NIFTY MOVES CLOSER TO 11118 TARGET; TRAIL STOP-LOSS TO 10890

NIFTY MOVES CLOSER TO 11118 TARGET; TRAIL STOP-LOSS TO 10890

WORLD MARKETS

US indices fell 0.5%-0.9%, posting a 3-day losing streak, after digesting the U.S. trade data and waiting for a resolution from trade talks with China.

The U.S. trade deficit increased to a 10-year high of $59.8 billion, higher than the expected $57.3 bn, despite the administration's efforts to reduce the number.

ADP and Moody's Analytics said private payrolls rose by 183,000 in February, a tad lower than the expected figure of 185,000. January payrolls were revised higher by 87,000 to 300,000.

US oil fell 34 cents to $56.22 a barrel after the Energy Information Administration said crude inventories spiked by 7.1 million barrels last week. Brent crude rose 11 cents to $65.97.

In Europe, FTSE rose 0.2% while DAX and CAC fell 0.3% and 0.2% respectively.

AT HOME

Benchmark indices gained half a percent, extending the winning streak to third straight day and closing at the highest level since 7th February, marking one-month high. Sensex settled at 36636, up 193 points while Nifty finished at 11053, up 65 points. BSE mid-cap and small-cap indices rose 0.5% and 1% respectively. Except 0.2% lower Auto index, all the BSE sectoral indices ended in green with Energy and Consumer Durable indices leading the tally, up 1.7% and 1.4% respectively.

FIIs net bought stocks, index futures and stock futures worth Rs 1131 cr, 377 cr and 161 cr respectively. DIIs were net sellers to the tune of Rs 878 cr.

Rupee closed at 70.28/$, appreciating 20 paise compared to previous close.

OUTLOOK

Today morning, Asian markets are trading with cuts of 0.2%-0.7% and SGX Nifty is suggesting a flattish start for our market.

After Nifty took out the 10942 hurdle, we have been working with upside target of 11118, the top made in February.

Yesterday, Nifty, after touching a high of 11062, closed at 11053 and is set to open flat today.

11118, the top made in early February, continues to be important immediate hurdle to eye, upon crossover of which, 11180, the 67% retracement level of the entire 11760-10004 fall, would be the next upside target.

Immediate support on the hourly chart has moved up to 10890, with the stop-loss of which, trading longs should be held on to.