NIFTY SET TO CHALLENGE 11495 HURDLE

NIFTY SET TO CHALLENGE 11495 HURDLE

WORLD MARKETS

US indices gained 0.1%-0.4% on Friday after a report said U.S. and Chinese officials are working on a road map for a meeting between Trump and Chinese leader Xi Jinping in November.

After appreciating for 3-days, Lira fell 3.7% on Friday after the U.S. warned Turkey it would impose more levies if American pastor Andrew Brunson is not released; he has been detained in Turkey since 2016.

US crude rose 45 cents to $65.91. Brent was up 52 cents at $71.95.

European markets, except a flat FTSE, fell upto 0.5%. Technology stocks fell the most following a weak forecast from U.S. company Applied Materials, the world's largest supplier of equipment used to make chips. Annual inflation in the Eurozone, 19 countries sharing the single currency, increased to 2.1% in July.

For the week, Dow climbed 1.4% while S & P 500 and Nasdaq gained 0.6% and 0.1% respectively. European markets fell 1.3%-1.7%. In Asia, Nikkei was down 0.1% while Shanghai and Hang Seng plunged 4.5% and 4.1% respectively. US crude fell 2.5%, posting its seventh consecutive week os loss. Brent lost more than a percent.

AT HOME

After a gap up opening, benchmark indices added some more gains through the session to end higher by three fourth of a percent. Sensex added 284 points to settle at 37948 while Nifty finished at 11470, up 85 points. BSE mid-cap and small-cap indices climbed 0.9% each. Except a 0.2% lower Oil & Gas index, all the BSE sectoral indices ended in green with Basic Material and FMCG indices leading the tally, up 2% and 1.8% respectively.

FIIs net bought stocks and stock futures worth Rs 147 cr and 855 cr respectively but net sold index futures worth Rs 695 cr. DIIs were net buyers to the tune of Rs 152 cr.

For the week, Senesx and Nifty gained 0.2% and 0.4% respectively, extending the winning streak to fourth straight day.

OUTLOOK

Today morning, Hang Seng and Shanghai are up 0.7% each while Nikkei is off 0.4%. SGX Nifty is suggesting about 25 points higher start for our market.

After hitting a high of 11495 on 9th August, Nifty has been in a consolidation mode within 11495-11340 range.

On Friday, Nifty surged 85 points to settle at 11470 and is set to open near 11495 hurdle.

A sustained trading above 11495 would pave the way for further upmove and 11650 would be the next target to eye if that happens.

11340 continues to be important immediate support.