NIFTY ACHIEVES 11313 TARGET; TRAIL STOP-LOSS TO 11470

NIFTY ACHIEVES 11313 TARGET; TRAIL STOP-LOSS TO 11470

WORLD MARKETS

Dow gained 0.1% while S & P 500 and Nasdaq fell 0.1% each as the positivity over the news that the special counsel found no collusion with Russia on the part of President Donald Trump, was offset by the concerns over the global economy.

The yield curve inverted again on Monday as the benchmark 10-year yield hit its lowest level since December 2017.

US oil fell 0.4% to $58.82 a barrel while Brent rose 23 cents to $67.26.

European markets fell 0.1%-0.4%.

AT HOME

Benchmark indices tumbled nine tenth of a percent, with Nifty extending the losing streak to third straight day. Sensex settled at 37808, down 355 points while Nifty lost 102 points to finish at 11354. BSE mid-cap and small-cap indices fell 1.1% and 1.2% respectively. BSE Telecom and Realty indices tumbled 2.2% and 1.8% respectively, becoming top losers among the sectoral indices while Oil & Gas and Power indices were the top gainers, up 1.4% and 0.5% respectively.

FIIs net bought stocks worth Rs 150 cr but net sold index futures and stock futures worth Rs 153 cr and 785 cr respectively. DIIs were net sellers to the tune of Rs 13 cr.

Rupee appreciated 2 paise to end at 68.93/$.

OUTLOOK

Today morning, Nikkei is up 1.7% while Hang Seng and Shanghai are up half a percent each. SGX Nifty is suggesting a flattish start for our market.

After Nifty broke the immediate support of 11450 on Friday, we had given downside target of 11412 followed by 11313 in yesterday's report.

Nifty plunged all the way to 11311 before closing at 11354, achieving 11313 target and vindicating our view.

11311, the low made yesterday, is the immediate support, below which, 11195, the 38.2% retracement level of the entire 10585-11572 upmove, would be the next support to eye.

11470 is the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts should be held on to.