13650 CONTINUES TO BE IMMEDIATE HURDLE; 13131 IMMEDIATE SUPPORT

 

13650 CONTINUES TO BE IMMEDIATE HURDLE; 13131 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.7% and 0.2% respectively while Nasdaq rose 0.5%

 

Congress passed a $ $900 billion pandemic aid package, which includes additional jobless benefits, more small business loans, direct payments of $600 and funds to distribute Covid-19 vaccines, among other provisions.

 

Economic data was weaker than expected, with U.S. existing home sales falling more than expected in November and the consumer confidence index lower than forecast.

 

Brent crude fell 83 cents, or 1.63%, to $50.08 per barrel, while WTI crude settled 95 cents, or 2%, lower at $47.02 per barrel.

 

Dollar index rose 0.6% to 90.675. Spot gold fell 0.7% to $1,862.55 per ounce.

 

European markets gained 0.6%-2%. U.K. GDP grew by a record 16% in the third quarter, after contracting 18.8% in the previous quarter. Sterling extended Monday’s losses, falling another 1% to around $1.33 as the U.K. and EU remain deadlocked over post-Brexit trade relations while the Dec. 31 deadline approaches.

 

AT HOME

 

After falling a percent in the first half, benchmark indices staged a grand rebound of 2% from the bottom of the day to end higher by a percent, recouping a third of yesterday's losses. Sensex settled at 46006, up 452 points while Nifty added 137 points to finish at 13466. Nifty mid-cap and small-cap indices rose 0.8% each. All the BSE sectoral indices ended in green with IT and Teck indices leading the tally, up 3.4% and 3% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1153 cr, 589 cr and 1190 cr respectively. DIIs were net sellers to the tune of Rs 662 cr.

 

Rupee depreciated 6 paise to end at 73.84/$.

 

OUTLOOK

 

US futures are trading lower after President Donald Trump expressed concerns about the new Covid-19 relief package.

 

Today morning, Asian markets are trading with gains of upto 0.5% but SGX Nifty is suggesting around 40 points lower start for our market.

 

In yesterday's report we had said that 13131, the bottom made Monday, was the immediate support while 13650 was the immediate hurdle on the hourly chart.

 

Nifty, after touching a low of 13192, rebounded sharply to end at 13466.

 

13650 continues to be immediate hurdle on the hourly chart.

 

13131, the bottom made Monday, which roughly coincides with 34-DMA, continues to be important immediate support.