13777 ABOVE 13650; 13350 IS THE IMMEDIATE SUPPORT

 

13777 ABOVE 13650; 13350 IS THE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow and S & P 500 rose 0.4% and 0.1% respectively while Nasdaq fell 0.3%.

 

Indices slipped in last hour after President Trump vetoed a sweeping defense bill. The move came after he called the measure an unsuitable “disgrace” and urged lawmakers to make a number of changes, including larger direct payments to individuals and families. Democrats will attempt to pass $2,000 direct payments on Thursday.

 

U.S. jobless claims totaled 803,000, better than an estimate of 888,000. However, core durable goods and personal income both fell short of expectations in November. Consumer spending fell last month for the first time since April. U.S. new home sales were disappointing as well.

 

Brent crude gained $1.12, or 2.2%, to settle at $51.20 per barrel, while WTI crude futures settled 2.3%, or $1.10, higher at $48.12 per barrel. U.S. crude inventories fell by 562,000 barrels in the week to Dec. 18 to 499.5 million barrels.

 

The dollar index dropped 0.5%. Spot gold rose 0.7% to $1,872.03 per ounce.

 

European markets gained 0.7%-1.3% on reports that a Brexit trade deal was “imminent.

 

AT HOME

 

Tuesday's spectacular rebound got extended as benchmark indices surged 1% in yesterday's trade, cumulatively recouping nearly two-third of the steep losses suffered on Monday. Sensex settled at 46444, up 437 points while Nifty added 135 points to finish at 13601. Nifty mid-cap and small-cap indices soared 2.4% and 2.7% respectively. All the BSE sectoral indices ended in green today as well, with Realty and Metal indices leading the tally, up 4% and 2.5% respectively.

 

FIIs net bought stocks and stock futures worth Rs 536 cr and 190 cr respectively but net sold index futures worth Rs 1379 cr. DIIs were net sellers to the tune of Rs 1327 cr.

 

Rupee appreciated 8 paise to end at 73.76/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of upto 0.6% and SGX Nifty is suggesting around 35 points higher start for our market.

 

In yesterday's report we had said that 13650 continued to be immediate hurdle on the hourly chart while 13131, the bottom made Monday, which roughly coincided with 34-DMA, continued to be important immediate support.

 

Nifty surged to touch a high of 13619 before closing at 13601.

 

13650 continues to be immediate hurdle on the hourly chart, upon crossover of which, 13777, the top made Monday, would be the next upside target/resistance to eye.

 

13350, where a trendline adjoining recent bottoms on the hourly chart is placed, is the immediate support, upon breach of which 13131, the bottom made Monday, would be the crucial support.