to 231,000 from the prior week’s 232,000, but were slightly higher than the 230,000 expected by Dow Jones. In addition, the second-quarter GDP growth was revised higher to 3% from the initial 2.8% rate.

 

U.S. 10-year treasury yield rose 3 bps to 3.863%. Dollar index rose a third of a percent to 101.37. Gold rose two third of a percent to $2521 per ounce.

 

WTI crude futures rose 1.9% to $75.91 while Brent futures rose 1.6% to $79.94 per barrel.

 

European markets gained 0.2%-0.9%. Germany's headline annual inflation on an EU-harmonized basis eased more than expected to 2% in August as against expectation of 2.3%, and previous month’s 2.6% print. Spain’s preliminary harmonized inflation came in at 2.4% for August, down from July’s 2.9% reading and below 2.5% prediction.

 

AT HOME

 

Benchmark indices ended higher by four tenth of a percent after a choppy session on the expiry day of the August derivative series, with both Sensex and Nifty hitting fresh record highs. Sensex settled at 82134, up 349 points while Nifty added 100 points to finish at 25151. Nifty mid-cap and small-cap indices however fell 0.4% and 0.5% respectively. Nifty Oil & Gas and FMCG indices were the top gainers among the sectoral indices, up 0.9% and 0.7% respectively while Metal and Pharma indices were the top losers, down 0.5% each.

 

FIIs net bought stocks and index futures worth Rs 3260 cr and 2103 cr respectively but net sold stock futures worth Rs 3072 cr. DIIs were net buyers to the tune of Rs 2691 cr.

 

Rupee appreciated 8 paise to end at 83.87/$.

 

For the August derivative series, Nifty gained 3%.

 

OUTLOOK

 

Inflation rate in Japan’s capital city of Tokyo rose to 2.6% from June’s 2.2%, hitting its highest since March. The core inflation rate — which strips out prices of fresh food — rose 2.4%, higher than the 2.2% expected. Unemployment in Japan rose to 2.7%, more than the estimate of 2.5%. Retail sales in the country rose 2.6% -o-y, lower than the 2.9% growth expected.

 

Today morning, Asian markets are trading with gains of 0.4%-1.1% and GIFT Nifty is suggesting a marginally higher start for our market.

 

In yesterday's report we had said that 25200 was the next upside target to eye for Nifty while 24900-24850 was the immediate support zone, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 25193, closed at 25151.

 

25200-25250 is the next target area, above which, 25350 would be next upside level to eye; 24900-24850 continues to be immediate support zone, with the stop-loss of which, trading longs could be held on to.

 

For Banknifty, 51500 and 51943, the 50% and 61.8% retracement levels of the entire 53357-49654 fall, are the next upside levels to eye; On the way down, 50900-50800 is the immediate support zone, 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. 

25200 NEXT; 24900-24850 IS THE SUPPORT ZONE

 

25200 NEXT; 24900-24850 IS THE SUPPORT ZONE

 

WORLD MARKETS

 

U.S. indices fell 0.4%-1.1%, with Nasdaq doing the worst, ahead of quarterly earnings from Nvidia.

 

U.S. 10-year treasury yield rose 1 bps to 3.839%. Dollar index jumped half a percent to 101.04. Gold fell 0.8% to $2504 per ounce.

 

WTI crude futures fell 1.3% to $74.52 while Brent futures fell 1.1% to $78.65 per barrel.

 

In Europe, DAX and CAC gained 0.5% and 0.2% respectively while FTSE was little changed.

 

AT HOME

 

Benchmark indices inched up 0.1% each, with Nifty extending the winning streak to 10th straight session and hitting fresh record highs. Sensex settled at 81785, up 73 points while Nifty added 34 points to finish at 25052. Nifty mid-cap and small-cap indices however eased 0.1% each. Nifty IT and Healthcare indices climbed 1.6% and 1.2% respectively, becoming top gainers among the sectoral indices while Media and PSU Bank indices were the top losers, down 1.4% and 0.4% respectively.

 

FIIs net sold stocks and stock futures worth Rs 1348 cr and 3072 cr respectively but net bought index futures worth Rs 2103 cr. DIIs were net buyers to the tune of Rs 439 cr.

 

Rupee depreciated 2 paise to end at 83.95/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of upto half a percent and GIFT Nifty is suggesting around 50 points lower start for our market.

 

In yesterday's report we had said that 25078 continued to be immediate hurdle, above which 25150-25200 would be next target area and that 24800-24750 was the immediate support zone, with the stop-loss of which, trading longs could be held on to.

 

Nifty after touching a high of 25130, eased to end at 25052.

 

25200 is the next upside target to eye for Nifty; 24900-24850 is the immediate support zone, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 51500, the 50% retracement levels of the entire 53357-49654 fall, is the next upside levels to eye; On the way down, 50900-50800 is the immediate support zone, 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. 

25150-25200 ABOVE 25078; 24800-24750 IS THE SUPPORT ZONE

 

25150-25200 ABOVE 25078; 24800-24750 IS THE SUPPORT ZONE

 

WORLD MARKETS

 

Dow was flat while S & P 500 and Nasdaq gained 0.2% each.

 

U.S. house prices dipped 0.1% on a month-on-month basis after being unchanged in May. They increased 5.1% y-o-y, the smallest rise since July 202. The Conference Board’ consumer confidence index increased to 103.3 this month from an upwardly revised 101.9 in July.

 

U.S. 10-year treasury yield inched up 1 bps to 3.822%. Dollar index slipped 0.3% to 100.55. Gold rose 0.3% to $2524 per ounce.

 

WTI crude futures fell 2.4% to $75.53 while Brent futures fell 2.3% to $79.55 per barrel.

 

In Europe, FTSE and DAX gained 0.2% and 0.4% respectively while CAC fell 0.3%. Shop prices in the U.K. fell 0.3% in August, down from inflation of 0.2% in the previous month. Final reading of Germany’s second-quarter GDP fell by 0.1% from the previous quarter, which was in line with the preliminary reading.

 

AT HOME

 

Benchmark indices ended flat after trading in a narrow range. Sensex settled at 81711, up 13 points while Nifty added 7 points to finish at 25017. Nifty mid-cap and small-cap indices climbed 0.5% and 1% respectively and both posted highest ever close. Nifty Media index surged 4.1%, becoming top gainer among the sectoral indices, followed by 1.5% higher Financial Services index. FMCG and Metal indices were the top losers, down 1.1% and 0.6% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1504 cr, 3061 cr and 3275 cr respectively. DIIs were net sellers to the tune of Rs 604 cr.

 

Rupee appreciated 3 paise to end at 83.90/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of upto half a percent and GIFT Nifty is suggesting a marginally lower start for our market.

 

In yesterday's report we had said that 25078, the top made on 1st August, continued to be next target for Nifty and had advised trailing stop-loss in longs to 24750.

 

Nifty, after touching a high of 25073, closed at 25017.

 

25078, the top made on 1st August, continues to be immediate hurdle, above which 25150-25200 would be next target area; 24800-24750 is the immediate support zone, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 51943 and 52565, the 61.8% and 78.6% retracement levels of the entire 53357-49654 fall, are the next upside levels to eye. On the way down, 50900-50800 is the immediate support zone, 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. 

TRAIL STOP-LOSS TO 24750

 

TRAIL STOP-LOSS TO 24750

 

WORLD MARKETS

 

Dow rose 0.2% to close at a record high while S & P 500 and Nasdaq, pressured by slide in technology stocks, fell 0.3% and 0.8% respectively.

 

U.S. 10-year treasury yield rose 1 bps to 3.818%. Dollar index rose 0.2% to 100.86. Gold too rose 0.2% to $2518 per ounce.

 

Oil surged as supply concerns sharpened on reports of escalating conflict in the Middle East as well as production cuts in Libya. WTI crude futures jumped 3.5% to $77.42 while Brent futures rose 3% to $81.43 per barrel.

 

In Europe, U.K. markets were closed for a national bank holiday. CAC rose 0.2% while DAX eased 0.1%. German Ifo Business Climate Index dropped to 86.6 points in August from 87.0 points the previous month.

 

AT HOME

 

Benchmark indices climbed three fourth of a percent each, with Nifty extending the winning streak to eight straight session. Sensex settled at 81698, up 611 points while Nifty added 187 points to finish at 25010. Nifty mid-cap and small-cap indices gained 0.6% each. Except 0.5% and 0.2% lower PSU Bank and Media indices, all the NSE sectoral indices ended higher, with Meal and Realty indices on the top, up 2.2% and 1.8% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 483 cr, 3061 cr and 3275 cr respectively. DIIs were net buyers to the tune of Rs 1870 cr.

Rupee depreciated 1 paise to end at 83.90/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of upto half a percent and GIFT Nifty is suggesting a marginally lower start for our market.

 

In yesterday's report we had said that 25078, the top made on 1st August, was the next upside level to eye while 24550 was the important immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 25043, closed at 25010.

 

25078, the top made on 1st August, continues to be target for Nifty, above which 25500, where a rising trendline adjoining recent tops on daily chart is placed, would be next upside level to eye; Immediate support on the hourly chart has moved up to 24750, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 51318, the top made yesterday, which roughly coincided with 34-DMA, is the immediate hurdle, upon crossover of which, 51943 and 52565, the 61.8% and 78.6% retracement levels of the entire 53357-49654 fall, would be next upside levels to eye. On the way down, 50700 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.