NIFTY SHEDS 7.5% IN NOVEMBER SERIES; 7900-8085 CONTINUES TO BE IMMEDIATE RANGE

NIFTY SHEDS 7.5% IN NOVEMBER SERIES; 7900-8085 CONTINUES TO BE IMMEDIATE RANGE

WORLD MARKETS                             

US markets were shut yesterday for the Thanksgiving holiday.

European markets, except a 0.2% lower Italy, gained upto 0.3%. The German Ifo Business Climate Index stood at 110.4 points in November, unchanged from the previous month but below forecasts.

Dollar index ended almost flat at 101.69.

WTI and Brent crude rose 0.1% each to $47.92 and $49 a barrel respectively.

AT HOME

After a choppy session, which is customary for an expiry day, benchmark indices ended with cuts of about eight tenth of a percent, breaking the two-day winning streak. Sensex lost 192 points to settle at 25860 while Nifty finished at 7966, down 68 points. BSE mid-cap and small-cap indices fell 0.1% each. BSE Bankex and Auto indices tumbled 1.4% and 1.3% respectively, becoming top gainers among the sectoral indices while IT and Metal indices added 1.2% each, becoming top gainers.

FIIs net sold stocks, index futures and stock futures worth Rs 2010 cr, 1563 cr and 1153 cr respectively. DIIs were net buyers to the tune of Rs 1648 cr.

Rupee depreciated 17 paise to end at 68.73/$.

For the November derivative series, Nifty lost 7.5%, marking the biggest loss in a series since August 2013.

OUTLOOK

Today morning Asian markets are trading with gains of upto 0.7% and SGX Nifty is suggesting about 20 points higher start for our market.

As we have been mentioning for couple of days, 7900, the 50% retracement level of the entire 6825-8970 upmove, is the immediate support to eye, upon breach of which next meaningful  to eye would be 7650, the 61.8% retracement level.

8085 continues to be immediate hurdle, a crossover would confirm a "buy" on hourly chart after a long time and would pave the way for the further upmove.