11883 CONTINUES TO BE IMMEDIATE SUPPORT; 12030 IMMEDIATE HURDLE

11883 CONTINUES TO BE IMMEDIATE SUPPORT; 12030 IMMEDIATE HURDLE

WORLD MARKETS

US indices fell 0.3%-0.4%, breaking 3-day winning streak,

China Assistant Commerce Minister said yesterday the country hopes to make a deal with the U.S. "as soon as possible." His comment came after data showed Chinese exports declined in November for the fourth consecutive month, falling 1.1% y-o-y compared to the 1% expansion anticipated.

Brent futures fell 14 cents, or 0.22%, to  settle at $64.25 a barrel while WTI oil futures fell 18 cents, or 0.3%, to settle at $59.02.

Main European markets fell 0.1%-0.6%. German import and export data for October showed a growth of 1.2% despite global trade tensions.

AT HOME

Benchmark indices ended marginally higher, breaking two-day losing streak. Sensex settled at 40487, up 42 points while Nifty finished at 11937, up 16 points. Nifty mid-cap and small-cap indices however ended lower by 0.1% and 0.8% respectively, with later closing at the lowest level since 25^th October. BSE Energy and Oil & Gas indices rose 1% each, becoming top gainers among the sectoral indices while IT and Realty indices were the top losers, down 1% each.

FIIs net bought stocks, index futures and stock futures worth Rs 459 cr, 15 cr and 667 cr respectively. DIIs were net buyers to the tune of Rs 75 cr.

Rupee appreciated 15 paise to end at 71.03/$.

OUTLOOK

Today morning, Asian markets are trading flat to modestly lower and SGX Nifty is suggesting a flattish start for our market.

After nearly achieving our downside target of 11883 on Friday, Nifty yesterday closed at 11937.

11883, the bottom made on 22nd November, continues to be important immediate support, upon breach of which, 11802, the bottom made in November, would be the next support.

12030, where a downward sloping trendline adjoining recent tops is placed, is the immediate hurdle on the hourly chart, above which 12158, the top made in November, would be the bigger hurdle to eye.