TRAIL STOP-LOSS TO 11362

 

TRAIL STOP-LOSS TO 11362

 

WORLD MARKETS

 

US indices climbed 0.6%-1.4%, with the S & P 500 and Nasdaq hitting fresh record highs, on the back of positive sentiment surrounding the coronavirus pandemic situation in the U.S.

 

Data compiled by Johns Hopkins University showed newly confirmed virus infections falling under 37,000 and have been below 50,000 since mid-August. The Food and Drug Administration also approved the use of convalescent plasma as a treatment for coronavirus patients. News reports also suggested that Trump administration is also considering fast-tracking an experimental vaccine from the U.K.

 

WTI crude gained 28 cents, or 0.7%, to settle at $42.62 per barrel while Brent crude advanced 78 cents, or 1.8%, to $45.13.

 

European markets surged 1.7%-2.4%.

 

AT HOME

 

Sesnex and Nifty climbed 1% and 0.8% respectively, extending the winning streak to second straight day and closing at the highest level since 27th February, marking a near 6-month high. Sensex added 364 points to settle at 38799 while Nifty finished at 11466, up 94 points. BSE mid-cap and small-cap indices gained 0.4% and 1.6% respectively. BSE Bankex and Finance indices soared 2.4% and 2% respectively, becoming top gainers among the sectoral indices while Realty and Utilities indices were the top losers, down 1.2% and 0.5% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 219 cr, 786 cr and 428 cr respectively. DIIs were net sellers to the tune of Rs 336 cr.

 

Rupee appreciated 53 paise to end at 74.31/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.2%-1.4% and SGX Nifty is suggesting around 25 points higher start for our market.

 

In yesterday's report we had said that 11460, the top made last week, continued to be immediate hurdle, upon crossover of which, 11536, the upper end of the gap created by gap-down opening on 28th February would be the next target/resistance. We had also said that 11285 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

Nifty touched a high of 11497 before closing at 11466 and is set to open near 11500 today.

 

11536, the upper end of the gap created by gap-down opening on 28th February, continues to be the next target/resistance. Above 11530, 11630 would be the next target.

 

11362, the low made Friday, would now act as the immediate support, with the stop-loss of which, trading longs should be held on to.