11761, 11820 ARE UPSIDE TARGETS TO EYE; 11625 IS THE NEAREST SUPPORT

11761, 11820 ARE UPSIDE TARGETS TO EYE; 11625 IS THE NEAREST SUPPORT

WORLD MARKETS

US indices ended marginally in the red after digesting mixed quarterly numbers from big banks like Goldman Sachs and Citigroup.

Goldman Sachs fell 3.8%, after earnings came better-than-expected but revenue missed estimate. Citigroup earnings topped expectations but overall revenue fell 2%.

On the front of US-China trade talks, treasury Secretary Steven Mnuchin said Sunday that the U.S. is open to facing penalties if it doesn’t comply with an agreed-upon trade deal. However, Mnuchin also said Monday the two sides still have lots of work ahead of them.

WTI crude fell 49 cents to $63.40 a barrel while Brent fell 37 cents to $71.18.

European markets, except a flat FTSE, gained 0.1%-0.3%.

AT HOME

Benchmark indices rose four tenth of a percent, extending the winning streak to third straight day. Sensex settled at 38905, up 138 points while Nifty added 47 points to finish at 11690. BSE mid-cap and small-cap indices gained 0.5% and 0.7% respectively. Except 0.4% and 0.04% lower Oil & Gas and Energy indices respectively, all the BSE sectoral indices ended in green with Metal and Realty indices leading the tally, up 2.2% and 1.6% respectively.

FIIs net bought stocks worth Rs 713 cr but net sold index futures and stock futures worth Rs 222 cr and 270 cr respectively. DIIs were net buyers to the tune of Rs 581 cr.

Rupee depreciated 27 paise to end at 69.42/$.

March WPI inflation rose to 3.18% from 2.93% in February. Core WPI rose to 2.5% as against 2.3%.

Trade deficit in March fell 20% y-o-y $10.89 bn as exports rose 11% to $32.5 bn, while imports rose 1.4% to $43.44 bn. $9.6 bn in February.

Indian Meteorological Department's first projection for 2019 pegs near-normal monsoons at 96% of the long-term average.

OUTLOOK

Today morning, Nikkei is up 0.2% while Hang Seng and Shanghai are down 0.2% and 0.4% respectively. SGX Nifty is suggesting about 20 points higher start for our market.

For past couple of sessions we had been mentioning that 11700 was the immediate hurdle, a crossover of which is required for a fresh upmove.

Nifty yesterday touched a high of 11704 before closing at 11690 and is set to open above 11700 today.

11760, the top made in early April, is the next upside target to eye above which 11820 would be the next target.

Immediate support on the hourly chart is placed around 11625, with the stop-loss of which, trading longs can be held on to.

Wipro will report its quarterly earnings today.