12350 CONTINUES TO BE UPSIDE TARGET; TRAIL STOP-LOSS TO 12050
WORLD MARKETS
US markets were shut yesterday for the Thanksgiving
holiday.
European markets fell 0.2%-0.3%, monitoring friction between the U.S. and
China over the Hong Kong protests.
Brent crude fell 19 cents, or 0.3%, to $63.87 a barrel while
WTI crude fell 33 cents, or 0.6%, to $57.78.
Euro zone economic sentiment index rebounded to 101.3 in
November from 100.8 in October, the expected figure being 101.
AT HOME
Sensex and Nifty ended with gains of 0.3% and 0.4%
respectively after a choppy expiry session, hitting fresh record intraday and
closing highs. Sensex added 109 points to settle at 41130 while Nifty finished
at 12151, up 50 points. BSE mid-cap and small-cap indices rose 1% and 0.4%
respectively. Except 0.2% lower Auto index, all the BSE sectoral indices ended
higher, with Telecom and Metal indices leading the tally, up 3.5% and 2.2%
respectively.
FIIs net bought stocks and stock futures worth Rs 1009 cr
and 1800 cr respectively but net sold index futures worth Rs 759 cr. DIIs were
net sellers to the tune of Rs 155 cr.
Rupee depreciated 25 paise to end at 71.60/$.
For the November derivative series, Nifty climbed 2.3%,
marking third consecutive positive series.
OUTLOOK
Today morning, Nikkei is flat while Hang Seng and Shanghai
are down 0.9% and 0.2% respectively. SGX Nifty is suggesting a flattish start
for our market.
At the risk of repeating, we have been working with target
of 12350 ever since previous top of 12103 was taken out.
Nifty, yesterday touched a high of 12158 before closing at
12151.
12350, where an upward sloping trendline adjoining tops
made in August 2018 and June 2019 is placed, continues to be the next major
target/resistance to eye.
Immediate support on the
hourly chart has moved up to 12050, with the stop-loss of which, trading longs
should be held on to.
Q2 FY20 GDP data will be
released today and is expected to show a growth of 4.6%, down from 5% in the
previous quarter.
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