11160 ABOVE 11058; 10915 IS IMMEDIATE SUPPORT

11160 ABOVE 11058; 10915 IS IMMEDIATE SUPPORT

WORLD MARKETS

US indices soared 1.4%-2.2% as global bond yields rebounded and China reported better-than-expected trade data.

US 10-year Treasury note yield traded at 1.72% after dropping below 1.6% in the previous session. German 10-year bund yielded negative 0.5% after sliding to negative 0.6% — a record low — in the previous session.

Earlier, China reported a surprise, 3.3% y-o-y rise in exports, as against expectation of a 2% fall.

Brent rose $1.29 to $57.53 a barrel while WTI rose $1.45 to $52.54 on expectations that falling prices could lead to production cuts.

European markets climbed 1.2%-2.3%.

AT HOME

It was the biggest day for the bulls in nearly 3-months as Sensex and Nifty soared 1.7% and 1.6% respectively, registering biggest percentage gain since 20th May. Sensex added 636 points to settle at 37327 while Nifty finished at 11032, up 177 points. BSE Mid-cap and small-cap indices rose 0.4% and 0.7% respectively. All the BSE sectoral indices ended in green with Energy and Auto indices leading the tally, up 3.2% and 2.8% respectively.

FIIs net sold stocks worth Rs 437 cr while DIIs were net buyers to the tune of Rs 291 cr.

Rupee appreciated 20 paise to end at 70.69/$.

OUTLOOK

Today morning, Asian markets are trading with gains of 0.4%-0.7% and SGX Nifty is suggesting about 15 points higher start for our market.

In yesterday's report we had said that 10782, the bottom made on Monday, continues to be immediate support while 11060 continues to be immediate hurdle.

Nifty soared to touch a high of 11058 before closing at 11032 and is set to open higher today.

A crossover of 11058, the high made yesterday, would confirm a "Buy" on the hourly chart and would pave the way for further upmove. 11160, where 200-DMA is placed, would be the next upside target if that happens.

Immediate support on the hourly chart is placed around 10915, with the stop-loss of which, trading longs can be initiated once 11058 is taken out.

Hidalco, GAIL and BPCL will report their quarterly earnings today.