8430-8535 IS THE IMMEDIATE RANGE

8430-8535 IS THE IMMEDIATE RANGE

WORLD MARKETS

US indices gained between 0.1%-0.6% yesterday, with the Dow and S & P 500 finishing at records.

Orders for durable goods rose in October, sales of new single-family homes rose for a third straight month last month, and consumer confidence rose to a seven-year high in November.

Among other reports applications for unemployment benefits rose by 21000 to 313000 last week, consumer spending rose 0.2% last month after holding steady in September, Chicago PMI for November came in at 60.8, lower than the expected 63 mark and pending home sales fell 1.1% in October.

Nymex crude fell 40 cents to $73.7 a barrel a day to touch fresh four year low ahead of an OPEC meeting, where media reports suggested that a consensus was reached to not cut output.

European markets, except a 0.6% higher DAX, ended with cuts of upto half a percent.

EU Commission President Jean-Claude Juncker unveiled a 315 billion euro ($375 billion) investment plan in Brussels, with the aim of allowing the European Investment Bank to raise funds from private investors and invest in job-creating projects across Europe.

                                                             

AT HOME

After a negative start, benchmark indices rebounded in the noon trade to end with modest gains. Sensex settled at 28386, up 48 points while Nifty gained 13 points to settle at 8476. BSE mid-cap and small-cap indices outperformed this time, rising 0.6% and 1.1% respectively. BSE Realty index soared 4%, becoming top gainer among the sectoral indices, followed by 1.1% rise in Power index. Teck and Healthcare indices lost 0.4% and 0.3% respectively.

FIIs net bought stocks worth Rs 181 cr but net sold index futures and stock futures worth Rs 114 cr and 593 cr respectively. DIIs were net sellers to the tune of Rs 315 cr.

Rupee appreciated 2 paise to close at 61.845/$.

DLF surged 7.2% after the Urban Development Ministry approved higher ground coverage and floor area ratio in Delhi.

OUTLOOK

Today morning, barring a modestly lower Nikkei, other Asian markets are trading with modest gains and SGX Nifty is suggesting about 10 points higher opening for our market.

After rebounding from the 8430 support on Tuesday, Nifty added 13 points yesterday to end at 8476. 8430 continues to be immediate support on the hourly chart below which 8385 would be the next support where the trendline adjoining recent bottoms on the daily chart is placed. This makes 8430-8385 an important support area a breach of which can taken Nifty to around 8200.

On the way up 8535, the top made on Tuesday, is the immediate resistance above which 8640 would be the next target.

US markets will remain closed today for the Thanksgiving holiday.