NIFTY TAKES OUT 9710 HURDLE; STAY LONG WITH THE STOP-LOSS OF 9650

NIFTY TAKES OUT 9710 HURDLE; STAY LONG WITH THE STOP-LOSS OF 9650

WORLD MARKETS                             

Dow ended marginally in the red while S & P 500 and Nasdaq gained 0.1% and 0.4% respectively as technology stocks gained and markets awaiting the start of the latest earnings season.

WTI and Brent crude rose 0.4% each to settle at $44.40 and $46.88 a barrel respectively.

European markets gained 0.3%-0.8%. Germany's trade surplus widened as it reported exports rose more than expected in May.

AT HOME

Benchmark indices soared a percent, shrugging off the technical glitch at NSE and closing at fresh record high. Sensex settled at 31716, up 355 points and Nifty added 97 points to finish at 9763. BSE mid-cap and small-cap indices rose 0.7% and 0.4% respectively. All the BSE sectoral indices ended in green with Telecom and IT indices leading the tally, up 3.9% and 2.9% respectively.

FIIs net bought stocks and stock futures worth Rs 102 cr and 2148 cr respectively but net sold index futures worth Rs 1000 cr. DIIs were net buyers to the tune of Rs 895 cr.

Rupee appreciated 8 paise to end at 64.52/$.

OUTLOOK

Today morning, Shanghai is modestly lower while Nikkei and Hang Seng are up 0.2% and 0.4% respectively. SGX Nifty is suggesting about 20 points higher start for our market.

Nifty yesterday soared 97 points to finish at 9763, taking out the 9710 hurdle decisively. Next meaningful target on the way up is 9950-10000.

Immediate support on the hourly chart has moved up to 9650, with the stop-loss of which, trading longs should be held on to.

Indusind will report its June quarter earnings today.