TRAIL STOP-LOSS TO 20525

 

TRAIL STOP-LOSS TO 20525

 

WORLD MARKETS

 

U.S. indices fell 0.2%-0.6% respectively, with the Dow and S & P 500 extending the losing streak to third straight session.

 

Private payrolls data showed that employers added 103,000 positions in November, coming in below expectations. Unit labor costs, a measure of wages to output, fell 1.2% in the July-through-September period, more than the initial -0.8% estimate last month and the -0.9% forecast. Productivity, or output per hour, rose 5.2% for the same period, compared to the 4.7% initial estimate in November and the 4.9% expectation.

 

U.S. 10-year treasury yield fell 6 bps to 4.106%, hitting a more than three-month low. Dollar index rose 0.2% to 104.16. Gold rose 0.3% to $2025 per ounce.

 

Oil price slipped to their lowest level since June. WTI crude futures tumbled 4.1% to $69.38 a barrel, while the Brent futures declined 3.8%, to settle at $74.30 a barrel.

 

European markets gained 0.3%-0.8%.

 

AT HOME

 

Sensex and Nifty gained 0.5% and 0.4% respectively, extending the winning streak to seventh straight session and hit fresh record highs. Sensex settled at 69653, up 357 points while Nifty added 82 points to finish at 20937. Nifty mid-cap and small-cap indices gained 0.2% and 0.4% respectively, with both hitting fresh record highs and the former extending the winning streak to 24th consecutive session. Nifty Media and IT indices were the top gainers among the sectoral indices, up 2.1% and 1.7% respectively while Healthcare index was the top losers, down 0.7%, followed by 0.4% lower Bank and Pharma indices. 

 

FIIs net sold stocks and stock futures worth Rs 80 cr and 464 cr respectively but net bought index futures worth Rs 2041 cr. DIIs were net buyers to the tune of Rs 1372 cr.

 

Rupee appreciated 5 paise to end at 83.33/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are down 1.5% each while Shanghai is off half a percent. GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 21000 was the next upside target to eye while 20375 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty surged all the way to 20961 before closing at 20937.

 

21050 is the next upside level to eye for Nifty; Immediate support on the hourly chart has moved up to 20525, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, above yesterday's high of 47260, 48000, around which a rising trendline adjoining tops made in December 2022 and July 2023 is placed, would be next major target; 45450 is immediate support.

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