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Prudent Morning Mantra 17 06 2019

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Today morning, Nikkei and Shanghai are little changed while Hang Seng is up about 0.7%. SGX Nifty is suggesting a marginally higher start for our market.



After Nifty broke the immediate support of 11870, we have working with downside target of 11770, which was the bottom made on 7th June. Nifty, on Friday, touched a low of 11797 before closing at 11823 and is set to open flat today.



11770, the low made on 7th June, continues to be support to eye. If that breaks, 34-DMA, placed around 11700, would be the important support.



A trendline adjoining recent tops on the hourly chart presents a resistance around 11940 and that would be the immediate hurdle to eye.

Publicada em: Economia e finanças
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Prudent Morning Mantra 17 06 2019

  1. 1. PRUDENT MORNING MANTRA 11770 CONTINUES TO BE IMMEDIATE SUPPORT; 11940 IMMEDIATE HURDLE WORLD MARKETS US indices fell 0.1%-0.5% with Nasdaq leading the losses after a sharp decline in Broadcom shares put other chipmakers and the broader tech sector under pressure. Broadcom fell 5% after posting weaker-than-expected revenue for the previous quarter and cutting its guidance for 2019, citing “broad-based ” demand weakness and the U.S. crackdown on Huawei. U.S. retail sales rose 0.5% in May, below the 0.6% gain expected by economists. However, April retail sales were revised higher. US crude rose 23 cents to $52.74 and Brent gained 70 cents to reach $62.01 a barrel. The International Energy Agency (IEA) slashed its estimate for global oil demand growth for the second consecutive month, citing intensifying trade concerns amid fears of a global recession. Earlier, Shanghai Composite fell 1% after data showed industrial production in China rose 5% last month on a year-over-year basis, the slowest pace of growth in 17 years. European markets fell 0.1%-0.6%. France reported its EU-harmonized consumer price index (CPI) for May at 0.9% year-on-year and 0.1% month to month, missing forecasts. Italian EU-harmonized CPI also came in at 0.9% year-on-year. For the week, US indices ended mixed with the Dow and Nasdaq gaining 0.4% and 0.7% respectively while S & P 500 fell 0.2%. Main European markets gained 0.1%-0.4%. In Asia, Shanghai and Nikkei climbed 1.9% and 1.1% respectively, Hang Seng rose 0.6% while Sensex and Nifty fell 0.4% each. US crude fell 2.7% while Brent was off 1.5%. AT HOME After trading in a narrow range for better part of the day, benchmark indices nosedived in lat half an hour to end with cuts of about three fourth of a percent. Sensex lost 289 points to settle at 39452 while Nifty finished at 11823, down 90 points. BSE mid-cap and small-cap indices fell 1% and 0.8% respectively. Except 0.2% higher Capital Goods index, all the BSE sectoral indices ended in red with Realty and Telecom indices leading the losses, down 2.1% and 1.6% respectively. The sharp fall in last half an hour was attributed to news that Department of Revenue has been advised by the Commerce Ministry to impose retaliatory tariffs on select US products FIIs net sold stocks and stock futures worth Rs 239 cr and 673 cr respectively but net bought index futures worth Rs 366 cr. DIIs were net buyers to the tune of Rs 376 cr. Rupee depreciated 29 paise to end at 69.80/$. For the week, Sensex and Nifty fell 0.4% each, extending the losing streak to second straight week. OUTLOOK
  2. 2. Today morning, Nikkei and Shanghai are little changed while Hang Seng is up about 0.7%. SGX Nifty is suggesting a marginally higher start for our market. After Nifty broke the immediate support of 11870, we have working with downside target of 11770, which was the bottom made on 7th June. Nifty, on Friday, touched a low of 11797 before closing at 11823 and is set to open flat today. 11770, the low made on 7th June, continues to be support to eye. If that breaks, 34-DMA, placed around 11700, would be the important support. A trendline adjoining recent tops on the hourly chart presents a resistance around 11940 and that would be the immediate hurdle to eye. Disclaimer: This report has been prepared by Prudent Broking Services (P) Ltd (PBSPL) and is meant for sole use by the recipient and not for circulation. The information and opinions contained herein have been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no guarantee representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. This document is for information purposes only. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete and this document is not, and should not be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments. This document may not be reproduced, distributed or published for any purposes without prior written approval of PBSPL. It should not be considered to be taken as an offer to sell or a solicitation to buy any security. PBSPL may from time to time solicit from, or perform broking, or other services for, any company mentioned in this mail and/or its attachments. PBSPL and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.
  3. 3. PBSPL, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc. PBSPL and other group companies, its directors, associates, employees may have various positions in any of the stocks, securities and financial instruments dealt in the report, or may make sell or purchase or other deals in these securities from time to time or may deal in other securities of the companies / organizations described in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the subject company or third party in connection with the Research Report. To unsubscribe, send a mail to equityresearch@prudentcorporate.com PRUDENT BROKING SERVICES PVT. LTD., SEBI Research Analyst Reg. No. INH000002228.

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