8057 IS THE NEXT SUPPORT; 8170 IMMEDIATE HURDLE

8057 IS THE NEXT SUPPORT; 8170 IMMEDIATE HURDLE
WORLD MARKETS                             
US indices gained 0.2%-0.4% yesterday amidst a low-volume trade
Fed Chair Janet Yellen, at University of Baltimore commencement ceremony, said the U.S. has the strongest jobs market in nearly a decade, and there are indications wage growth is picking up.
The flash U.S. Markit PMI services for December was 53.4, down slightly from 54.6 in November.
Dollar index gained about 0.3% to end at 103.13. Treasury yields were lower, with the 2-year yield near 1.22% and the 10-year yield around 2.54%.
U.S. crude oil rose 22 cents, or 0.42%, to $52.12 a barrel. Gold added $5 to $1143 an ounce.
European markets ended mixed with modest changes. Basic resources were among the worst performers on news that Chinese authorities are foreseeing a lower growth rate in 2017. The German Ifo Institute raised its economic forecast for 2018 growth in the country to 1.7%, from a previous estimate of 1.6%.
The Turkish lira and Russian ruble fell to session lows against the dollar after the Russian ambassador to Turkey was shot by an off-duty police officer in Ankara.
AT HOME
After trading in a narrow range for better part of the day, benchmark indices slipped in last hour of trade to end lower by four tenth of a percent, extending the losing streak to fourth straight day. Sensex lost 115 points to settle at 26375 while Nifty finished at 8104, down 35 points. BSE mid-cap and small-cap indices fell half a percent each. Except a 0.5% and 0.4% rise in BSE Energy and Utilities indices respectively, all the BSE sectoral indices ended in red with Telecom and Consumer Durable indices leading the tally, down 1.4% and 1.2% respectively.
FIIs net sold stocks and stock futures worth Rs 536 cr and 663 cr respectively but net bought index futures worth Rs 327 cr. DIIs were net buyers to the tune of Rs 556 cr.
Rupee depreciated 10 paise to end at 67.87/$.
OUTLOOK
Today morning Asian markets are trading flat to modestly lower and SGX Nifty is suggesting a flattish start for our market.
After holding on to 20-DMA support placed at 8120 last week, Nifty broke it yesterday and touched a low of 8095 before closing at 8104.
As mentioned yesterday, 8057, the immediate previous bottom on the daily chart made on 5th December, continues to be next important support to eye. A breach of 8057 would open up the possibility of the retest of 7916 bottom made in November.

Immediate resistance on the hourly chart has moved up to 8170, with the stop-loss of which trading shorts can be held on to.
Click here for reuse options!
Copyright 2016 einfoMet
Tweet about this on Twitter





Related News

RECORD HIGH ON CARDS; 10000 EMERGES AS NEXT BIG TARGET

RECORD HIGH ON CARDS; 10000 EMERGES AS NEXT BIG TARGETWORLD MARKETS                              Dow fell 0…

Click here for reuse options!
Copyright 2017 einfoMet

RECORD HIGH ON CARDS; 10000 EMERGES AS NEXT BIG TARGET

RECORD HIGH ON CARDS; 10000 EMERGES AS NEXT BIG TARGETWORLD MARKETS                              Dow fell 0…

Click here for reuse options!
Copyright 2017 einfoMet

  • 8970-8860 CONTINUES TO BE THE RANGE; US DATA, ASSEMBLY ELECTION RESULTS TO BE WATCHED
  • 8970-8860 CONTINUES TO BE THE RANGE; US DATA, ASSEMBLY ELECTION RESULTS TO BE WATCHED
  • 8970-8860 CONTINUES TO BE THE RANGE; US DATA, ASSEMBLY ELECTION RESULTS TO BE WATCHED
  • OIL TUMBLES, YIELDS RISE; EXIT POLLS IN FOCUS AT HOME
  • OIL TUMBLES, YIELDS RISE; EXIT POLLS IN FOCUS AT HOME
  • NIFTY FAILS TO CROSS 8970 HURDLE YET AGAIN; 8860 CONTINUES TO BE IMMEDIATE SUPPORT
  • NIFTY FAILS TO CROSS 8970 HURDLE YET AGAIN; 8860 CONTINUES TO BE IMMEDIATE SUPPORT
  • NIFTY FAILS TO CROSS 8970 HURDLE YET AGAIN; 8860 CONTINUES TO BE IMMEDIATE SUPPORT
  • Leave a Reply

    Your email address will not be published. Required fields are marked *

    CommentLuv badge

    Follow

    Get every new post delivered to your Inbox

    Join other followers: