TRAIL STOP-LOSS TO 11590 FOR NEXT TARGET OF 11770

TRAIL STOP-LOSS TO 11590 FOR NEXT TARGET OF 11770

WORLD MARKETS

US indices soared 0.8%-1%, with the S & P 500 and Nasdaq hitting all-time highs, as the U.S. and Mexico reached a trade agreement. Nasdaq broke above 8,000 points for the first time.

The new deal, which Trump has said would be called The United States-Mexico Trade Agreement, is expected to last 16 years and will be reviewed every six years pending its approval by Congress, according to U.S. Trade Representative Robert Lighthizer.

Dollar index fell about 0.4% to 94.76, marking a 3-week low.

Brent crude rose 39 cents, or 0.5%, to $76.21 a barrel and U.S. West Texas Intermediate crude futures gained 15 cents, or 0.2%, to settle at $68.87.

European markets gained 0.2%-1.2% with DAX on the top.

AT HOME

Benchmark indices surged a percent and fifth to hit fresh record high on the first day of the new week. Sensex soared 442 points to settle at 38694 while Nifty finished at 11692, up 135 points. BSE mid-cap and small-cap indices rose 1.1% and 0.7% respectively. Except a 0.2% lower Realty index, all the BSE sectoral indices ended in green with Utilities and Power indices leading the tally, up 2.4% each, followed by 1.7% higher Bankex.

FIIs net bought stocks, index futures and stock futures worth Rs 253 cr, 657 cr and 857 cr respectively. DIIs were net buyers to the tune of Rs 1117 cr.

Rupee depreciated 25 paise to end at 70.16/$.

OUTLOOK

Today morning, Nikkei and Hang Seng are up about 0.7% while Shanghai is up 0.1%. SGX Nifty is suggesting about 40 points higher start for our market.

Just to recall, we have been working with target of 11600 after Nifty took out 11495 hurdle. Yesterday, Nifty soared 135 points to settle at 11692, achieving the target mentioned above and vindicating our view.

An upward sloping trendline adjoining recent tops on the daily chart is now placed around 11770 and that would be the next upside target to eye.

Immediate support on the hourly chart has moved up too 11590, with the stop-loss of which, trading longs should be held on to.