TRAIL STOP-LOSS TO 21750

 

TRAIL STOP-LOSS TO 21750

 

WORLD MARKETS

 

U.S. markets were closed yesterday due to the Martin Luther King holiday.

 

European markets fell 0.2%-0.7%. The German economy contracted 0.3% in 2023, initial figures published by the national statistics agency showed.

 

Dollar index rose 0.2% to102.67. Gold rose a fourth of a percent to $2054 per ounce.

 

Brent and WTI crude futures fell 0.4% each to $77.98 and $72.36 a barrel respectively.

 

China's central bank left its medium-term policy loans rate unchanged.

 

AT HOME

 

Benchmark indices surged a percent each, extending the winning streak to fifth consecutive session and hitting fresh record highs. Sensex settled at 73328, up 759 points while Nifty added 203 points to finish at 22097. Nifty mid-cap and small-cap indices rose 0.7% and 0.4% respectively, both hitting fresh record highs. Except 1.9% and 0.4% lower Media and Metal indices respectively, all the NSE sectoral indices ended higher, with IT index on the top, up 1.9%, followed by 1% higher Pharma and Healthcare indices.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1086 cr, 1446 cr and 135 cr respectively. DIIs were net sellers to the tune of Rs 821 cr.

 

Rupee appreciated 4 paise to end at 82.88/$.

 

India's December trade deficit fell to $19.8 bn vs $20.58 bn month-on-month and vs $23.14 bn y-o-y.

 

OUTLOOK

Today morning, Nikkei and Hang Seng are down 0.6% and 0.2% respectively while Shanghai is marginally higher. GIFT Nifty is suggesting around 25 points lower start for our market.

 

In yesterday's report we had said that 22200-22250 was the next target area for Nifty while 21700-21650 was the immediate support zone on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty surged to touch a high of 22115 before closing at 22097.

 

22200-22250 continues to be next target area for Nifty; Immediate support on the hourly chart has moved up to 21750, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 48380 and 48636, the tops made on 5th January and 28th December respectively, are the next upside levels to eye; 47600 is the immediate support.

 

HDFC Bank will report it's quarterly earnings today.

 

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