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.
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