9950-9740 IS THE IMMEDIATE RANGE

9950-9740 IS THE IMMEDIATE RANGE

WORLD MARKETS                             

Dow and S & P 500 ended modestly higher while Nasdaq fell 0.1% on Friday

Yellen, at the Jackson Hole Economic Policy Symposium, said the financial system is safer now than it was in the years surrounding the housing crisis, while Draghi said the global recovery is "firming up." Both of them however offered no clues about the future of monetary policy.

Euro meanwhile surged to $1.1954, it's highest since January 2015, after Draghi's lack of comment on the strength of common currency. Dollar index fell to a low of 92.424.

In an interview, chief economic advisor Gary Cohn said President Trump will start publicly campaigning for highly-anticipated tax reform next week.

European markets fell 0.1%-0.2%.

WTI Oil gained 44 cents to $47.87 and Brent rose 37 cents to $52.41 a barrel ahead of Hurricane Harvey making landfall.

For the week, US indices gained 0.6%-0.8%. In Europe, FTSE gained 1.1%, DAX was flat while CAC lost 0.2%. In Asia, Hang Seng and Shanghai surged 3% and 1.9% respectively while Nikkei fell 0.1%.

AT HOME

Benchmark indices ended marginally higher after trading in a narrow range on Thursday. Sensex settled at 31569, up 28 points while Nifty added 5 points to finish at 9857. Broader market continued to outperform with BSE mid-cap and small-cap indices rising 0.8% and 0.4% respectively. BSE Healthcare index soared 2.5%, becoming top gainer among the sectoral indices, followed by 0.7% higher IT index while Realty and Energy indices were the top losers, down 0.8% and 0.4% respectively.

FIIs net sold stocks worth Rs 697 cr but net bought index futures and stock futures worth Rs 249 cr and 90 cr respectively. DIIs were net buyers to the tune of Rs 1044 cr.

Rupee appreciated 8 paise to end at 64.04/$.

For the week, Sensex and Nifty gained 0.2% each.

OUTLOOK

Today morning, except a marginally lower Nikkei, other Asian markets are trading with gains of upto 0.8%. SGX Nifty is suggesting about 15 points higher start for our market.

After last week's consolidation, we have to important levels to work with for the short term. 9948, the top made on 17th August, where a trendline adjoining recent tops on the daily chart is also placed, is an important resistance, a crossover of which will reestablish higher-top higher-bottom formation on the daily chart and would pave the way for further upmove. On the way down, 9740, the bottom made last week, is the immediate support below which 9685, the bottom made on 11th August, would be the next important support to eye.

Traders should watch out for the crossover of 9948-9740 range on either side for taking a fresh view.