14000 NEXT; TRAIL STOP-LOSS TO 13600

 

14000 NEXT; TRAIL STOP-LOSS TO 13600

 

WORLD MARKETS

 

US indices rose 0.7%-0.9% after President Trump signed a $900 billion coronavirus relief package, which includes a direct payment of $600 to most Americans, into law.

 

The signing came days after Trump demanded a $2,000 direct payment. The House yesterday passed a bill to increase the direct payments to $2,000, but the GOP-led Senate is unlikely to pass the measure.

 

Brent crude fell 43 cents, or 0.8%, to settle at $50.86 per barrel, while WTI crude settled 61 cents, or 1.3%, lower at $47.62 per barrel.

 

In Europe, DAX and CAC rallied 1.5% and 1.2% while FTSE was closed for the Boxing Day holiday. The 27 ambassadors from EU member nations yesterday formally approved the Brexit trade deal between the UK and the EU that was sealed on Dec. 24. The deal still needs to be approved by U.K. lawmakers before the Dec. 31 deadline.

 

AT HOME

 

Sensex and Nifty gained 0.8% and 0.9% respectively, extending the winning streak to 4th consecutive day and hitting fresh record intraday as well as closing highs. Sensex added 380 points to settle at 47353 while Nifty finished at 13873, up 123 points. Nifty mid-cap and small-cap indices surged 1.2% and 1.7% respectively. All the BSE sectoral indices ended in green with Realty index leading the tally, up 2.6%, followed by 2.2% higher Metal and Consumer Durables indices.

 

FIIs net bought stocks and index futures worth Rs 1589 cr and 432 cr respectively but net sold stock futures worth Rs 1025 cr. DIIs were net sellers to the tune of Rs 1387 cr.

 

Rupee appreciated 5 paise to end at 73.50/$.

 

OUTLOOK

 

Today morning, Nikkei is up 1.5%, followed by 0.9% higher Hang Seng and 0.2% up Shanghai. SGX Nifty is suggesting around 40 points higher start for our market.

 

In yesterday's report we had said that 13850 followed by 14000 and 14100 are the upside targets to eye.

 

Nifty surged to 13885 before closing at 13873 and is set to open near 13900 today.

 

14000 and 14100 continue to be next upside targets.

 

Immediate support on the hourly chart has moved up to 13600, with the stop-loss of which, trading longs should be held on to.