NIFTY EXTENDS GAINS AFTER TAKING OUT 7600 HURDLE;
STAY LONG WITH THE STOP LOSS OF 7550
WORLD MARKETS
US indices surged
between 0.7%-1.6% on Friday, rebounding from its largest drop since April 10,
buoyed by latest round of corporate earnings and view that geopolitical
tensions appeared contained.
Google climbed
after the Internet search engine tallied second-quarter results; IBM rose after
the technology company posted quarterly earnings that topped expectations.
Economic report of
the day had leading indicators rising 0.3% in June and the Thomson
Reuters/University of Michigan's initial July reading on consumer sentiment
coming in at 81.3, less than estimated.
Gold fell $7.4 to
$1309 an ounce and nymex crude fell 6 cents to $103.1 a barrel.
European markets pared
initial losses to close mixed on Friday.
For the week, Dow,
S & P 500 and Nasdaq gained 0.9%,
0.5% and 0.4% respectively. European markets gained between 0.4%-0.9%.
AT HOME
After falling about
half a percent in the initial trade, benchmark indices saw a sustained
northward move through the session to end higher by three tenth of a percent.
Sensex settled at 25641, up 80 points while Nifty gained 23 points to finish at
7664. BSE mid-cap and small-cap indices however lost 0.4% and 0.1% respectively.
BSE IT and Teck indices gained 1.4% and 0.9% respectively, becoming top gainers
among the sectoral indices while Power and Realty indices were the top losers,
giving away 1.3% and 0.9% respectively.
FIIs net bought
stocks and stock futures worth Rs 575 cr and 318 cr respectively but net sold
index futures worth Rs 375 cr. DIIs were net sellers to the tune of Rs 283 cr.
Rupee depreciated
11 paise to close at 60.28/$, marking a one month low.
For the week,
Sensex and Nifty gained 2.5% and 2.7% respectively.
Reliance Industries
on Saturday reported better-than-expected quarterly earnings . Consolidated net
profit rose 13.7% y-o-y to Rs. 5957 cr and revenues rose 7.2% to Rs 107905 cr.
Gross Refining Margin stood at USD 8.7/bbl as against expectation of $
8.55/bbl.
OUTLOOK
Today morning Asian
markets are trading flat to modestly higher and SGX Nifty is suggesting about
25 points higher opening for our market.
Ever since Nifty
crossed the 7600 hurdle on the hourly chart, we have been working with targets
of 7731 followed by 7808. Nifty, on Friday closed at 7664 and is set to open
about 25 points higher today, which is in-line with the above view.
7731 continues to
be the immediate target on the way up. Immediate support on the hourly chart
has moved up to 7550, with the stop loss of which trading longs should be held
on to.
HDFC Bank and HDFC
will report their quarterly earnings today.
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