14625 IS THE NEXT UPSIDE LEVEL; 14180 CONTINUES TO BE IMMEDIATE SUPPORT

 

14625 IS THE NEXT UPSIDE LEVEL; 14180 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices fell between 0.3%-1.2%, with Nasdaq leading the losses, as technology stocks slipped on profit booking and concerns over potential for heightened regulation.

 

House Democrats introduced an article of impeachment against President Trump for inciting the mob attack at the Capitol last week.

 

WTI crude settled 1 cent higher at $52.25 per barrel while Brent crude fell 33 cents, or 0.6%, to settle at $55.66 per barrel.

 

US 10-year Treasury yield rose 2 basis points to 1.132%, while that of 30-year Treasury also rose 2 basis points to 1.892% after President-elect Joe Biden on Friday promised further economic stimulus that would be “in the trillions of dollars. The spread between the 2-year and 10-year Treasury yield rose to 99 bps, its steepest since July 2017. The dollar index rose 0.4% to 90.636, a near three-week high.

 

European markets fell 0.3%-1.1%.

 

AT HOME

 

Benchmark indices surged a percent, hitting fresh record highs. Sensex settled at 49269, up 486 points while Nifty added 137 points to finish at 14484. Nifty mid-cap and small-cap indices however fell 0.2% and 0.04% respectively. BSE IT and Teck indices jumped 3.6% and 3.1% respectively, becoming top gainers among the sectoral indices while Energy and Metal indices were the top losers, down 1.3% and 1.2% respectively.

 

FIIs net bought stocks and stock futures worth Rs 3139 cr and 697 cr respectively but net sold index futures worth Rs 1357 cr. DIIs were net sellers to the tune of Rs 2610 cr.

 

Rupee depreciated 14 paise to close at 73.38/$.

 

OUTLOOK

 

Today morning, Asian markets are trading mixed with modest changes. SGX Nifty is suggesting around 15 points lower start for our market.

 

In yesterday's report we had said that 14450 was the next upside target, upon crossover of which 14625 would be the next level to eye. We had also advised trailing stop-loss to 14180.

 

Nifty surged to 14498 before closing at 14485.

 

14625 continues to be next upside level to eye.

 

14180 continues to be immediate support, with the stop-loss of which, trading long should be held on to.