NIFTY NEARS 10490 TARGET; TRAIL STOP-LOSS TO 10325
US indices fell 0.2%-0.4% as a decline in Apple shares pushed the broader tech sector lower.
House members voted to pass the tax bill by a margin of 227-203. However, it was found later that three provisions in the bill do not meet a procedural rule and therefore House Republicans will have to vote on the GOP tax bill again.
Brent crude rose 0.6% to $63.80 per barrel and U.S. crude gained 0.5% to settle at $56.46.
European markets, except a 0.1% higher FTSE, fell 0.5%-0.7%.
Benchmark indices climbed seven tenth of a percent, extending the winning streak to fourth straight day and scaling a record high on closing basis. Sensex added 235 points to settle at 33837 while Nifty finished at 10463, up 74 points. BSE mid-cap and small-cap indices surged 1.5% each. Except 0.5% and 0.1% lower IT and Teck indices respectively, all the BSE sectoral indices ended in green with Auto and Consumer Discretionary Goods & Services indices leading the tally, up 3.4% and 2.4% respectively.
FIIs net sold stocks worth Rs 408 cr but net bought index futures and stock futures worth Rs 220 cr and 487 cr respectively. DIIs were net buyers to the tune of Rs 357 cr.
Rupee appreciated 21 paise to end at 64.03/$, a fresh three-month high.
Today morning, Asian markets are trading little changed and SGX Nifty is suggesting about 20 points lower start for our market.
After Nifty crossed the 10373 top made on Friday, we have been working with upside target of 10490, which was the top made in early November. Nifty yesterday touched a high of 10472 before closing at 10463, coming in very close to this target.
10490 continue to be upside target as well as resistance to eye. Once 10490 is taken out decisively 10950-11000 would be the next major target to eye.
Meanwhile, immediate support on the hourly chart has moved up to 10325, with the stop-loss of which, trading longs should be held on to.
In the US, The House is expected to vote on the revised bill today.