18604 NEXT; TRAIL STOP-LOSS TO 18300

 

18604 NEXT; TRAIL STOP-LOSS TO 18300

 

WORLD MARKETS

 

US markets were shut yesterday for Thanksgiving holiday.

 

Dollar index fell 0.2% to 105.85. Gold inched up 0.3% to $1754 per ounce.

 

Brent crude fell 0.4% to $85.11 and WTI rose 0.3% to $78.28 per barrel.

 

In Europe, FTSE was flat while DAX and CAC rose 0.8% and 0.4% respectively.

 

AT HOME

 

Benchmark indices surged 1.2% each, extending the winning streak to third consecutive day and with Sensex hitting a record high and Nifty too posting a highest ever close. Sensex settled at 62272, up 762 points while Nifty added 216 points to finish at 18484. Nifty mid-cap and small-cap indices rose 0.4% and 0.5% respectively. Except 0.02% lower Consumer Durables index, all the NSE sectoral indices ended higher, with IT index on the top, up 2.6%, followed by 1.3% higher Financial Services index.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1232 cr, 3226 cr and 2249 cr respectively. DIIs were net sellers to the tune of Rs 236 cr.

 

Rupee appreciated 21 paise to end at 81.63/$.

 

OUTLOOK

 

Today morning, Nikkei and Shanghai are down 0.1% each while Hang Seng is off 1.3%. SGX Nifty is suggesting a modestly lower start for our market.

 

In yesterday's report we had said that 18330 continued to be immediate hurdle on the hourly chart, upon crossover of which, 18442, the top made last week, would be next resistance.

 

Nifty crossed 18330 and surged all the way to 18529 before closing at 18484.

 

18604, the top made last year, is the next upside level to eye; 18300 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

43300-43400, followed by 44000 are the next upside levels for Banknifty; 42600 is immediate support.