STAY LONG WITH THE STOP-LOSS OF 11490

STAY LONG WITH THE STOP-LOSS OF 11490

WORLD MARKETS

US indices fell 0.1%-0.3% on worries about US-China trade war and Trump legal issues.

Trade talks between U.S. and China officials concluded yesterday without major developments. Also, a new round of U.S. tariffs on $16 billion worth of Chinese imports kicked in yesterday, prompting Beijing to retaliate with its own levies on American goods worth the same amount.

After his two former key allies were found guilty for various charges, Trump, in a media interaction, said: "If I ever got impeached, I think the market would crash. I think everybody would be very poor."

Weekly jobless claims slipped by 2,000 to 210,000 last week as against the expected figure of 215000.

WTI oil fell 3 cents to settle at $67.83 a barrel.

Dollar index gained about half a percent to 95.64, breaking five-day losing streak.

European markets ended with cuts of upto 0.4%. Data from France showed the IHS Markit Index rose to 55.1 from 54.4 in the previous month.

AT HOME

Benchmark indices ended higher by 0.1%, hitting fresh record intraday as well as closing high. Sensex added 51 points to settle at 38336 while Nifty finished at 11582, up 11 points. BSE mid-cap index rose 0.2% but small-cap index fell 0.1%. BSE IT and FMCG indices rose 1.2% and 1.1% respectively, becoming top gainers among the sectoral indices while Metal index and Bankex slipped 1.5% and 0.8% respectively, becoming top losers.

FIIs net bought stocks, index futures and stock futures worth Rs 433 cr, 358 cr and 5 cr respectively. DIIs were net buyers to the tune of Rs 142 cr.

Rupee depreciated 30 paise to end at 70.11/$.

OUTLOOK

Today morning, Hang Seng and Shanghai are down 0.8% and 0.4% respectively while Nikkei is up 0.4%. SGX Nifty is suggesting about 35 points lower start for our market.

After Nifty crossed 11495 hurdle, we have been working with target of 11650. Yesterday, after touching a high of 11620 in the opening trade, Nifty slipped to end at 11582 and is set to open around 11550 today.

11490 is the immediate support on the hourly chart while 11650 continues to be upside target to eye.

Traders are advised to hold long positions with the stop-loss of 11490.