TRAIL STOP-LOSS TO 13170

 

TRAIL STOP-LOSS TO 13170

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.5% and 0.2% respectively on the back of increase in Covid infections, coupled with the uncertainty around additional fiscal aid. Nasdaq however rose 0.4%.

 

Republican and Democratic leaders said that Congress is trying to extend government funding for an additional week to try and strike a deal on new Covid-19 aid.

 

Meanwhile, daily infection rate of coronavirus, as a seven-day average, along with hospitalizations, is at an all-time high in the US, prompting several states and cities to reimpose stricter social-distancing measures.

 

Brent crude fell 46 cents to settle at $48.79 per barrel, while WTI settled 50 cents, or 1.1%, lower at $45.76 per barrel.

 

Spot gold rose 1.3% to $1,860.49 per ounce. Dollar index was little changed at 90.795.

 

In Europe, except 0.1% higher FTSE, other markets ended with cuts of 0.2%-0.6%. On Brexit front, both sides, the UK and the EU, remain divided over three issues: fisheries, competition rules and governance of their potential deal.

 

AT HOME

 

Benchmark indices gained three fourth of a percent, hitting fresh record highs. Sensex added 347 points to settle at 45426 while Nifty finished at 13355, up 97 points. Nifty mid-cap and small-cap indices surged 1.1% and 1.3% respectively. Except 0.3% lower Realty index, all the NSE sectoral indices ended higher, with Media and PSU Bank indices leading the tally, up 2.8% and 2.1% respectively.

 

FIIs net bought stocks worth Rs 3792 cr but net sold index futures and stock futures worth Rs 1130 cr and 301 cr respectively. DIIs were net sellers to the tune of Rs 2767 cr.

 

Rupee depreciated 10 paise to end at 73.90/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are down 0.2% each while Shanghai is up 0.2%. SGX Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that 13400 was the immediate upside target, upon crossover of which, 13500 would be the next level to eye.

 

Nifty touched a high of 13366 before closing at 13355.

 

13400, followed by 13500 continues to be upside targets to eye.

 

Immediate support on the hourly chart has moved up to 13170, with the stop-loss of which, trading longs should be held on to.