NIFTY ACHIEVES 11384 TARGET; TRAIL STOP-LOSS TO 11180

NIFTY ACHIEVES 11384 TARGET; TRAIL STOP-LOSS TO 11180

WORLD MARKETS

Dow ended flat while S & P 500 and Nasdaq fell 0.1% and 0.2% respectively after digesting the release of weak U.S. home sales data and latest news on the U.S.-China trade front.

New home sales fell 6.9% in January — which was more than expected

Media reports suggested that China and U.S. are trying to push back a meeting between Xi Jin ping and Trump from late March to April at the earliest. This comes after Trump said he was in no rush to form an agreement.

Earlier, data showed China’s industrial output expanded at its slowest rate in 17 years.

US oil rose 0.6% to 58.61/$, hitting a 4-month high. Brent, after hitting a high of $68.14, slipped to end at $67.19.

European markets gained 0.1%-0.8%. In the U.K., lawmakers voted in favor of seeking a delayed departure from the European Union for at least three months. The vote was nonbinding, however, and the EU will have to agree to a delay.

AT HOME

It was a day of consolidation as benchmark indices ended little changed after trading in a narrow range through the session. Sensex settled at 37754, up 3 points while Nifty added 2 points to finish at 11343. BSE mid-cap index fell 0.3% but small-cap index rose 0.1%. BSE Realty index soared 2.1%, becoming top gainer among the sectoral indices, followed by 0.6% higher Metal index. IT and Auto indices fell 0.4% each, becoming top losers.

FIIs net bought stocks, index futures and stock futures worth Rs 1483 cr, 485 cr and 342 cr respectively. DIIs were net sellers to the tune of Rs 818 cr.

Rupee appreciated 19 paise to end at 69.35/$.

India's WPI inflation for February came in at 2.93%, up from 2.76% in January. The figure for December was revised to 3.46% from 3.80%.

OUTLOOK

Today morning, Asian markets are trading with gains of 0.5%-1% and SGX Nifty is suggesting about 15 points higher start for our market.

Readers would recall that we have been working with target of 11384 after 11320 level was achieved.

Nifty yesterday touched a high of 11383 before closing at 11343, achieving 11384 target and vindicating our view yet again.

Upon crossover of 11384, 11465 would be the next target to eye.

Immediate support on the hourly chart has moved up to 11180, with the stop-loss of which, existing longs can be held on to.