12293-12118 IS THE IMMEDIATE RANGE

12293-12118 IS THE IMMEDIATE RANGE

WORLD MARKETS

Dow rose 0.1%, S & P 500 ended flat while Nasdaq fell 0.2% on Friday, with the Nasdaq snapping a 11-day winning streak.

Data overnight showed a solid rebound for industrial profits in China, further boosting sentiment.

Brent futures gained 18 cents to trade at $68.10 per barrel, its highest level since mid-September. WTI contract gained 4 cents to settle at $61.72 per barrel.

Main European markets gained 0.1%-0.3%.

For the week, US indices gained 0.6%-0.9%.  WTI ended the week with a gain of more than 2%, for the fourth straight positive week.

AT HOME

Benchmark indices soared a percent, breaking 3-day losing streak. Sensex settled at 41575, up 411 points while Nifty added 119 points to finish at 12245. BSE mid-cap and small-cap indices rose 0.9% and 0.8% respectively. Except 0.1% lower Consumer Durables index, all the BSE sectoral indices ended in green with Energy and Realty indices leading the tally, up 1.7% and 1.6% respectively.

FIIs net bought stocks, index futures and stock futures worth Rs 81 cr, 74 cr and 807 cr respectively. DIIs were net buyers to the tune of Rs 126 cr.

Rupee depreciated 4 paise to end at 71.35/$.

For the week, Sensex and Nifty fell 0.2% each, breaking 2-week rising streak.

OUTLOOK

Today morning, Asian markets are trading with cuts of  0.1%-0.5% and SGX Nifty is suggesting a flattish start for our market.

After Nifty broke 12155 support, we had said that 20-DMA, placed around 12080, was the next downside support and 12240 was the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts can be held on to.

Nifty on Friday soared to touch a high of 12258 before closing at 12245 and is set to open flat today.

12294, the top made on 20th December, is the upside resistance to eye, upon crossover of which, 12425, where an upward sloping trendline adjoining tops made in September and November is placed, would be the next major target/resistance to eye.

12118, the bottom made last week, is the immediate support.