12350 CONTINUES TO BE UPSIDE TARGET; TRAIL STOP-LOSS TO 12050

12350 CONTINUES TO BE UPSIDE TARGET; TRAIL STOP-LOSS TO 12050

WORLD MARKETS

US markets were shut yesterday for the Thanksgiving holiday.

European markets fell 0.2%-0.3%,  monitoring friction between the U.S. and China over the Hong Kong protests.

Brent crude fell 19 cents, or 0.3%, to $63.87 a barrel while WTI crude fell 33 cents, or 0.6%, to $57.78.

Euro zone economic sentiment index rebounded to 101.3 in November from 100.8 in October, the expected figure being 101.

AT HOME

Sensex and Nifty ended with gains of 0.3% and 0.4% respectively after a choppy expiry session, hitting fresh record intraday and closing highs. Sensex added 109 points to settle at 41130 while Nifty finished at 12151, up 50 points. BSE mid-cap and small-cap indices rose 1% and 0.4% respectively. Except 0.2% lower Auto index, all the BSE sectoral indices ended higher, with Telecom and Metal indices leading the tally, up 3.5% and 2.2% respectively.

FIIs net bought stocks and stock futures worth Rs 1009 cr and 1800 cr respectively but net sold index futures worth Rs 759 cr. DIIs were net sellers to the tune of Rs 155 cr.

Rupee depreciated 25 paise to end at 71.60/$.

For the November derivative series, Nifty climbed 2.3%, marking third consecutive positive series.

OUTLOOK

Today morning, Nikkei is flat while Hang Seng and Shanghai are down 0.9% and 0.2% respectively. SGX Nifty is suggesting a flattish start for our market.

At the risk of repeating, we have been working with target of 12350 ever since previous top of 12103 was taken out.

Nifty, yesterday touched a high of 12158 before closing at 12151.

12350, where an upward sloping trendline adjoining tops made in August 2018 and June 2019 is placed, continues to be the next major target/resistance to eye.

Immediate support on the hourly chart has moved up to 12050, with the stop-loss of which, trading longs should be held on to.

Q2 FY20 GDP data will be released today and is expected to show a growth of 4.6%, down from 5% in the previous quarter.

12350 CONTINUES TO BE NEXT MAJOR TARGET; 11980 CONTINUES TO BE IMMEDIATE SUPPORT

12350 CONTINUES TO BE NEXT MAJOR TARGET; 11980 CONTINUES TO BE IMMEDIATE SUPPORT

WORLD MARKETS

US indices gained 0.2%-0.7%, extending their winning streak to fourth straight day and hitting fresh record highs, after the release of stronger-than-forecast economic data.

Durable goods orders rose 0.6% in October vs expectation of a decline of 0.8%. Weekly jobless claims, meanwhile, fell to 213,000 from 227,000. Third-quarter GDP was revised to show growth of 2.1%, up from a previous reading of 1.9%.

Meanwhile, Beige Book, the Federal Reserve’s summary of economic conditions, showed the central bank saw the economy expanding modestly between October and mid-November.

Brent crude futures fell 27 cents, or 0.4%, to settle at $64.00 a barrel while WTI crude fell 30 cents, or 0.5%, to $58.11 after a report showing U.S. crude inventories grew unexpectedly last week and gasoline stocks surged.

Earlier, data showed that Chinese industrial profits dropped for a third consecutive month in October.

In Europe, FTSE and DAX rose 0.4% each while CAC ended flat. French consumer confidence data exceeded expectations to hit 106 in November, its highest since June 2017 and up from 104 in October.

AT HOME

Sensex and Nifty gained half a percent each to post record closing highs. Sensex added 199 points to settle at 41020 while Nifty finished at 12100, up 63 points. BSE mid-cap and small-cap indices gained 0.8% and 0.2% respectively. BSE Auto index climbed 1.2%, becoming top gainer among the sectoral indices, followed by 1% higher Oil & Gas and Basic Materials indices. Capital Goods and Realty indices were the top losers, down 1.1% and 0.6% respectively.

FIIs net bought stocks and stock futures worth Rs 43 cr and 529 cr respectively but net sold index futures worth Rs 371 cr. DIIs were net buyers to the tune of Rs 440 cr.

Rupee appreciated 13 paise to end at 71.35/$.

OUTLOOK

According to a White House statement, Trump has signed into law two bills backing protesters in Hong Kong. That move comes despite past objections by China amid ongoing trade negotiations between Beijing and Washington.

Today morning, Hang Seng is down about half a percent while Nikkei and Shanghai are marginally in the red. SGX Nifty is suggesting a marginally lower start for our market.

Readers would recall that after Nifty crossed 12103 hurdle, we have been working with next major upside target of 12350.

The benchmark yesterday climbed 63 points to finish at 12100.

12350, where an upward sloping trendline adjoining tops made in August 2018 and June 2019 is placed, continues to be the next major target/resistance to eye.

11980 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs should be held on to.

US markets will be closed today for Thanksgiving holiday.

RETREAT AFTER RECORD HIGHS

RETREAT AFTER RECORD HIGHS

WORLD MARKETS

US indices gained a fifth of a percent to hit fresh record highs as retail shares outperformed.

Retailers rose broadly after Best Buy posted quarterly earnings that beat analyst expectations, and also raised its fiscal 2020 earnings forecast, sending its stock up more than 9%.

Leading negotiators from Washington and Beijing held another phone call on Tuesday morning to discuss how to “resolve core issues,” China’s Ministry of Commerce said. President Donald Trump also said Tuesday the U.S. and China are in the throes of reaching a trade deal.

S&P Case-Shiller index showed home price gains accelerated in September, gaining 3.2% annually. data from the Conference Board showed consumer confidence dipped slightly in November.

Brent crude gained 60 cents or 0.9%, to settle at $64.25 a barrel, while WTI crude gained 40 cents, or 0.7%, to reach $58.41.

In Europe, DAX fell 0.1% while FTSE and CAC rose 0.1% each.

AT HOME

After hitting record highs in the initial trade, Sensex and Nifty tumbled around eight tenth of a percent from the top of the day to end lower by 0.2% and 0.3% respectively. Sesnex settled at 40821, down 68 points while Nifty lost 36 points to finish at 12037. BSE mid-cap and small-cap indices slipped 0.8% and 0.4% respectively. BSE Telecom index nosedived 4.9%, becoming top loser among the sectoral indices, followed by 2% lower Teck index. Bankex and Finance indices were the top gainers, up 0.7% and 0.3% respectively.

FIIs net bought stocks and index futures worth Rs 4678 cr and 3934 cr respectively but net sold stock futures worth Rs 777 cr. DIIs were net sellers to the tune of Rs 4242 cr. Figures in cash segment were impacted by MSCI rebalancing, especially in ICICI Bank.

Rupee appreciated 24 paise to end at 71.48/$.

OUTLOOK

Today morning, Nikkei is up 0.4%, Hang Seng is flat while Shanghai is off 0.3%. SGX Nifty is suggesting a flattish start for our market.

In yesterday's report we had said that 12103, the top made in June, was the immediate target on the way up, upon crossover of which, 12350, would be the next major target/resistance to eye.

Nifty touched a high of 12132 in the initial trade but could not sustain opening gains and slipped to end at 12037.

12132, the top made yesterday, is the immediate hurdle, upon crossover of which, 12350, where an upward sloping trendline adjoining tops made in August 2018 and June 2019 is placed, would be the next major target/resistance to eye.

Immediate support on the hourly chart is placed at 11980, with the stop-loss of which, trading longs can be held on to.

ટેકનિક્લ અને ફંડામેન્ટલ પિક્સ સ્પેશલ

ટેકનિક્લ અને ફંડામેન્ટલ પિક્સ સ્પેશલ

NIFTY ALL SET FOR NEW RECORD; STAY LONG WITH THE STOP-LOSS OF 11975

NIFTY ALL SET FOR NEW RECORD; STAY LONG WITH THE STOP-LOSS OF 11975

WORLD MARKETS

US indices rose 0.7%-1.3% to hit fresh record highs amid increasing expectations that China and the U.S. will reach a so-called phase one trade deal.

China will raise penalties for violating intellectual property rights, according to the guidelines published by the Chinese government on Sunday. The Global Times, a state-run newspaper in China, also said both sides are getting “close” to reaching a deal.

On Saturday, U.S. national security advisor Robert O’Brien said that a phase one trade deal with China could happen before the end of the year. He also cautioned, however, that Trump would not ignore ongoing protests in Hong Kong.

Earlier, Hong Kong’s Hang Seng index surged 1.5% after pro-democracy candidates surged to a landslide victory following a record voter turnout.

Brent crude futures gained 25 cents to reach $63.64 a barrel while WTI crude gained 24 cents to settle at $58.01.

European markets gained 0.5%-1%. The Ifo business climate index on Monday showed that German business sentiment index improved to 95 in November compared to an upwardly revised 94.7 in October. Companies’ appraisal of the current situation edged up from 97.8 in October to 97.9.

AT HOME

Sesnex and Nifty soared 1.3% each with Sensex hitting fresh record high while Nifty closed at the highest level since 3rd June. Sensex settled at 40889, up 530 points while Nifty added 159 points to finish at 12073. BSE mid-cap and small-cap indices gained 1.2% and 0.8% respectively. All the BSE sectoral indices ended higher with Telecom index on the top, up 6.8%, followed by 3.3% higher Metal index.

FIIs net bought stocks, index futures and stock futures worth Rs 961 cr, 1953 cr and 143 cr respectively. DIIs were net sellers to the tune of Rs 214 cr.

Rupee depreciated 1 paise to end at 71.72/$.

OUTLOOK

Today morning, Asian markets are trading with gains of 0.2%-0.8% and SGX Nifty is suggesting about 25 points higher start for our market.

In yesterday's report we had said that "11883, the low made on Friday, also coincided with 20-DMA and hence is the immediate support to eye".  We had also said that "12038, the top made last week, which also coincided with the top made earlier in the month, continues to be immediate hurdle".

Nifty broke 12038 hurdle and surged all the way to 12084 before closing at 12073 and is set to open near 12100 today.

12103, the top made in June, is the immediate target on the way up, upon crossover of which, 12350, where an upward sloping trendline adjoining tops made in August 2018 and June 2019 is placed, would be the next major target/resistance to eye.

Immediate support on the hourly chart is placed around 11975, with the stop-loss of which, trading longs should be held on to.

NIFTY REBOUNDS AFTER TESTING 20-DMA SUPPORT; 12038 CONTINUES TO BE IMMEDIATE HURDLE

NIFTY REBOUNDS AFTER TESTING 20-DMA SUPPORT; 12038 CONTINUES TO BE IMMEDIATE HURDLE

WORLD MARKETS

US indices gained 0.2%-0.4% on Friday following on hopes of trade deal between US and China.

President Donald Trump told Fox News both sides were “very close” to reaching a trade agreement, nothing: “We have a very good chance to make the deal.” His comments came after Chinese President Xi Jinping said that Beijing wants to work for a trade deal with the U.S. but is not afraid to “fight back.” Xi also told a visiting U.S. business delegation that China holds a “positive attitude” toward the trade talks.

On the data front, consumer sentiment for November rose to 96.8 from 95.5 in October. IHS Markit’s gauges for the U.S. services and manufacturing sectors also rose.

Brent crude shed 40 cents to settle at $63.57 a barrel while WTI crude fell 81 cents to $57.77.

In Europe, FTSE soared 1.2% while DAX and CAC rose 0.2% each. Germany avoided a recession in the third quarter as GDP expanded by 0.1%. IHS Markit’s flash euro zone PMI in November slid to 50.3 from 50.6 in October. UK Flash manufacturing PMI came in at 48.3 compared to 49.6 in October, while services PMI dropped to a 40-month low of 48.6.

For the week, the S&P 500 lost about 0.3%, breaking six-week winning streak. The Dow declined 0.5%, snapping five-week upmove. The Nasdaq ended a seven-week winning streak, dropping 0.3%.

AT HOME

Sensex and Nifty slipped nearly half a percent, extending the losing streak to second consecutive day. Sensex lost 215 points to settle at 40359 while Nifty finished at 11914, down 54 points. BSE mid-cap index fell 0.1% while small-cap indices ended little changed. BSE IT and Teck indices tumbled 2.2% and 2% respectively, becoming top losers among the sectoral indices while Metal index climbed 2.1%, becoming top gainer, followed by 0.7% higher Power and Utilities indices.

FIIs net bought stocks worth Rs 306 cr but net sold index futures and stock futures worth Rs 833 cr and 42 cr respectively. DIIs were net sellers to the tune of Rs 177 cr.

Rupee appreciated 5 paise to end at 71.71/$.

For the week, Sesnex ended flat while Nifty rose 0.2%.

OUTLOOK

A media reports today morning suggested that “phase two” trade deal between US and China is unlikely to come soon.

Today morning, Nikkei and Hang Seng are up 1% each, Shanghai is flat and SGX Nifty is suggesting about 15 points higher start for our market.

In Friday's report we had reiterated the view that, 12038 continued to be immediate hurdle while 11910 continues to be immediate support.

Nifty, after touching a low of 11883, recovered to close at 11914.

11883, the low made on Friday, also coincided with 20-DMA and hence is the immediate support to eye. If that gets violated, 11802, the immediate previous bottom on daily chart, made on 14th November, would be the next support.

12038, the top made last week, which also coincided with the top made earlier in the month, continues to be immediate hurdle.

12103 ABOVE 11938; 11910 CONTINUES TO BE IMMEDIATE SUPPORT

12103 ABOVE 11938; 11910 CONTINUES TO BE IMMEDIATE SUPPORT

WORLD MARKETS

US indices fell about a fifth of a percent, extending the losing streak to third straight day, after digesting the latest reports surrounding the U.S.-China trade war.

The Wall Street Journal reported that Chinese Vice Premier Liu He, during a phone call thought to have been made late last week, had invited U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to Beijing to sit down for further talks. 

Meanwhile, the South China Morning Post said both countries are on the “doorstep” of reaching a deal, citing a source close to the Trump administration.

Brent futures gained 2.5%, to settle at $63.97 a barrel, while West Texas Intermediate crude futures surged to a two-month high, gaining 2.8% to settle at $58.58, on reports that OPEC and its allies are likely to extend output cuts until mid-2020.

European markets fell 0.2%-0.3%.  A flash estimate released by the European Commission showed consumer confidence in the euro zone rose slightly between October and November.

AT HOME

Sensex and Nifty ended lower by 0.2% and 0.3% respectively after a choppy session to break two-day winning streak. Sensex settled at 40575, down 76 points while Nifty lost 31 points to finish at 11968. BSE mid-cap and small-cap indices slipped 0.7% and 0.4% respectively. BSE Metal index tumbled 2.2%, becoming top loser among the sectoral indices, followed by 2.1% lower Oil & Gas and Telecom indices. Realty and Capital Goods indices were the top gainers, up 0.4% and 0.3% respectively.

FIIs net bought stocks worth Rs 5024 cr but net sold index futures and stock futures worth Rs 162 cr and 1205 cr respectively. DIIs were net sellers to the tune of Rs 248 cr.

Rupee appreciated 5 paise to end at 71.76/$.

OUTLOOK

Today morning, Asian markets are trading with gains of 0.2%-0.8% and SGX Nifty is suggesting a flattish start for our market.

In yesterday's report we had said that 12038, the top made Wednesday, was the immediate hurdle, upon crossover of which, 12103, the top made in June, would be next upside target/resistance to eye.We had also said that immediate support on the hourly chart had moved up to 11910, with the stop-loss of which, trading longs could be held on to.

Nifty, after touching a high of 12028 in the initial trade, slipped to end at 11968 and is set to open little changed today.

12038 continues to be immediate hurdle, upon crossover of which, 12103, the top made in June, would be next upside target/resistance to eye.

11910 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

12103 ABOVE 12038; STAY LONG WITH THE STOP-LOSS OF 11910

12103 ABOVE 12038; STAY LONG WITH THE STOP-LOSS OF 11910

WORLD MARKETS

US indices fell 0.4%-0.5% following a report that an anticipated “phase one” trade deal between the U.S. and China may not be completed by the end of 2019.

The report suggested that the completion of a partial trade deal could be pushed into 2020 as China seeks more extensive tariff rollbacks.

Markets are also keeping an eye on the impeachment proceedings in Washington as the uncertainty around them could hinder Trump’s negotiating position with China.

Target shares jumped more than 14%, after quarterly results beat expectations and company also raised its full-year profit outlook. Lowe’s advanced 3.9% on stronger-than-forecast earnings and an improved profit forecast for fiscal 2019.

Minutes of the October Fed meeting showed Fed officials see little need to cut rates any further.

WTI crude climbed $1.90 to $57.11 a barrel while Brent crude futures rose $1.56 to settle at $62.47 after data showed a smaller-than-expected build in US inventory and Yemen’s Houthi rebels claimed they intercepted a Saudi warplane.

European markets fell 0.2%-0.8%.

AT HOME

Sensex and Nifty gained half a percent for the second consecutive day with Sensex hitting a fresh intraday record high. Sensex added 181 points to settle at 40651 while Nifty finished at 11999, up 59 points. BSE mid-cap and small-cap indices rose 0.2% and 0.1% respectively. BSE Energy and Healthcare indices climbed 2.1% and 2% respectively, becoming top gainers among the sectoral indices while Realty index was the top loser, down 1.4%, followed by 0.6% lower Consumer Durables index.

FIIs net bought stocks worth Rs 567 cr but net sold index futures and stock futures worth Rs 818 cr and 43 cr respectively. DIIs were net buyers to the tune of Rs 183 cr.

Rupee depreciated 10 paise to end at 71.81/$.

The Union Cabinet approved strategic stake sale in five state-run companies including BPCL, SCI, Concor, THDCIL and NEEPCO.

SEBI yesterday said that in case a company defaults on loan repayment to a bank or an financial institution-including mutual funds, insurance companies and other lenders-the company will have to disclose that default within 31 days.

SEBI also decided to reduce the time a company should take to complete a rights offer, from 55 days to 31 days. It also enhanced the net worth requirement for portfolio managers to Rs 5 cr from Rs 2 cr and doubled the minimum PMS investment limit to Rs 50 lac.

OUTLOOK

Today morning, Asian markets are trading with cuts of 0.4%-1.4% and SGX Nifty is suggesting about 30 points lower star for our market.

In yesterday's report we had reiterated the view that upon crossover of 11973, 12034, the top made last week, would be the next target to eye.

Nifty crossed 11973 hurdle and went all the way to 12038 before closing at 11999 and is set to open lower today.

Upon crossover of 12038, the top made yesterday, 12103, the top made in June, would be next upside target/resistance to eye.

Immediate support on the hourly chart has moved up to 11910, with the stop-loss of which, trading longs should be held on to.

NIFTY APPROACHES 11973 HURDLE

NIFTY APPROACHES 11973 HURDLE

WORLD MARKETS

Dow and S & P 500 fell 0.4% and 0.1% respectively while Nasdaq rose 0.2% amid losses in Home Depot and a reversal in Boeing shares.

Home Depot shares slid 5.4% after disappointing same-store sales. Boeing gave back a 1.5% gain after the National Transportation Safety Board recommended the airplane maker redesign the engine covers on thousands of its 737 planes.

Brent futures fell $1.67, or 2.7%, to $60.76 a barrel while WTI crude dropped $1.84, or 3.2%, to settle at $55.21.

In Europe, FTSE and DAX gained 0.2% and 0.1% respectively while CAC fell 0.4%

During a meeting with the president’s Cabinet, Trump threatened to increase the tariff on Chinese goods if a deal between Washington and Beijing is not reached.

AT HOME

Senex and Nifty climbed half a percent to close at the highest level since 7th November. Sensex added 185 points to settle at 40469 while Nifty finished at 11940, up 55 points. BSE mid-cap index flat while small-cap index rose 0.3%. BSE Telecom index soared 8.5%, becoming top gainer among the sectoral indices, followed by 2.4% higher Energy index. Metal and Auto indices were the top losers, down 0.9% and 0.7% respectively.

FIIs net sold stocks, index futures and stock futures worth Rs 915 cr, 63 cr and 215 cr respectively. DIIs were net buyers to the tune of Rs 262 cr.

Rupee appreciated 14 paise to end at 71.70/$.

OUTLOOK

Today morning, Asian markets are trading with cuts of 0.2%-0.6% and SGX Nifty is suggesting about 20 points lower start for our market.

In yesterday's report we had reiterated the view that 11973, the top made on Friday, was the immediate hurdle, while, 11802, the low made last week, continued to be immediate support.

Nifty, after touching a low of 11881 in the initial trade, surged to touch a high of 11958 before closing at 11940 and is set to open modestly lower today.

11973 continues to be immediate hurdle, upon crossover of which, 12034, the top made last week, would be the next target to eye. Above 12034, 12103, the top made in June, would be the next major target/resistance to watch.

11802 continues to be immediate support.

11802-11973 CONTINUES TO BE IMMEDIATE RANGE

11802-11973 CONTINUES TO BE IMMEDIATE RANGE

WORLD MARKETS

US indices ended marginally higher after digesting mixed signals around U.S.-China trade talks.

Media reports, citing a government source, said that Chinese officials are pessimistic about the prospect of a U.S.-China trade deal. Beijing was troubled by U.S. President’s Donald Trump’s reluctance to roll back tariffs.

The benchmark 10-year Treasury yield fell from around 1.85% earlier in the day to 1.8% on the news. Gold futures erased earlier losses to settle 0.2% higher at $1,471.90 per ounce.

Brent crude futures fell 95 cents, or 1.5%, to $62.35 a barrel while WTI crude fell 67 cents, or 1.2%, to $57.05.

European markets, except 0.1% higher FTSE, fell upto 0.5%.

AT HOME

It was yet another day of consolidation at Sensex and Nifty ended lower by 0.2% and 0.1% respectively after a rangebound but choppy session. Sensex settled at 40284, down 72 poitns while Nifty fell 11 points to finish at 11884. BSE mid-cap and small-cap indices however outperformed, rising 0.4% and 0.3% respectively. BSE Telecom index soared 3.4%, becoming top gainer among the sectoral indices, followed by 1.7% higher Metal index. Capital Goods and Auto indices were the top losers, down 0.7% and 0.6% respectively.

FIIs net sold stocks, index futures and stock futures worth Rs 271 cr, 299 cr and 124 cr respectively. DIIs were net buyers to the tune of Rs 309 cr.

Rupee  depreciated 6 paise to end at 71.84/$.

OUTLOOK

Today morning, Nikkei is down 0.6% while Hang Seng and Shanghai are little changed. SGX Nifty is suggesting about 30 points lower start for our market.

In yesterday's report we had said that 11973, the top made on Friday, was the immediate hurdle, while, 11802, the low made last week, continued to be immediate support.

Nifty, after touching a high of 11946 in the initial trade, slipped to end at 11894.

11973, the top made Friday, continues to be immediate hurdle, a crossover of which is required for a fresh upmove. If that happens, 12034, the top made last week, would be the next target/resistance.

11802, the low made last week, continues to be immediate support upon breach of which, 11700, would be the next major support.

11802 CONTINUES TO BE IMMEDIATE SUPPORT; 11973 IMMEDIATE HURDLE

11802 CONTINUES TO BE IMMEDIATE SUPPORT; 11973 IMMEDIATE HURDLE

WORLD MARKETS

US indices climbed 0.7%-0.8% to hit fresh record highs on Friday after White House economic advisor Larry Kudlow said China and the U.S. were getting close to reaching a trade deal.

Retail sales grew by 0.3% in October, topping an estimate of 0.2%. However, the data also showed big-ticket purchases dropped last month.

Brent crude gained $1.03, or 1.7%, to settle at $63.31 a barrel, while WTI crude rose 95 cents, or 1.7%, to $57.72 a barrel.

Main European markets gained 0.1%-0.6%. British consumer spending slowed in October, furthering suspicions that the economy is losing momentum ahead of December’s general election. Euro zone inflation slowed to 0.7% on the year in October from 0.8% in September while the bloc’s trade surplus grew to 18.7 billion euros in September, up from 12.6 billion euros in September 2018.

For the week, US indices gained 0.8%-1.2% with the Dow, S & P 500 and Nasdaq rising for the fourth, sixth and seventh consecutive week respectively. In Europe, FTSE lost 0.8% while CAC and DAX rose 0.8% and 0.1% respectively. In Asia Hang Seng and Shanghai tumbled 4.8% and 2.5% respectively, Nikkei fell 0.4% while Indian indices were little changed.

AT HOME

After rising about eight tenth of a percent, benchmark indices gave away most of the gains in late noon trade to end higher by a fifth of a percent. Sensex settled at 40356, up 70 points while Nifty added 23 points to finish at 11895. BSE mid-cap index rose 0.6% but small-cap index ended lower by 0.1%. BSE Telecom index soared 8.4%, becoming top gainer among the sectoral indices, followed by 0.9% higher Bankex. Power and FMCG indices were the top losers, down 0.8% and 0.6% respectively.

FIIs net sold stocks, index futures and stock futures worth Rs 1008 cr, 656 cr and 36 cr respectively. DIIs were net buyers to the tune of Rs 537 cr.

Rupee appreciated 19 paise to end at 71.78/$.

For the week, Sensex ended flat while Nifty ended lower by 0.1%.

In a significant and much awaited judgement, the Supreme Court set aside NCLAT judgment that had provided for equal distribution between financial and operational creditors.

India's trade deficit narrowed to $11.01 bn in October from $18.08 bn a year ago as exports fell 1.11% to $9.63 bn while imports fell 16.31% to $37.39 bn.

OUTLOOK

Chinese state media outlet Xinhua reported over the weekend that Chinese Vice Premier Liu He had a phone call Saturday morning with Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer regarding a “phase-one” trade deal.

Today morning, Hang Seng and Nikkei are up 0.7% and 0.2% respectively while Shanghai is marginally in the red. SGX Nifty is suggesting a flattish start for our market.

In Friday's report we had said that 11802, the low made Thursday, also coincides with 20-DMA and hence was the immediate support to eye. We had also said that 11950 continued to be immediate hurdle, with the stop-loss of which, trading shorts can be held on to.

Nifty, touched a high of 11973 in the first half but could not sustain there and slipped to end at 11895 and is set to open flat today.

11973, the top made on Friday, is now the immediate hurdle, a crossover of which is required for a fresh upmove. If that happens, 12034, the top made last week, would be the next target/resistance.

11802, the low made last week, continues to be immediate support upon breach of which, 11700, would be the next major support.