13500 NEXT; TRAIL STOP-LOSS TO 13180

 

13500 NEXT; TRAIL STOP-LOSS TO 13180

 

WORLD MARKETS

 

US indices rose 0.3%-0.5% on optimism over coronavirus vaccine rollout and hope that the Senate will soon agree to a stimulus package.

 

The U.K. administered the first Covid-19 vaccines to the public on Tuesday, making it one of the first countries in the world to do so

 

WTI crude settled 16 cents, or 0.3%, lower at $45.60 per barrel. Brent crude gained 7 cents to $48.86 a barrel.

 

Dollar index rose 0.1% to 90.95. Spot gold gained 0.4% to $1,871.65 per ounce.

 

In Europe, FTSE and DAX ended marginally higher while CAC fell 0.2%. Germany's ZEW investor sentiment index surged to 55.0 from 39.0 in the previous month, the expected reading being 45.5.

 

AT HOME

 

Sensex and Nifty managed to end higher by 0.4% and 0.3% respectively after a choppy session, hit yet another record intraday as well as closing highs. Senex added 181 points to settle at 45608 while Nifty finished at 13392, up 37 points. Nifty mid-cap and small-cap indices ended little changed. Nifty PSU Bank index soared 7.1%, becoming top gainer among the sectoral indices, followed by 0.8% higher Realty and IT indices. Metal and Pharma indices were the top losers, down 1.2% each.

 

FIIs net bought stocks and stock futures worth Rs 2910 cr and 19 cr respectively but net sold index futures worth Rs 324 cr. DIIs were net sellers to the tune of Rs 2641 cr.

 

Rupee appreciated 37 paise to end at 73.52/$.

 

OUTLOOK

 

China's consumer price index fell 0.5% in November from a year ago, marking the first fall in a decade as food prices dropped.

 

Today morning, Asian markets are trading with gains of 0.3%-1% and SGX Nifty is suggesting around 25 points higher start for our market.

 

In yesterday's report we had said that 13400, followed by 13500 continued to be upside targets to eye and had advised trailing stop-loss to 13170.

 

Nifty, after touching a high of 13435, ended at 13392.

 

13500 continues to be next upside target, upon crossover of which, 13560 would be the next level to eye.

 

13180 is the immediate support on the hourly chart, with the stop-loss of which, trading longs should be held on to.