NIFTY REBOUNDS FROM OUR INDICATED SUPPORT
WORLD MARKETS
US
indices gained between 0.1%-0.3% yesterday, lifting the Dow to an all-time high
and the S&P 500 to its first finish above 2,000, after better-than-expected
reports cast favorable light on the U.S. economy.
Durable
goods order rose 22.6% in July versus a 7.5% estimate, marking their biggest
gain on record. A measure of consumer confidence hit 92.4 in August, exceeding
estimates of 89.
European
markets gained between 0.7%-1.3%
Nymex
crude rose 0.5% to $93.9 a barrel; Gold too gained 0.5% to $1285 an ounce.
Israel
and Palestine yesterday agreed on a cease-fire agreement aimed at ending their
seven-week conflict in Gaza.
AT HOME
After falling
nearly half a percent, benchmark indices staged a smart comeback in last hour
of trade to end almost flat. Sensex gained 6 points to settle at 26443 while
Nifty finished at 7904, down 2 points. BSE mid-cap and small-cap indices lost
0.2% and 0.8% respectively. BSE Power and Capital Goods indices lost 1.3% and
0.8% respectively, becoming top losers among the sectoral indices while
Healthcare and FMCG indices gained 1.1% and 0.9% respectively.
FIIs net bought
stocks, index futures and stock futures worth Rs 365 cr, 269 cr and 47 cr
respectively. DIIs were net sellers to the tune of Rs 259 cr.
Rupee appreciated
13 paise to close at 60.43/$.
OUTLOOK
Today morning Asian
markets are trading with gains in the vicinity of half a percent and SGX Nifty
is suggesting about 35 points higher opening for our market.
In our latest
weekly and subsequent daily reports, we have been advising holding on to
trading longs with the stop loss of 7855. Yesterday, after touching a low of
7862, Nifty rebounded smartly to end at 7905 and is set to open with an upward
gap today, vindicating our view.
7855 continues to
be important near term support, with the stop loss of which trading longs can
be held on to. On the way up, 8000 continues to be the immediate target.
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