STAY LONG WITH THE STOP-LOSS OF 13570

 

STAY LONG WITH THE STOP-LOSS OF 13570

 

WORLD MARKETS

 

US indices rose 0.2%-0.4% in the short trading session on Thursday before closing for long weekend.

 

House Republicans blocked Democrats’ attempt to pass $2,000 direct payments as the fate of a coronavirus relief package passed by Congress hangs in the balance.

 

The European Union and the United Kingdom on Thursday struck a historic trade deal, more than four years after the U.K. voted to leave the bloc.

 

Spot gold rose 0.3% to $1,877.41 per ounce.

 

In Europe, FTSE inched up 0.1% while CAC fell 0.1%. The German and Italian markets were closed for Christmas Eve.

 

For the week, Dow and Nasdaq rose 0.1% and 0.4% respectively while S & P 500 fell 0.2%.

 

AT HOME

 

Truncated trading week ended with a big Christmas Cheer as benchmark indices climbed 1.1% each, extending the winning streak to third straight day and cumulatively recouping all the losses suffered on Monday. Sensex settled at 46973, up 529 points while Nifty added 148 points to finish at 13749. Nifty mid-cap and small-cap indices rose 0.2% and 0.9% respectively. BSE Energy index and Bankex were the top gainers among the sectoral indices, rising 2.3% and 1.8% respectively whereas IT index was the top loser, down 0.6%, followed by 0.4% lower Realty and Teck indices.

 

FIIs net bought stocks and index futures worth Rs 1226 cr and 1102 cr respectively but net sold stock futures worth Rs 27 cr. DIIs were net sellers to the tune of Rs 1898 cr.

 

Rupee appreciated 22 paise to end at 73.54/$.

 

For the week, Sensex and Nifty ended flat.

 

OUTLOOK

 

US President Donald Trump signed a massive Covid relief and government funding bill into law yesterday, days after he suggested he could veto it.

 

Profits at Chinese industrial firms in November rose 15.5% as compared with a year earlier.

 

Today morning, except 0.2% lower Shanghai, other Asian markets are trading with gains of 0.2%-0.4%. SGX Nifty is suggesting around 35 points higher start for our market.

 

In Thursday's report we had said that 13650 continued 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.

 

Nifty opened above 13650 and surged all the way to 13771 before closing at 13749. The benchmark is set to open near 13800 today.

 

13850 followed by 14000 and 14100 are the upside targets to eye.

 

13570 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.