7700 ACHIEVED, 7540 NEXT
WORLD MARKETS
Dow and S & P 500 fell 0.9% and 0.6% respectively
while Nasdaq lost 0.1% yesterday as soft China trade data and some anxiety
ahead of the Fed's meeting next weighed on the sentiment.
China's November exports fell 6.8% y-o-y in their fifth
month of contraction, while imports were down 8.7%, marking a record 13th month
of decline. Shanghai
Nymex oil settled 14 cents or 0.4% lower at $37.51 a
barrel. Brent fell 44 cents to $40.28 a barrel.
European markets, weighed down by basic resources sector,
tumbled 1.6%-2.3%.
AT HOME
Benchmark indices plunged eight tenth of a percent in
today's trade, extending the losing streak to fifth straight day and closing at
the lowest level since 8th September, marking a 3-month low. Sensex settled at
25310, down 220 points while Nifty lost 64 points to finish at 7702. BSE
mid-cap and small-cap indices lost 1.2% and 1.3% respectively. All the BSE
sectoral indices ended in red with Realty and Metal indices leading the tally,
down 3.7% and 3.2% respectively.
FIIs net sold stocks, index futures and stock futures
worth Rs 518 cr, 192 cr and 193 cr respectively. DIIs were net buyers to the
tune of Rs 590 cr.
Rupee depreciated 11 paise to end at 66.8350/$, the lowest
level since Sep 4 2013
Congress stalled proceedings in Parliament yesterday after
the Delhi High Court rejected the plea of Congress President Sonia Gandhi and
her son Rahul to quash summons against them in the National Herald case.
OUTLOOK
Today morning, Asian markets are trading with cuts of upto
half a percent and SGX Nifty is suggesting about 30 points lower opening for
our market.
At the risk of repeating, we had advised going short on
Nifty when immediate support of 7880 was broken on 3rd December for targets of
7760 followed by 7700. We had also said that a breach of 7700 would open up the
possibility of retest of the 7540 bottom made in early September.
The benchmark touched a low of 7685 yesterday before
closing at 7702, achieving the 7700 target.
The setup however continues to be and 7540 continues to be
the next downside target to eye. Immediate resistance on the hourly chart has
moved to 7820, with the stop loss of which short positions should be held on
to.
Binance verification process might take a few days because the process is quite lengthy.By verifying your account, you get the right to withdraw 100 BTC a day. You are required to fill correct information to avoid bummers. You can call on Binance phone number which is functional all the time and ready to assist you in every possible manner. You can contact the team to rectify all your problems and get attainable results in no time. You need not to worry about anything as the team looks for all the possibilities that could play an important role in eliminating trouble.
ReplyDelete