NIFTY ACHIEVES 11150 TARGET; TRAIL STOP-LOSS TO 11040

NIFTY ACHIEVES 11150 TARGET; TRAIL STOP-LOSS TO 11040

WORLD MARKETS

Dow and S & P 500 fell 0.7% each while Nasdaq gave away half a percent on concerns of higher interest rate.

The benchmark 10-year yield broke above 2.7% to reach its highest level since April 2014. The rise in bond rates this year has been driven by concerns over higher inflation. Utilities, telecommunications and real estate were among the worst-performing sectors

Dollar index gained about a third of a percent to settle at 89.35.

Oil fell with Brent down 1.5% at $69.46 per barrel. WTI fell 58 cents, or 0.9%, to $65.56 a barrel.

In Europe, except a marginally higher FTSE, other markets ended with modest cuts.

AT HOME

Benchmark indices gained about six tenth of a percent to notch another record high today. Sensex settled at 36283, up 233 points while Nifty added 61 points to finish at 11130. BSE mid-cap and small-cap indices however tumbled 0.7% and 1.1% respectively. BSE Auto and IT indices climbed 1.6% and 1.2% respectively, becoming top gainers among the sectoral indices while Telecom and Utilities indices were the top losers, down 1.2% and 1% respectively.

FIIs net bought stocks and stock futures worth Rs 292 cr and 1009 cr respectively but net sold index futures worth Rs 217 cr. DIIs were net buyers to the tune of Rs 90 cr.

Rupee depreciated 4 paise to end at 63.59/$.

Annual economic survey, tabled in the Parliament today, pegged India's GDP growth for 2018-19 at 7-7.5% as it shakes off the disruptive effects of demonetisation, and the benefits of the Goods and Services Tax (GST) kick in.

Tech Mahindra reported better-than-expected 13% q-o-q growth in net profit at Rs 943 cr. Revenue rose 2.2% to Rs 7776 cr. Dollar revenue rose 2.5% to USD 1209 mn. EBIDTA rose 14.4% to Rs 1264 cr and margin expanded 180 bps to 16.3%,

HDFC reported 233% y-o-y jump in December quarter net profit at Rs 5670 cr on the back of one-time gain of Rs 3675 cr. Revenue from operations grew b 6.6% to Rs 8667 cr. NII rose 11.2% to Rs 2968 cr. Asset quality remained stable for the quarter as non-performing loans were at 1.15% against 1.14% in previous quarter.

OUTLOOK

Today morning, Shanghai is flat but other Asian markets are trading with cuts of 0.3%-0.7% and SGX Nifty is suggesting a marginally lower start for our market.

After Nifty achieved 11000 target we had given next target of 11150. Nifty yesterday touched a high of 11171 before closing at 11130, achieving the target mentioned above.

Next target on the way up comes to around 10230. Immediate support on the hourly chart has moved up to 11040, with the stop-loss of which, trading longs should be held on to.

IOC, TVS Motors and Godrej Consumer will report their quarterly earnings today.