21550 ABOVE 21100; 20850-20800 IS THE IMMEDIATE SUPPORT AREA

 

21550 ABOVE 21100; 20850-20800 IS THE IMMEDIATE SUPPORT AREA

 

WORLD MARKETS

 

Dow and S & P 500 gained 0.4% each to close at their highest level since January 2022 and March 2022 respectively. Nasdaq inched up 0.2%.

 

U.S. 10-year treasury yield was little changed at 4.235%. Dollar index inched up 0.1% to 104.09. Gold fell 1.1% to $1982 per ounce.

 

The WTI contract for January rose 0.1% to settle at $71.32 a barrel while Brent crude contract for February gained 0.25% to settle at $76.03 a barrel.

 

In Europe, DAX and CAC rose 0.2% and 0.3% respectively while FTSE fell 0.1%.

 

AT HOME

 

Benchmark indices ended marginally higher after a rangebound session, hitting fresh record highs. Sensex settled at 69928, up 102 points while Nifty added 27 points to finish at 20997. Nifty mid-cap and small-cap indices gained 0.7% and 0.8% respectively. Except 0.8% and 0.6% lower Pharma and Healthcare indices respectively, all the NSE sectoral indices ended higher, with PSU Bank and Media indices on the top, up 1.4% and 1.3% respectively.

 

FIIs net bought stocks and stock futures worth Rs 1261 cr and 273 cr respectively but net sold index futures worth Rs 233 cr. DIIs were net sellers to the tune of Rs 1033 cr.

 

Rupee ended flat at 83.39/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 0.6% and 0.4% respectively while Shanghai is little changed. GIFT Nifty is suggesting around 60 points higher start for our market.

 

In yesterday's report we had said that 21050-21100 was the next target area and had advised trailing stop-loss in longs to 20750.

 

Nifty, after touching a high of 21026, closed at 20997.

 

21050-21100 continues to be immediate target area, upon crossover of which, 21550, around which the upper end of a rising channel formation is placed, would be the next upside target to eye; 20850-20800 is the immediate support zone, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 48000, around which a rising trendline adjoining tops made in December 2022 and July 2023 is placed, is the next upside target, above which, 50000 would be the major target to eye; 46800 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

India's November CPI and October IIP data will be released today.

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