13700 IS THE NEXT UPSIDE TARGET; 13300 CONTINUES TO BE IMMEDIATE SUPPORT

 

13700 IS THE NEXT UPSIDE TARGET; 13300 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow rose 0.2% while S & P 500 and Nasdaq fell 0.1% and 0.2% respectively on Friday amid US stimulus package doubt and increasing risk of 'no deal' Brexit.

 

British Prime Minister Boris Johnson said there was now a “strong possibility” of the U.K. departing the EU orbit without a free trade agreement at the end of the month, with a deadline to extend talks falling on Sunday and the two sides remaining at odds on key issues. European Commission President echoed Johnson’s comments, telling EU leaders there was a “higher probability for no deal than deal.”

 

Sterling fell 0.6% versus the dollar, trading at around $1.32.

 

Brent crude futures fell 28 cents, or 0.6%, to settle at $49.97 a barrel while WTI fell 21 cents, or 0.4%, to settle at $46.57.

 

Spot gold rose 0.3% to $1,839.90 per ounce.

 

European markets fell 0.8%-1.4%.

 

AT HOME

 

Benchmark indices managed to end higher by three tenth of a percent after an extremely volatile session. Sensex settled at 46099, up 139 points while Nifty added 35 points to finish at 13513. Nifty mid-cap and small-cap indices rose 0.2% and 0.6% respectively. BSE Utilities and Oil & Gas indices climbed 1.9% and 1.6% respectively, becoming top gainers among the sectoral indices while Healthcare and Teck indices were the top losers, down 0.4% and 0.3% respectively.

 

FIIs net bought stocks and index futures worth Rs 4195 cr and 290 cr respectively but net sold stock futures worth Rs 363 cr. DIIs were net sellers to the tune of Rs 2359 cr.

 

Rupee ended unchanged at 73.65/$.

 

For the week, Sensex and Nifty rose 2.26% and 1.93% respectively, extending the winning streak to sixth straight week.

 

The Index of Industrial Production (IIP) rose 3.6% in October, expanding for the second consecutive month and hitting an eight-month high.

 

OUTLOOK

 

In the US, CDC Director Robert Redfield has signed off on Pfizer’s Covid-19 vaccine, allowing inoculations to officially move forward for people ages 16 or older.

 

Today morning, Asian markets are trading with gains of 0.1%-0.7% and SGX Nifty is suggesting around 50 points higher start for our market.

 

In Friday's report we had said that 13549, the top made Wednesday, continued to be immediate hurdle, upon crossover of which, 13700 would be the next upside target.

 

Nifty, after touching a high of 13579, slipped to end at 13513 and is set to open around Friday’s high today.

 

13700 continues to be next upside target.