NIFTY ACHIEVES 13500, NEARLY ACHIEVES 13560; TRAIL STOP-LOSS TO 13300

 

NIFTY ACHIEVES 13500, NEARLY ACHIEVES 13560; TRAIL STOP-LOSS TO 13300

 

WORLD MARKETS

 

Dow and S & P fell 0.4% and 0.8% respectively while Nasdaq nosedived 1.9% as stimulus talks stalled and weakness in chip stocks weighed on the Nasdaq.

 

Senate Majority Leader Mitch McConnell said Republicans and Democrats were "still looking for a way forward" on additional fiscal aid.

 

On the Brexit front, a three-hour meeting between U.K. and European Union leaders failed to break an impasse in Brexit trade talks.

 

Brent crude rose 8 cents, or 0.2%, to $48.92 a barrel while U.S. WTI crude settled 8 cents, or 0.2%, lower at $45.52 per barrel. U.S. crude inventories rose by 15.2 million barrels to 503.2 million barrels last week, as against expectation of a 1.4 million-barrel drop.

 

In Europe, FTSE and DAX rose 0.1% and 0.5% respectively while CAC fell 0.2%.

 

Dollar index gained 0.2% to 91.067, rising for the fourth consecutive day. Spot gold tumbled 2.4% to $1,827.26 per ounce.

 

AT HOME

 

Bull run continued unabated as benchmark indices climbed a percent, hitting fresh record highs and Nifty extending the upmove to seventh straight day. Sensex settled at 46103, up 495 points while Nifty added 136 points to finish at 13529. Nifty mid-cap and small-cap indices rose 0.6% and 0.5% respectively. Nifty Media index soared 3.8%, becoming top gainer among the sectoral indices, followed by 1.7% higher Private Bank index.

 

FIIs net bought stocks and index futures worth Rs 3564 cr and 598 cr respectively but net sold stock futures worth Rs 591 cr. DIIs were net sellers to the tune of Rs 2493 cr.

 

Rupee depreciated 4 paise to end at 73.56/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.3%-0.8% and SGX Nifty is suggesting around 75 points lower start for our market.

 

In yesterday's report we had said that 13500 continued to be next upside target, upon crossover of which, 13560 would be the next level to eye.

 

Nifty achieved 13500 and went further to touch a high of 13549 before closing at 13529. The benchmark is set to open near 13450 today

 

13549, the top made yesterday, is now the immediate hurdle to eye.

 

Immediate support on the hourly chart has moved up to 13300, with the stop-loss of which, trading long should be held on to.