NIFTY FAILS TO CROSS 10360 HURDLE YET AGAIN; 10230 CONTINUES TO BE IMMEDIATE SUPPORT

NIFTY FAILS TO CROSS 10360 HURDLE YET AGAIN; 10230 CONTINUES TO BE IMMEDIATE SUPPORT

WORLD MARKETS                             

US markets were closed yesterday for Thanksgiving holiday.

In Europe, FTSE and DAX ended marginally in the red while CAC and Italy rose 0.5% and 0.4% respectively.  European composite Purchasing Managers' Index rose to 57.5 in November as against expectation of being flat at 56.

Earlier, Chinese markets tumbled on liquidity concerns, with the Shanghai composite closing down more than 2 percent.

AT HOME

Benchmark indices ended marginally higher, extending the winning streak to sixth straight day. Sensex settled at 33588, up 27 points while Nifty rose 6 points to finish at 10349. Broader indices continued to out-perform the benchmark with BSE mid-cap and small-cap indices gaining 0.3% and 0.5% respectively.

BSE IT and Energy indices gain the most among the sectoral indices, putting on 1.3% and 1% respectively while BSE Telecom and Metal indices lost the most, down 0.7% and 0.3% respectively.

FIIs net bought stocks, index futures and stock futures worth Rs 73 cr, 144 cr and 101 cr respectively. DIIs were net buyers to the tune of Rs 222 cr.

Rupee appreciated 36 paise to end at 64.57/$.

OUTLOOK

Today morning, Nikkei and Shanghai are down 0.4% and 0.3% respectively while Hang Seng is up 0.2%. SGX Nifty is suggesting a flattish start for our market.

In yesterday's report, we had reiterated the view that 10360, the two-third retracement level of the recent 10490-10094 fall, is the immediate hurdle, a crossover of which is required for a fresh upmove. Nifty, after touching a high of 10374, eased to end at 10349, failing to close above 10360 mark.

10360 continues to be immediate hurdle, upon decisive crossover of which, 10490 would be the next target to eye. 10230 continues to be immediate support, with the stop-loss of which, trading longs should be held on to.