TRAIL STOP-LOSS TO 13860

 

TRAIL STOP-LOSS TO 13860

 

WORLD MARKETS

 

Dow and S & P 500 climbed 0.6% each while Nasdaq rose 0.1% on the last day of 2020 after the release of a better-than-expected reading on U.S. weekly jobless claims.

 

Brent crude fell 49 cents, or 1%, to $51.14 a barrel while WTI crude settled 12 cents, or 0.25%, higher at $48.52 per barrel.

 

Jobless claims totaled 787,000 for the week ending Dec. 26, lower than the expected print of 828,000.

 

In Europe, FTSE plunged 1.4% while CAC and DAX fell 0.9% and 0.3% respectively. UK stocks fell on Brexit uncertainty and further restrictions on public life announced by the U.K. government on Wednesday due to the rate of coronavirus infection.

 

For the year, 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% year-to-date, 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

 

Benchmark indices ended little changed on the last day of the calendar 2020. Sensex settled at 47751, up 5 points while Nifty was absolutely flat at 13981. Nifty mid-cap and small-cap indices rose 0.5% and 0.3% respectively. BSE Realty and Consumer Durables indices climbed 1.2% and 1.1% respectively, becoming top gainers among the sectoral indices while Telecom index was the top loser, down 0.8%, followed by 0.5% lower FMCG and Energy indices.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1135 cr, 19 cr and 348 cr respectively. DIIs were net sellers to the tune of Rs 258 cr.

 

Rupee appreciated 24 paise to end at 73.06/$.

 

For the calendar 2020, Sensex and Nifty gained 15.8% and 14.9% respectively, taking the winning streak to fifth consecutive year. From the bottom made in March, Nifty surged 86%.

 

OUTLOOK

 

Today, most of the world markets are shut for the New Year Day. SGX Nifty, on last trade, is suggesting around 40 points higher start for our market.

 

In yesterday's report we had said that 14100 was the next upside target to eye and had advised trailing stop-loss in long positions to 13800.

 

Nifty touched a high of 14025 before closing at 13981 and is set to open near yesterday's high today.

 

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

 

Immediate support on the hourly chart has moved up to 13860, with the stop-loss of which, trading longs should be held on to.