STAY LONG WITH THE STOP-LOSS OF 10425 FOR 10670 TARGET

STAY LONG WITH THE STOP-LOSS OF 10425 FOR 10670 TARGET

WORLD MARKETS                             

Dow and S &P 500 fell 0.5% each while Nasdaq tumbled 0.7% on Friday, the last trading day of the year.

US oil rose 58 cents or 1% to $60.42 a barrel, marking its best closing price since June 2015. For the year, it gained 12.5%.

European markets, except a 0.8% higher FTSE, fell half a percent.

For the week, US indices fell 0.1%-0.8%. In Europe, CAC and DAX fell 1% and 1.2% respectively but FTSE gained 1.2%. In Asia, Hang Seng and Shanghai rose 1.2% and 0.3% respectively but Nikkei fell 0.6%.

For 2017, S & P 500 gained 19.4%, its best since 2013. Dow surged 25% and Nasdaq was up 28%. In Europe, FTSE gained 8%, DAX 12.5% and CAC 9%. In Asia, Nikkei was up 19%, Hang Seng 36% and Shanghai added 7%.

AT HOME

Sensex and Nifty climbed 0.6% and 0.5% respectively on last trading day of calendar 2017 with Sensex scaling a fresh record high on closing basis. Sensex added 209 points to settle at 34057 while Nifty finished at 10531, up 53 points. BSE mid-cap and small-cap indices gained 0.7% and 0.6% respectively. BSE Telecom and Power indices climbed 1.6% and 1.5% respectively, becoming top gainers among sectoral indices while Oil & Gas and Metal indices were the top losers, down 0.5% and 0.4% respectively.

FIIs net bought stocks, index futures and stock futures worth Rs 595 cr, 929 cr and 522 cr respectively. DIIs were net buyers to the tune of Rs 461 cr.

Rupee ended at a near-four month high of 63.87/$, appreciating 21 paise compared to previous close.

For the week, Sensex and Nifty gained 0.3% and 0.4% respectively. For the calendar 2017, Sensex and Nifty gained 28% and 28.6% respectively.

Data on Friday showed that India's budgetary fiscal deficit for the first eight months of 2017-18 stood at 112% - Rs 6.12 lakh crore - of the full year's target of Rs 5.46 lakh crore.

OUTLOOK

Today, most of world markets are shut for New Year. SGX Nifty is suggesting about 30 points lower start for our market.

Readers would recall that after Nifty took out 10490 hurdle on 22nd December, we have been working with immediate target of 10670. Nifty consolidated last week by touching a low of 10460 and finally closing at 10530.

10670 continues to be immediate upside target. 10425 continues to be immediate support on the hourly chart, with the stop-loss of which trading longs should be held on to.

Auto companies will report their December sales figures.