12025, 12246 ARE UPSIDE LEVELS; 11820-11790 IS THE SUPPORT ZONE

 

12025, 12246 ARE UPSIDE LEVELS; 11820-11790 IS THE SUPPORT ZONE

 

WORLD MARKETS

 

US indices rose 0.3%-0.5% on optimism over a stimulus deal.

 

House Speaker Nancy Pelosi, in a media interaction, said she was “optimistic” about a potential aid deal.

 

Meanwhile, White House Chief of Staff Mark Meadows said that House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have made “good progress” on stimulus talks, but added that they “still have a ways to go” before an agreement is reached.

 

Netflix shares slipped 6% in after hours trading after the company missed earnings estimates, and reported fewer-than-expected subscriber additions. Snap however jumped more than 23% after the company reported a surprise earnings beat.

 

Brent crude futures gained 20 cents to $42.82 a barrel while WTI crude futures settled 63 cents, or 1.5%, higher at $41.46 per barrel.

 

In Europe, FTSE rose 0.1% while DAX and CAC fell 0.9% and 0.3% respectively. Number of daily new infections reached a record high in Europe Monday.

 

AT HOME

 

Sensex and Nifty rose 0.3% and 0.2% respectively, extending the winning streak to third straight day. Sensex settled at 40544, up 112 points while Nifty added 23 points to finish at 11896. BSE mid-cap and small-cap indices rose 0.5% and 0.3% respectively, also rising for the third consecutive day. BSE Realty and Telecom indices climbed 3.8% and 2.6% respectively, becoming top gainers among the sectoral indices while Oil & Gas index was the top loser, down 1.3%, followed by 1% lower Energy and Power indices.

 

FIIs net bought stocks worth Rs 1585 cr but net sold index futures and stock futures worth Rs 285 cr and 401 cr respectively. DIIs were net sellers to the tune of Rs 1633 cr.

 

Rupee depreciated 9 paise to end at 73.46/$.

 

OUTLOOK

 

Today morning, except marginally lower Shanghai, other Asian markets are trading with gains of 0.4%-1.1% with Hang Seng on the top. SGX Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 11905 continued to be immediate hurdle, upon crossover of which, 12025, the top made last week, would be the next target/resistance to eye.

 

Nifty crossed 11905 hurdle and touched a high of 11949 but slipped from there to end at 11896. The benchmark is set to open near 11950 today.

 

12025, the top made last week, is the next target/resistance to eye. Upon crossover of 12025, 12246, the top made in February, would be the next target to eye.

 

11820-11790, the gap created by Monday's gap-up opening, would act as the support zone.

 

Meanwhile, trading longs can be held on to with the stop-loss of 11790.

 

Bajaj Finance and Ultratech Cement will report their quarterly earnings today.