12730 IS THE NEXT SUPPORT; 13145 IS THE HURDLE

 

12730 IS THE NEXT SUPPORT; 13145 IS THE HURDLE

 

WORLD MARKETS

 

U.S. financial markets were closed yesterday due to the Thanksgiving holiday.

 

Brent crude rose 20 cents, or 0.4%, to $48.81 a barrel while WTI crude was up by 14 cents, or 0.3%, at $45.85.

 

Spot gold rose 0.3% to $1,811.31 per ounce.

 

In Europe, FTSE fell 0.4% while DAX and CAC ended marginally in the red.

 

Meanwhile, questions are being raised over AstraZeneca’s vaccine candidate, for which the firm said combined results revealed it to be 70% effective.

 

AT HOME

 

After falling half a percent in the morning, benchmark indices reversed and surged a percent and half from the bottom of the day to end higher by a percent, recouping two third of yesterday's losses. Sensex settled at 44259, up 431 points while Nifty added 128 points to finish at 12987. BSE mid-cap and small-cap indices rose 0.9% and 0.7% respectively. Except 0.2% lower Oil & Gas index, all the BSE sectoral indices ended in green with Metal index on the top, up 4.1%, followed by 2.2% higher Basic Materials index.

 

FIIs net bought stocks and stock futures worth Rs 2027 cr and 2537 cr respectively but net sold index futures worth Rs 117 cr. DIIs were net sellers to the tune of Rs 3400 cr.

 

Rupee appreciated 3 paise to end at 73.88/$.

 

For the November derivative series, Nifty climbed 11.3%.

 

OUTLOOK

 

Today morning, Asian markets are trading mixed with modest changes and SGX Nifty is suggesting a marginally higher start for our market.

 

In yesterday's report we had said that 12820 was the immediate support, upon breach of which, 12730, the bottom made last week, would be the next support to eye.

 

Nifty, after touching a low of 12790, rebounded smartly to end at 12987.

 

12730, the low made last week, continues to be next important support to eye.

 

13145, the top made Wednesday, continues to be immediate hurdle.

 

India's Q2 GDP reading will be released today and is expected to show a contraction of 8.9%. In Q1, GDP had contracted 23.9%.

 

12820 IS THE NEXT SUPPORT; 13145 IMMEDIATE HURDLE

 

12820 IS THE NEXT SUPPORT; 13145 IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.6% and 0.2% respectively while Nasdaq rose 0.5% ahead of Thursday's Thanksgiving holiday.

 

778,000 people filed for unemployment benefits for the first time last week, higher than the expected number of 733,000.

 

Minutes of the latest Fed meeting showed officials discussing ways of providing more accommodation to the economy as the recovery from the coronavirus pandemic continued.

 

Oil prices climbed to the highest in more than eight months after data showed a surprise drop in U.S. crude inventories last week. Brent crude rose 47 cents, or 1%, to $48.33 a barrel while WTI crude gained 80 cents, or 1.8%, to settle at $45.71 per barrel.

 

US dollar index, after touching a low of 91.941, recovered to 92.086. Spot gold rose 0.2% to $1,810.41 an ounce.

 

In Europe, FTSE fell 0.6%, DAX was falt while CAC rose 0.2%.

 

AT HOME

 

After rising nearly two third of a percent at the open and hitting fresh record highs, benchmark indices nosedived more than 2% from the top of the day to end with cuts of a percent and half, which is the biggest cut since 15th October. Sensex settled at 43828, down 695 points while Nifty lost 196 points to finish at 12858. BSE mid-cap and small-cap indices fell 1.8% and 1.1% respectively. All the BSE sectoral indices ended in red with Telecom and Realty indices leading the losses, down 2.2% each.

 

FIIs net bought stocks and stock futures worth Rs 24 cr and 1248 cr respectively but net sold index futures worth Rs 1803 cr. DIIs were net sellers to the tune of Rs 1840 cr.

 

Rupee appreciated 9 paise to end at 73.91/$.

 

SEBI has withdrawn a proposal to increase the margin requirement for non-futures and options (F&O) stocks in the cash market.

 

OUTLOOK

 

Today morning, Nikkei is up half a percent while Hang Seng and Shanghai are marginally in the red. SGX Nifty is suggesting around 60 points higher start for our market.

 

In yesterday's report we had said that 13200 continued to be next upside target while immediate support on the hourly chart had moved up to 12910, with the stop-loss of which, trading longs should be held on to.

 

Nifty, after touching a high of 13145, nosedived to 12833 before closing at 12858. The benchmark is set to open near 12900 today.

 

12820 is where a trendline adjoining recent bottoms on the hourly chart is placed, making that the important immediate support. Upon breach of 12820, 12730, the bottom made last week, would be the next support to eye.

 

13145, the top made yesterday, would now act as immedite hurdle.

 

13200 CONTINUES TO BE NEXT UPSIDE TARGET; TRAIL STOP-LOSS TO 12910

 

13200 CONTINUES TO BE NEXT UPSIDE TARGET; TRAIL STOP-LOSS TO 12910

 

WORLD MARKETS

 

US indices surged 1.3%-1.6%, buoyed by discovery of another effective coronavirus vaccine and on news that the Trump administration has accepted Joe Biden’s transition into office. The Dow broke above 30,000 for the first time.

 

Donald Trump accepted the transition to a Joe Biden presidency and on optimism that COVID-19 vaccines are close to being rolled out.

 

Brent crude gained 3.9% to settle at $47.86 per barrel while WTI crude settled 4.3% higher at $44.91 per barrel, its highest level since March 6.

 

The dollar index fell 0.3% to 92.214. Spot gold dropped 1.5% to $1,808 an ounce, after touching its lowest since July 17 at $1,800.

 

European markets rose 1.2%-2%. Germany’s economy grew by a record 8.5% in the third quarter, up from an initial flash estimate of 8.2% and following a 9.8% drop in the second quarter.

 

AT HOME

 

Benchmark indices surged 1% each, hitting record intraday as well as closing highs and extending the winning streak to third straight day. Sensex settled at 44523, up 445 points while Nifty added 128 points to finish at 13055. BSE mid-cap and small-cap indices rose 0.6% and 0.9% respectively. BSE Bankex soared 2.4%, becoming top gainer among the sectoral indices, followed by 1.8% higher Auto and Realty indices.

 

FIIs net bought stocks worth Rs 4563 cr but net sold index futures and stock futures worth Rs 29 cr and 908 cr respectively. DIIs were net sellers to the tune of Rs 2522 cr.

 

Rupee appreciated 10 paise to close at 74/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.5%-1.8% and SGX Nifty is suggesting around 70 points higher start for our market.

 

At the risk of repeating, we had turned our view on Nifty bullish after 11770 hurdle was taken out and have been advising holding on to long positions with the trailing stop-loss.

 

After 12970 target was achieved, we had given next target of 13200.

 

Nifty yesterday touched a high of 13079 before closing at 13055 and is set to open above 13100 today.

 

13200 continues to be next upside target to eye. Immediate support on the hourly chart has moved up to 12910, with the stop-loss of which, trading longs should be held on to.

 

STAY LONG WITH THE STOP-LOSS OF 12730

 

STAY LONG WITH THE STOP-LOSS OF 12730

 

WORLD MARKETS

 

Dow climbed 1.1% while S & P 500 and Nasdaq rose 0.6% and 0.2% respectively on the back of more promising developments on the Covid-19 vaccine front, strong economic data and President-elect Joe Biden’s choice of former Fed Chair Janet Yellen as Treasury Secretary.

 

AstraZeneca said interim analysis showed its vaccine has an average efficacy of 70%.

 

The IHS Markit's Manufacturing PMI for the US edged higher to 56.7 in November from 53.4 in October and beating expectation of 53 by a wide margin. The Services PMI rose to 57.7 from 56.9 and surpassed the estimate of 55.3.

 

News reports suggested that Joe Biden will nominate former Fed Chair Janet Yellen to be Treasury Secretary, which market thinks will push for further fiscal stimulus.

 

Brent crude rose 92 cents, or 2%, to $45.89 a barrel, while WTI crude settled 64 cents, or 1.5%, higher at $43.06 per barrel.

 

The dollar index bounced back to 92.60, up 0.2%, after earlier dropping to 92.013, the lowest since Sept. 1. Spot gold dipped 1.7% to $1,839 per ounce, after falling to its lowest in four months at $1,835.

 

European markets ended with modest cuts. IHS Markit’s flash PMI for the euro zone came in at 45.1 in November — the lowest reading in six months. French composite PMI came in at 39.9, down from 47.5 in October. Germany’s composite reading was 52.0, down from 55.0 in October.

 

AT HOME

 

Benchmark indices rose nearly half a percent, extending the winning streak to second straight day. Sensex added 195 points to settle at 44077 while Nifty finished at 12926, up 67 points. BSE mid-cap and small-cap indices surged 1.3% each. BSE IT and Oil & Gas indices surged 2.9% and 2.7% respectively, becoming top gainers among the sectoral indices while Telecom index and Bankex were the top losers, down 0.9% and 0.8% respectively.

 

FIIs net bought stocks and index futures worth Rs 4738 cr and 73 cr respectively but net sold stock futures worth Rs 692 cr. DIIs were net sellers to the tune of Rs 2944 cr.

 

Rupee appreciated 6 paise to end at 74.10/$.

 

OUTLOOK

 

Today, Nikkei, which was shut yesterday, is trading with gains of more than 2% while Shanghai and Hang Seng are trading with modest cuts. SGX Nifty is suggesting around 20 points higher start for our market.

 

In yesterday's report we had said that 12963, the top made last week, was the immediate hurdle, upon crossover of which, 13200 would be the next target. We had also advised holding on to long positions with the stop-loss of 12730.

 

Nifty touched a high of 12968 before closing at 12926 and is set to open near 12950 today.

 

Upon sustained trading above 12970, 13200 would be the next upside target for Nifty. Meanwhile trading longs can be held on to with the stop-loss of 12730.

 

12730 IS IMMEDIATE SUPPORT; 12963 IMMEDIATE HURDLE

 

12730 IS IMMEDIATE SUPPORT; 12963 IMMEDIATE HURDLE

 

WORLD MARKETS

 

US indices fell 0.4%-0.8% on Friday on concerns over rising new coronavirus cases and questions around central-bank funding for key emergency programs.

 

The U.S. seven-day average of daily new Covid-19 infections rose to 165,029. On Thursday alone, a record 187,833 cases were reported. Many states have rolled back reopening plans and implemented fresh restrictions to curb the spread.

 

Treasury Secretary Steven Mnuchin on Thursday announced plans to allow several of the Federal Reserve’s emergency lending programs to expire on Dec. 31. The Fed however said the programs continue to serve an important role to support the vulnerable economy.

 

JP Morgan downgraded their US first-quarter GDP outlook to a contraction of 1%.

 

Meanwhile, Pfizer and BioNTech said they applied for an emergency use authorization for their vaccine from the Food and Drug Administration. The companies said they can be ready to ship the vaccine within hours after the FDA approves the authorization.

 

Brent crude rose 59 cents, or 1.3%, to $44.79 per barrel while WTI settled 41 cents, or 1%, higher at $42.15 per barrel.

 

European markets rose 0.3%-0.8%

 

For the week, Dow and S & P 500 fell 0.7% and 0.8% respectively, snapping two-week winning streak. Nasdaq managed to gain 0.2%. In Europe, FTSE and DAX rose half a percent each while CAC surged 2.2%. In Asia, Shanghai and Hang Seng rose 2% and 1.1% respectively while Nikkei and Nifty rose 0.6% each. Crude rose 5%, posting third consecutive weekly rise.

 

AT HOME

 

Benchmark indices rose two third of a percent, recouping half of yesterday's steep losses. Sensex added 282 points to settle at 43882 while Nifty finished at 12859, up 87 points. BSE mid-cap and small-cap indices climbed 1.2% and 0.8% respectively. Except 2.8% lower Energy index, all the BSE sectoral indices ended in green, with Telecom and Consumer Durables indices leading the tally, up 4.7% and 2.8% respectively.

 

FIIs net bought stocks and index futures worth Rs 3861 cr and 649 cr respectively but net sold stock futures worth Rs 541 cr. DIIs were net sellers to the tune of Rs 2869 cr.

 

Rupee appreciated 10 paise to end at 74.16/$.

 

For the week, Sensex and Nifty rose 0.6% each, extending the winning streak to third straight week.

 

OUTLOOK

 

Today, Nikkei is closed while Hang Seng is little changed and Shanghai is up 0.2%. SGX Nifty is suggesting around 50 points higher start for our market.

 

12730, the bottom made on Friday, also coincides with the trendline adjoining recent bottoms on the hourly chart and hence is the immediate support to eye. If 12730 breaks, 12571, the bottom made on 11th November, would be the next support.

 

12963, the top made during the week, is the immediate hurdle, upon crossover of which, 13200 would be the next target.

 

Meanwhile, trading longs should be held on to with the stop-loss of 12730.

 

NIFTY RETREATS FROM 12950-13000 RESISTANCE ZONE; 12700 CONTINUES TO BE IMMEDIATE SUPPORT

 

NIFTY RETREATS FROM 12950-13000 RESISTANCE ZONE; 12700 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices gained 0.2%-0.9% as tech shares rose and lawmakers agreed to resume negotiations over a potential new Covid-19 relief bill.

 

Data showed 742,000 Americans filed for unemployment benefits in the week of Nov. 14, topping estimate of 710,000.

 

Dow futures however are trading lower by 0.8% on worsening covid situation. The U.S. seven-day average of daily new Covid-19 infections now stands at 161,165, 26% higher than a week ago. Disagreement between the Treasury Department and the Federal Reserve over the continuation of funding for some of the emergency programs implemented during the recession, is also weighing on the sentiment.

 

Brent crude fell 0.32% to settle at $44.20 per barrel while WTI crude slipped 8 cents to settle at $41.74 per barrel.

 

European markets fell 0.4%-0.9%.

 

AT HOME

 

Benchmark indices tumbled 1.3% each, suffering the worst fall in 3-weeks and snapping four-day winning streak. Sensex settled at 43599, down 580 points while Nifty lost 166 points to finish at 12771. BSE mid-cap index fell 0.6% while small-cap index closed flat. BSE Bankex and Finance indices nosedived 2.8% and 2.3% respectively, becoming top losers among the sectoral indices while Power and Consumer Durables indices were the top gainers, up 0.8% each.

 

FIIs net bought stocks worth Rs 1181 cr but net sold index futures worth Rs 738 cr. DIIs were net sellers to the tune of Rs 2855 cr.

 

Rupee depreciated 6 paise to end at 74.26/$.

 

OUTLOOK

 

Today morning, Hang Seng is up 0.3%, Shanghai is flat while Nikkei is down 0.6%. SGX Nifty is suggesting around 30 points higher start for our market.

 

For past couple of sessions, we have been mentioning that 12950-13000 is the resistance zone for Nifty. Yesterday, after touching a high of 12963, Nifty slipped to 12745 before closing at 12771.

 

12963, the top made yesterday, is the immediate hurdle, a crossover of which is required for a fresh upmove.

 

12700 continues to be immediate support, with the stop-loss of which, existing longs can be held on to.

NIFTY ACHIEVES 12950 TARGET; TRAIL STOP-LOSS TO 12700

 

NIFTY ACHIEVES 12950 TARGET; TRAIL STOP-LOSS TO 12700

 

WORLD MARKETS

 

After opening in the green, US indices saw a sustained downward move through the session to end deep in the red as fresh lockdown measures overshadowed vaccine progress news. Dow and S & P 500 slipped 1.2% each while Nasdaq fell 0.8%.

 

Pfizer said final analysis had shown its vaccine was 95% effective and would be submitted to the U.S. Food and Drug Administration (FDA) for approval within days.

 

New York City yesterday announced it would close public schools as positivity rates in the city increase. On Tuesday, the US reported more than 155,800 new COVID-19 cases, and hospitalizations neared 77,000.

 

Brent crude rose 70 cents, or 1.6%, to $44.45 a barrel, while WTI crude settled 39 cents higher at an 11-week high of $41.82 per barrel.

 

European markets gained 0.3%-0.9%.

 

AT HOME

 

Bulls continued to charge ahead as benchmark indices added another half a percent, extending the winning streak to fourth straight day and hitting yet another record high. Sensex added 227 points to settle at 44180 while Nifty finished at 12938, up 64 points. BSE mid-cap and small-cap indices climbed 1.2% and 0.9% respectively. BSE Capital Goods and Auto indices surged 3.7% and 3.1% respectively, becoming top gainers among the sectoral indices while FMCG index was the top loser, down 1.1%, followed by 1% lower IT and Teck indices.

 

FIIs net bought stocks and index futures worth Rs 3072 cr and 447 cr respectively but net sold stock futures worth Rs 295 cr. DIIs were net sellers to the tune of Rs 2790 cr.

 

Rupee closed at 74.20/$, appreciating 26 paise compared to previous close.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.1%-0.7% and SGX Nifty is suggesting around 60 points lower start for our market.

 

In yesterday's report we had reiterated the view that 12950-13000 continued to be the next target zone and had advised holding on to long positions with the stop-loss of 12607.

 

Nifty touched a high of 12949 before closing at 12938 and is set to open below 12900 today.

 

12949, the top made yesterday, is the immediate hurdle to eye, upon crossover of which, 13050-13100 would be the next target zone.

 

Immediate support on the hourly chart has moved up to 12700, with the stop-loss of which, trading longs can be held on to.

 

12950-13000 CONTINUES TO BE TARGET ZONE; 12607 CONTINUES TO BE IMMEDIATE SUPPORT

 

12950-13000 CONTINUES TO BE TARGET ZONE; 12607 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices fell 0.2%-0.6% as a sharp decline in drug store shares, worsening covid situation and disappointing retail sales data weighed on the sentiment.

 

U.S. seven-day average of daily new Covid-19 infections surpassed 150,000 for the first time on Monday. Yesterday, Fed Chair Jerome Powell warned that the surge in cases is a concern for an economic recovery that has “a long way to go.”

 

October retail sales came in lower-than-expected on the back of spiraling new COVID-19 infections and declining household income as millions of unemployed Americans lose government financial support.

 

Brent crude futures inched up 8 cents to $43.90 per barrel, while WTI crude settled 9 cents, or 0.2%, higher at $41.43 per barrel.

 

In Europe, FTSE fell 0.9%, DAX was little changed while CAC rose 0.2%.

 

AT HOME

 

It was a good start to the new Samvat as benchmark indices rose seven tenth of a percent to hit fresh record highs. Sensex settled at 43952, up 314 points while Nifty added 94 points to finish at 12874. BSE mid-cap and small-cap indices climbed 1.1% and 0.9% respectively. BSE Industrials and Metal indices surged 2.3% and 2.1% respectively, becoming top gainers among the sectoral indices while Oil & Gas and Healthcare indices were the top losers, down 1.1% and 0.7% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 4905 cr, 1015 cr and 204 cr respectively. DIIs were net sellers to the tune of Rs 3829 cr.

 

Rupee was trading at 74.46/$, appreciating 14 paise compared to previous close.

 

BPCL fell on news that Reliance Industries as well as oil majors Saudi Aramco, BP and Total did not make a bid for buying out government's stake in the company.

 

OUTLOOK

 

Today morning, Nikkei is down 0.8%, Hang Seng is flat while Shanghai is up 0.2%. SGX Nifty is suggesting a flattish start for our market.

 

At the risk of repeating, we had turned our view on Nifty bullish after 11770 hurdle was taken out and have been advising holding on to long positions with the trailing stop-loss.

 

On last count, we had given the target zone of 12950-13000 after 12770 level was achieved.

 

Nifty yesterday touched a high of 12934 before closing at 12874 and is set to open near 12900 today.

 

12950-13000 continues to be the next target zone.

 

12607, the low made Friday, continues to be immediate support, with the stop-loss of which, long positions can be held on to.

 

12950-13000 IS THE NEXT TARGET ZONE; TRAIL STOP-LOSS TO 12607

 

12950-13000 IS THE NEXT TARGET ZONE; TRAIL STOP-LOSS TO 12607

 

WORLD MARKETS

 

US indices gained 0.8%-1.6%, with the Dow and S&P 500 posting all-time closing high, after Moderna released trial data showing its coronavirus vaccine was more than 94% effective.

 

Meanwhile, US added 1 million new cases of the coronavirus in under a week. The country has now recorded more than 11 million Covid-19 cases.

 

Brent crude futures rose $1.02, or 2.4%, to $43.80 a barrel, while WTI crude settled $1.21, or 3.02%, higher at $41.34 per barrel.

 

European markets rose 0.5%-2.6%.

 

15 economies in Asia, on Sunday, signed a deal called RCEP (The Regional Comprehensive Economic Partnership) that formed the world’s largest trade alliance and aims to gradually reduce tariffs across many areas. It marks the first time that East Asian powers China, Japan and South Korea are in a single trade agreement.

 

AT HOME

 

On Saturday, the Muhurat Trading day, Sensex and Nifty gained nearly half a percent to hit fresh record intraday as well as closing highs. Sensex rose 195 points to settle at 43637 while Nifty finished at 12780, up 60 points.

 

On Friday, benchmark indices ended higher by a fifth of a percent. Sesnex settled at 43443, up 85 points while Nifty added 29 points to finish at 12720. BSE mid-cap and small-cap indices gained 0.9% and 1.1% respectively. BSE Metal and Realty indices gained 1.9% and 1.4% respectively, becoming top gainers among the sectoral indices while Capital Goods and Telecom indices were the top losers, down 0.3% each.

 

FIIs net bought stocks worth Rs 1936 cr but net sold index futures and stock futures worth Rs 473 cr and 1310 cr respectively. DIIs were net sellers to the tune of Rs 2462 cr.

 

Rupee appreciated 8 paise to end at 74.57/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are marginally higher while Shanghai is marginally lower. SGX Nifty is suggesting around 70 points higher start when compared to Saturday's close of Nifty futures.

 

In Friday's report we had said that 12770, the top made Wednesday, continued to be immediate hurdle, a crossover of which is required for a fresh upmove. If that happens, 12950-13000 would be the next target zone.

 

Nifty, on Saturday, touched a high of 12828 before closing at 12780 and is set to open near 12850 today.

 

12950-13000 continues to be the next target zone.

 

12607, the low made Friday, would now act as immediate support, with the stop-loss of which, long positions can be held on to.