STAY LONG WITH THE STOP-LOSS OF 17885

 

STAY LONG WITH THE STOP-LOSS OF 17885

 

WORLD MARKETS

 

Dow rose 0.3% while S & P 500 and Nasdaq inched up 0.1% each to hit fresh record highs, boosted by strength in infrastructure stocks.

 

Infrastructure-related stocks led the gainers after the House passed the spending package on Friday evening.

 

US 10-year treasury yield added 4.4 bps to reach 1.497%. Dollar index fell 0.2% to 94.06. Spot gold rose 0.4% to $1824/ounce.

 

Brent crude rose 0.83% to settle at $83.43 per barrel while U.S. oil rose 0.81% to $81.93.

 

Europen markets were little changed.

 

AT HOME

 

Benchmark indices started new Samvat on a positive note as benchmark indices climbed eight tenth of a percent, extending the rising streak to second straight day. Sensex settled at 60545, up 478 points while added 151 points to finish at 18068. Nifty mid-cap and small-cap indices surged 1.2% and 1.1% respectively. Except 0.6% and 0.2% lower Healthcare index and Bankex respectively, all the BSE sectoral indices ended higher, with Oil & Gas and Consumer Durables indices leading the tally, up 2.3% and 2.2% respectively.

 

FIIs net sold stocks and stock futures worth Rs 861 cr and 1310 cr respectively but net bought index futures worth Rs 2322 cr. DIIs were net buyers to the tune of Rs 1912 cr.

 

Rupee appreciated 44 paise to end at 74.01/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.1%-0.3% and SGX Nifty is suggesting a modestly higher start for our market.

 

In yesterday's report we had said that 20-DMA, placed around 18065, continued to be immediate hurdle, upon crossover of which, 18342, the top made on 27th October, would be the next upside target.

 

Nifty surged to touch a high of 18087 before closing at 18068.

 

18342, the top made on 27th October, is the next upside target.

 

17885 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

40160, the top made last week, is the immediate hurdle for Banknifty, above which, 40930 and 41350 would be next upside levels to eye; 38426 is immediate support.

 

M & M will report its quarterly earnings today.