11536 IS THE NEXT UPSIDE LEVEL TO EYE; STAY LONG WITH THE STOP-LOSS OF 11285

 

11536 IS THE NEXT UPSIDE LEVEL TO EYE; STAY LONG WITH THE STOP-LOSS OF 11285

 

WORLD MARKETS

 

Dow fell 0.2% while S & P 500 and Nasdaq rose 0.2% and 0.7% respectively, with the S & P 500 hitting a record high.

 

Technology stocks once again led from the front while shares of retailers fell despite Walmart and Home Depot’s better-than-expected quarterly results. Kohl’s plunged more than 14% after the company offered a grim outlook ahead of the all-important holiday season.

 

Developments over fresh coronavirus stimulus continued to be in focus. Treasury Secretary Steven Mnuchin criticized Democratic leaders as obstinate and unwilling to discuss a smaller relief package; however, House Speaker Nancy Pelosi said she is was willing to cut some demands to get an agreement on the bill.

 

Brent crude futures rose 4 cents to $45.41 a barrel while WTI futures were unchanged at $42.89 per barrel.

 

European markets fell 0.3%-0.8%.

 

AT HOME

 

Sensex and Nifty soared a percent and quarter each to close at the highest level since 3rd March and 27th February respectively. Sensex settled at 38528, up 477 points while Nifty added 138 points to finish at 11385. BSE mid-cap and small-cap indices gained 1.1% and 1.3% respectively. Except 0.2% and 0.1% lower Utilities and Healthcare indices respectively, all the BSE sectoral indices ended in green with Realty index climbing 4.2% to become top gainer, followed by 2.2% higher Bankex.

 

FIIs net bought stocks and stock futures worth Rs 1135 cr and 39 cr respectively but net sold index futures worth Rs 161 cr. DIIs were net sellers to the tune of Rs 379 cr.

 

Rupee appreciated 13 paise to end at 74.75/$.

 

OUTLOOK

 

Today morning, Shanghai is off 0.6% while Nikkei and Hang Seng are modestly higher. SGX Nifty is suggesting around 25 points higher start for our market.

 

In yesterday's report we had reiterated the view that 11111, the low made on Friday, continued to be immediate support while 11373, the top made last week, continued to be important resistance.

 

Nifty soared to cross 11373 hurdle and touched a high of 11402 before closing at 11385.

 

11536, the upper end of the gap created by gap-down opening on 28th February, is the next upside target to eye.

 

11285 is the immediate support on the hourly chart with the stop-loss of which, trading longs can be held on to.