12025 ABOVE 11905; 11618 CONTINUES TO BE THE SUPPORT

 

12025 ABOVE 11905; 11618 CONTINUES TO BE THE SUPPORT

 

WORLD MARKETS

 

US indices plunged 1.4%-1.6% on lingering coronavirus concerns and awaiting deal on fresh stimulus as Tuesday deadline approaches.

 

Spokesman of House Speaker Nancy Pelosi said that Pelosi and Treasury Secretary Steven Mnuchin “continued to narrow their differences” in a Monday afternoon phone call to discuss another stimulus package. Tuesday is the deadline to reach an agreement before the Nov. 3 election.

 

IBM fell 3% in extended trading after the company reported its third-straight quarter of declining revenue.

 

Brent crude fell 22 cents to $42.71 a barrel. WTI crude futures settled 5 cents, or 0.1%, lower at $40.83 per barrel.

 

European markets eased 0.1%-0.6%. Italy announced more measures to curb a second wave of infections Sunday, including restricted opening times for restaurants and limits on public gatherings.

 

AT HOME

 

Sensex and Nifty climbed 1.1% and 0.9% respectively, building on Friday's pullback. Sensex settled at 40431, up 438 points while Nifty added 110 points to finish at 11873. BSE mid-cap and small-cap indices rose 0.6% and 0.4% respectively.  BSE Bankex and Finance indices soared 3.4% and 2.6% respectively, becoming top gainers among the sectoral indices while Auto and Healthcare indices were the top losers, down 1.1% and 0.9% respectively.

 

FIIs net bought stocks and index futures worth Rs 1657 cr and 141 cr respectively but net sold stock futures worth Rs 645 cr. DIIs were net sellers to the tune of Rs 1622 cr.

 

Rupee depreciated 3 paise to end at 73.37/$.

 

OUTLOOK

Today morning, Asian markets are trading with cuts of 0.1%-0.4% and SGX Nifty is suggesting around 20 points lower start for our market.

 

In yesterday's report we had said that 11905 continued to be immediate hurdle on the hourly chart, a crossover of which is required for a further upmove.

 

Nifty touched a high of 11898 before closing at 11873 and is set to open near 11850 today.

 

11905 continues to be immediate hurdle, upon crossover of which, 12025, the top made last week, would be the next target/resistance to eye.

 

11618, the 33% retracement level of the recent 10790-12025 upmove, continues to be support to eye.

 

HUL will report its quarterly earnings today.