TRAIL STOP-LOSS TO 21600

 

TRAIL STOP-LOSS TO 21600

 

WORLD MARKETS

 

U.S. and European markets were closed yesterday for New Year’s Day.

 

AT HOME

 

After rising half a percent, benchmark indices gave away all the gains in last half an hour plunge to end little changed. Sensex settled at 72271, up 31 points while Nifty added 10 points to finish at 21741. Nifty mid-cap and small-cap indices gained 0.6% and 0.5% respectively, extending the winning streak to seventh straight day and hitting fresh record highs. Nifty Media index climbed 1.8%, becoming top gainer among the sectoral indices, followed by 0.8% higher Oil & Gas and PSU Bank indices. Financial Services, Auto and Bank indices were the top losers, down 0.1% each.

 

FIIs net sold stocks, index futures and stock futures worth Rs 856 cr, 285 cr and 1315 cr respectively. DIIs were net buyers to the tune of Rs 410 cr.

 

Rupee depreciated 3 paise to end at 83.24/$.

 

OUTLOOK

 

Official data showed China’s manufacturing PMI contracted further in December 2023.

 

Today morning, Shanghai is flat while Hang Seng and Nikkei are down 0.9% and 0.2% respectively. GIFT Nifty is suggesting a modestly lower start for our market.

 

In yesterday's report we had said that 22000 continues to be next upside target for Nifty while 21475 continued to be immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 21834, slipped to end at 21741.

 

22000 continues to be next upside target for Nifty; 21650-21600 is the immediate support area, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 48636, the top made last week, is the immediate hurdle, upon crossover of which, 49300-49500, would be next target area; 47800-47750 is the immediate support zone, upon breach of which, 47200 would be the next downside level to eye.

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