NIFTY ACHIEVES 10840; 10900-10930 NEXT

NIFTY ACHIEVES 10840; 10900-10930 NEXT

WORLD MARKETS

Dow surged 1.3% while S & P 500 and Nasdaq rose 0.9% each as bank stocks surged and trade war worries took a back seat.

Brent crude rose 96 cents or 1.2% to $78.07 a barrel amid looming sanctions on Iran and falling production in Libya. WTI rose 5 cents to $73.85.

European markets rose and the British Pound fell after United Kingdom Brexit Secretary David Davis and British Foreign Secretary Boris Johnson resigned after Prime Minister Theresa May secured parliamentary support for a plan to maintain close trade and regulatory ties with the European Union.

European markets gained 0.4%-0.9%.

AT HOME

After a gap up opening, benchmark indices added some more gains through the session to end higher by about three fourth of a percent. Sensex closed at the highest level since 31st January while Nifty ended at highest level since 13th June. Sensex added 277 points to settle at 35935 while Nifty finished at 10853, up 80 points. BSE mid-cap and small-cap indices soared 1.2% and 1.6% respectively. All the BSE sectoral indices ended higher with Capital Goods and Energy indices leading the tally, up 1.5% each followed by 1.4% higher Industrial and Utilities indices.

FIIs net sold stocks and stock futures worth Rs 570 cr and 91 cr respectively but net bought index futures worth Rs 870 cr. DIIs were net buyers to the tune of Rs 740 cr.

Rupee appreciated 15 paise to end at 68.72/$.

OUTLOOK

Today morning, Nikkei and Hang Seng are up 1% and 0.6% respectively while Shanghai is down 0.3%. SGX Nifty is suggesting about 40 points higher start for ur market.

At ther risk of repeating, after Nifty took out the 20-DMA hurdle placed at 10745, we had given upside target of 10840 followed by 10900-10930 where tops made in June and May are placed.

Nifty yesterday soared 80 points to finish at 10853, achieving 10840 target, and is set to open higher today.

10900-10930 continues to be major resistance zone to eye.

Meanwhile, immediate support on the hourly chart has moved up to 10760, with the stop-loss of which, trading longs should be held on to.

TCS and Indusind Bank will report their quarterly earnings today.