14900-15000 IS THE NEXT TARGET ZONE; 14490 IS IMMEDIATE SUPPORT

 14900-15000 IS THE NEXT TARGET ZONE; 14490 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices climbed 0.8%-2% to hit record highs as the latest batch of strong corporate earnings rolled in and Joe Biden was sworn in as commander in chief.

 

Netflix soared 16% after the company reported strong subscriber growth and said it’s considering share buybacks.

 

Brent crude rose 40 cents to $56.30 a barrel while WTI crude settled 26 cents, or 0.5%, higher at $53.24 per barrel.

 

Dollar index ended little changed at 90.475. Spot gold rose 1.3% to $1,863.48 per ounce.

 

European markets rose 0.4%-0.9%. UK Consumer Price Index (CPI) inflation climbed to 0.6% in December from 0.3% in November. Italian Prime Minister Giuseppe Conte won a confidence vote in the upper house Senate on Tuesday, following a similar vote in the lower house of parliament on Monday.

 

AT HOME

 

Yesterday's mammoth upmove got extended as benchmark indices rose eight tenth of a percent to hit fresh record intraday as well as closing highs. Sensex settled at 49792, up 393 points while Nifty added 123 points to finish at 14644. Nifty mid-cap and small-cap indices rose 1% and 0.6% respectively. BSE Auto and IT indices rose 2.2% and 1.8% respectively, becoming top gainers among the sectoral indices while Utilities and FMCG indices were the top losers, down 0.3% and 0.2% respectively.

 

FIIs net bought stocks worth Rs 2289 cr but net sold index futures and stock futures worth Rs 1313 cr and 333 cr respectively. DIIs were net sellers to the tune of Rs 865 cr.

 

Rupee appreciated 13 paise to end at 73.03/$.

 

OUTLOOK

 

Today morning, except 0.2% lower Hang Seng, other Asian markets are trading with gains of 0.2%-0.8%. SGX Nifty is suggesting around 55 points higher start for our market.

 

In yesterday's report we had said that 14546, the top Tuesday was the immediate hurdle, upon crossover of which, 14653, the top made last week, would be the next target/resistance to eye.

 

Nifty crossed 14546 hurdle and surged all the way to 14666 before closing at 14644. The benchmark is set to open near 14700 today.

 

14900-15000, around which an upward sloping trendline adjoining tops made in 2010 and 2015 is placed, would be next major target as well as resistance zone to eye.

 

Immediate support on the hourly chart is placed at 14490, with the stop-loss of which, trading longs should be held on to.

 

Asian Paints and Bajaj Auto will report their quarterly earnings today.