14100, 14300 ARE UPSIDE TARGETS; 13860 IS IMMEDIATE SUPPORT

 

14100, 14300 ARE UPSIDE TARGETS; 13860 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US and European markets were shut on Friday for the New Year’s Day.

 

China’s official manufacturing PMI released Thursday showed the country’s factory activity expanding in December, albeit at a slower pace compared to November’s reading.

For the week, Dow and S & P 500 climbed 1.4% each while Nasdaq rose 0.6%. In the Europe, DAX and CAC gained 1% and 0.5% respectively but FTSE fell 0.6%. Asian markets gained between 2%-3.2%. WTI crude fell 1.3% to $48.42 per ounce.

 

For the 2020, Nasdaq Composite gained 43.6%, posting its best one-year performance since 2009 while the S&P 500 and Dow rose 16.3% and 7.3% respectively. In Europe, FTSE was down over 14%, marking its worst year since 2008. Meanwhile, the French CAC 40 was down 7%, German DAX up 3.5%. In Asia, Nikkei, Nifty and Shanghai rose 16%, 15% and 14% respectively while Hang Seng fell 3.4%. Brent crude fell 22.5% for the year and WTI was down 21.4%. Gold jumped more than 24% for the year, its best since 2010.

 

AT HOME

 

2021 started on a positive note as benchmark indices gained a fourth of a percent, hitting fresh record intraday as well as closing highs. Sensex settled at 47868, up 117 points while Nifty added 36 points to finish at 14018. Nifty mid-cap and small-cap indices soared 1.2% each. Except 0.2% and 0.1% lower Bankex and Consumer Durables indices respectively, all the BSE sectoral indices ended in green, with Telecom and Industrials indices leading the tally, up 1.4% and 1.3% respectively.

 

FIIs net bought stocks and stock futures worth Rs 506 cr and 524 cr respectively but net sold index futures worth Rs 265 cr. DIIs were net buyers to the tune of Rs 69 cr.

 

Rupee depreciated 5 paise to end at 73.12/$.

 

For the week, Sensex and Nifty gained 2% each.

 

Gross GST revenue collected in the month of December 2020 rose to ₹1,15,174 crore, an all-time monthly high since the implementation of the new tax regime.

 

Maruti December sales rose 20.2% y-o-y to 1.60 lakh units. M & M tractor sales rose 25% to 22417 units while auto sales were down 10.3% at 35187 units. Eicher Motors' total sales rose 37% to 68995 units but VECV sales fell 3% to 4892 units . Ashok Leyland total sales rose 14% to 12762 units. TVS Motor sales rose 17.5% to 2.72 lk units. Hero Motocorp registered 5.3% growth at 4.47 lk units.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are trading with modest gains while Nikkei is down 0.9%. SGX Nifty is suggesting around 50 points higher start for our market.

 

In Friday's report we had said that 14100 continued to be next upside target and had advised trailing stop-loss in long positions to 13860.

 

Nifty touched a high of 14050 before closing at 14018 and is set to open above 14050 today.

 

14100 cotinues to be next upside target, upon crossover of which, 14300 would be the next level to eye.

 

13860, where two bottoms made on Tuesday and Wednesday are placed, is the immediate support, with the stop-loss of which, trading longs should be held on to.