STAY LONG WITH THE STOP LOSS OF 7810

STAY LONG WITH THE STOP LOSS OF 7810

WORLD MARKETS                             

Nasdaq ended marginally higher while Dow and S & P 500 fell 0.3% and 0.2% respectively in the shortened Christmas Eve session on Thursday.

Weekly jobless claims came in at 267,000.

Nymex oil rose 60 cents or 1.6% to $38.10 a barrel for the biggest weekly gain since early October.

Among European markets, Germany and Italy were shut. FTSE and Spain gained 0.2% and 0.4% respectively while France lost 0.2%.

For the week, US indices gained 2.5-2.8%.

AT HOME

Benchmark indices ended marginally lower after a choppy trade ahead of the long weekend. Sensex settled at 25839, down 12 points while Nifty lost 5 points to finish at 7861. BSE mid-cap and small-cap indices however gained 0.3% and 0.5% respectively. BSE Consumer Durable index and Bankex lost 0.9% and 0.4% respectively, becoming top losers among the sectoral indices while Telecom and Utilities indices gained the most, up 1% and 0.8% respectively.

FIIs net sold stocks worth Rs 112 cr but net bought index futures and stock futures worth Rs 354 cr and 101 cr respectively. DIIs were net buyers to the tune of Rs 8 cr.

Forex markets were shut Thursday on account of Id-E-Milad.

For the week, Sensex and Nifty gained 1.2% and 1.3% respectively, extending the winning streak to second consecutive week.

OUTLOOK

Today morning Asian markets are trading mixed with modest changes and SGX Nifty is suggesting about 10 points higher opening for our market.

In Thursday's report we had mentioned that having crossed the 7850 hurdle, the benchmark is now headed to 7980, which was the top made in early December.

That continues to be the view. 7810 continues to be the immediate support on the hourly chart, with the stop loss of which trading longs should be held on to.