TRAIL STOP-LOSS TO 11460

 

TRAIL STOP-LOSS TO 11460

 

WORLD MARKETS

 

Dow erased intraday gains to end just 0.1% higher while S & P 500 and Nasdaq fell 0.5% and 1.2% respectively as losses in technology stocks outweighed assurance of lower interest rate by the Fed.

 

Fed promised to keep interest rates near zero until inflation is on track to "moderately exceed" the 2% target "for some time". New economic projections showed most policymakers see interest rates on hold through at least 2023.

 

Brent crude rose $1.69, or 4.2%, to $42.22 a barrel, while WTI crude gained $1.88, or 4.9%, to settle at $40.16 after data showed U.S. crude inventories fell 4.4 million barrels last week as against expectation of a 1.3 million-barrel rise. Hurricane Sally also boosted oil prices as more than a fourth of offshore output shut due to the storm.

 

In Europe, FTSE fell 0.4% while DAX and CAC rose 0.3% and 0.1% respectively.

 

AT HOME

 

Benchmark indices rose 0.7%, extending the winning streak to second straight day and closing at the highest level since 28th August. Sensex settled at 39302, up 258 points while Nifty added 82 points to finish at 11604. Nifty mid-cap index rose 0.3% while small-cap index ended flat. BSE Realty and Healthcare indices climbed 2.4% and 1.6% respectively, becoming top gainers among the sectoral indices while Utilities and Telecom indices were the top losers, down 0.9% each.

 

FIIs net bought stocks worth Rs 265 cr but net sold index futures and stock futures worth Rs 414 cr and 929 cr respectively. DIIs were net sellers to the tune of Rs 212 cr.

 

Rupee appreciated 12 paise to end at 73.52/$.

 

Dr Reddy surged after Russia's sovereign wealth fund said it will partner with Dr Reddy's for trials and distribution of Sputnik V vaccine in India.

 

M & M rose on news that the company is divesting it's stake in the loss making subsidiary SsangYoung Motor.

 

OUTLOOK

 

Today morning, Asian markets ae trading with cuts of 0.6%-1% and SGX Nifty is suggesting around 80 points lower start for our market.

 

In yesterday's report we had said that 11593, the 67% retracement level of recent 11794-11185 fall, continued to be upside target/resistance to eye, upon crossover of which, 11794, the top made on 31st August, would be the next major target.

 

Nifty rose to touch a high of 11618 before closing at 11604 but is set to open below 11550 today.

 

11618, the top made yesterday, would now act as immediate hurdle, upon crossover of which, 11794, the top made on 31st August, would be the next major target.

 

20-DMA, placed around 11460, would now act as immediate support, with the stop-loss of which, trading longs should be held on to.