NIFTY ACHIEVES BIG 11000 TARGET; TRAIL STOP-LOSS TO 10900

NIFTY ACHIEVES BIG 11000 TARGET; TRAIL STOP-LOSS TO 10900

WORLD MARKETS

Dow ended flat while S & P 500 and Nasdaq gained 0.2% and 0.7% respectively. Market focus shifted from politics to corporate earnings after a three-day government shutdown came to an end on Monday.

Dow components Johnson & Johnson, Procter & Gamble and Travelers Cos. all reported better-than-expected earnings and revenue. Verizon, another Dow component, posted a profit that missed expectations, while sales surpassed analyst estimates. Netflix jumped 10% after the video streaming company reported expectation-topping subscriber growth numbers.

In response to President Trump approving tariffs on imported solar cells and certain washing machines earlier this week, South Korea indicated yesterday that it would raise the matter with the World Trade Organization.

Brent and US crude rose 1.4% each to settle at $69.96 and $64.47 per barrel respectively.

In Europe, FTSE and DAX gained 0.2% and 0.7% respectively while CAC and Italy fell 0.1% and 0.2% respectively.

AT HOME

Bull March continued as Sensex and Nifty surged 1% each to close above 36000 and 11000 marks respectively for the first time ever. Sensex added 342 points to settle at 36140 while Nifty finished at 11084, up 117 points. BSE mid-cap and small-cap indices gained 1.1% and 0.2% respectively. Except a 0.3% lower Consumer Durable index, all the BSE sectoral indices ended in green with Metal index leading the tally, up 4.3%, followed by 1.9% higher Oil & Gas index.

FIIs net bought stocks, index futures and stock futures worth Rs 1229 cr, 574 cr and 973 cr respectively. DIIs were net buyers to the tune of Rs 169 cr.

Rupee appreciated 13 paise to end at 63.74/$.

Indiabulls Housing reported 55% rise in quarterly net profit at Rs 1168 cr which included exceptional gain of Rs 238 cr. Revenue rose 36.7% to Rs 4106 cr. Gross NPA ratio improved to 0.77% from 0.85%, the lowest in 21 quarter.

OUTLOOK

Today morning, except a marginally higher Shanghai, other Asian markets are trading with cuts of upto 0.4%. SGX Nifty is suggesting about 15 points lower start for our market.

Nifty yesterday touched a high of 11093 before closing at 11084, achieving the 11000 target in our special report published in April 2017.

11120 followed by 11150 are next upside targets to eye.

Immediate support on the hourly chart has moved up to 10900, with the stop-loss of which, trading longs should be held on to.