STAY LONG WITH THE STOP-LOSS OF 11440

STAY LONG WITH THE STOP-LOSS OF 11440

WORLD MARKETS

US indices gained 0.1%-0.4% amidst dealmaking activity and falling rates and ahead of US-China trade talks.

Nike shares rose 3.1% after Piper Jaffray upgraded the athletic apparel maker to overweight from neutral and raised their price target. Netflix shares rose after the company confirmed it was testing ads on its platform.

PepsiCo agreed to buy SodaStream for $3.2 billion and Tyson Foods confirmed it was buying Keystone Foods for $2.16 billion.

Treasury yields slipped, with the 10-year yield trading at 2.825% after Trump, in an interview with Reuters, said he disagreed with the Federal Reserve's decision to raise interest rates.

US crude rose 52 cents or 0.8% to $66.43/bbl while Brent rose 0.5% to $72.21.

European markets gained 0.3%-1% with the DAX on the top.

AT HOME

Sensex and Nifty climbed 0.9% and 0.7% respectively, to hit fresh record intraday and closing highs. Sensex added 330 points to settle at 38278 while Nifty finished at 11552, up 81 points. BSE mid-cap and small-cap indices gained 1% and 0.1% respectively. BSE Capital Goods index soared 3.7%, becoming top gainer among the sectoral indices followed by 2.6% higher Industrials and Metal indices. IT and Teck indices were the top losers, down 1.2% and 1% respectively.

FIIs net sold stocks and index futures worth Rs 483 cr and 118 cr respectively but net bought stock futures worth Rs 603 cr. DIIs were net buyers to the tune of Rs 593 cr.

Rupee appreciated 33 paise to end at 69.82/$.

Infosys tumbled following the resignation of its chief financial officer MD Ranganath.

L & T soared after the company said its board will consider a share buyback at its meeting on August 23.

OUTLOOK

Today morning, Hang Seng and Shanghai are up modestly while Nikkei is off 0.2%. SGX Nifty is suggesting a flattish start for our market.

In yesterday's report we had mentioned that "A sustained trading above 11495 would pave the way for further upmove and 11650 would be the next target to eye if that happens".

Nifty soared 81 points to finish at 11552, taking out 11495 hurdle decisively.

10650 continues to be next upside target. Immediate support on the hourly chart has moved up to 11440, with the stop-loss of which, existing longs should be held on to.

Indian markets will remain shut tomorrow on account of Eid.