NIFTY ACHIEVES 7880 TARGET; HEADED FOR 7960
WORLD MARKETS
US indices surged nearly a percent yesterday, with Nasdaq touching a 14-year high and and S & P 500 closing within 1% of all-time high, on easing geopolitical tensions and positive economic data.
Russia said a dispute over its convoy of humanitarian aid to Ukraine had been settled, and a Ukrainian official said more than five hours of discussions in Berlin had brought about "moderate progress," according to media reports.
In the middle east, Iraqi and Kurdish troops reportedly reclaimed control of the Mosul Dam after increased U.S. airstrikes aimed to help them during the weekend.
Back in the US, National Association of Home Builders reported its monthly confidence index rose 2 points to 55, beating expectations.
Israel and Hamas agreed to prolong their truce for another 24 hours to pursue talks on a long-term ceasefire and a broader deal for the war-ravaged region.
European markets gained between 0.8%-1.7%.
Nymex crude fell 94 cents to $96.4 a barrel and Brent touched a 14-month low at $102/bbl; Gold eased 0.5% to $1299 an ounce.
AT HOME
It was a historic day as benchmark indices surged more than a percent to scale fresh all-time high. Sensex soared 288 points to settle at 26391 while Nifty finished at 7874, up 82 points. BSE mid-cap and small-cap indices climbed 1.8% and 2.3% respectively. Except at 0.4% each cut in BSE IT and FMCG indices, all other sectoral indices ended in green with Oil & Gas index and Bankex leading the tally, putting on 2.6% and 2.4% respectively.
FIIs net bought stocks, index futures and stock futures worth Rs 473 cr, 218 cr and 673 cr respectively. DIIs were net buyers to the tune of Rs 490 cr.
OUTLOOK
Today morning Asian markets are trading with gains of upto a percent and SGX Nifty is suggesting about 30 points higher opening for our market.
Ever since Nifty crossed 7690 resistance last Tuesday, we have been working with targets of 7840 and 7880, where 7840 was the previous all-time high and 7880 was where the trendline adjoining recent tops on the daily chart was placed.
The benchmark yesterday touched a high of 7880 before closing at 7874, achieving both the above targets and vindicating our view.
The momentum continues to be positive. Taking cues from the daily chart, next target comes to around 7960. Immediate support on the hourly chart has moved up to 7725, with the stop loss of which trading longs should be held on to.
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