TRAIL STOP-LOSS TO 14320

 

TRAIL STOP-LOSS TO 14320

 

WORLD MARKETS

 

Nasdaq and Dow rose 0.3% and 0.2% respectively while S & P 500 was little changed, digesting higher rates, possible additional stimulus measures and political turmoil.

 

President-elect Joe Biden is expected to release details on his economic plan on Thursday.

 

Meanwhile, the Democratic-held House was due to vote Tuesday night on a resolution calling on Vice President Mike Pence and the Cabinet to invoke the 25th Amendment to push Trump out of the White House.

 

10-year Treasury yield closed little changed at 1.13% after rising to 1.18%, its highest level since March 20. The dollar index slipped 0.3%. Spot gold rose 0.2% to $1,848.31 per ounce.

 

Brent crude rose 80 cents, or 1.4%, to $56.44 a barrel and earlier hit $56.75, the highest since last February. WTI crude settled 1.8%, or 96 cents, higher at $53.21 per barrel.

 

European markets fell between 0.1%-0.6%.

 

AT HOME

 

Benchmark indices rose half a percent each, extending the winning streak to third straight day and hitting fresh record highs. Sensex settled at 49517, up 247 points while Nifty added 78 points to finish at 14563. Nifty mid-cap index rose 0.7% and also hit fresh record high while small-cap index inched up 0.1%. BSE Telecom and Realty indices surged 2.8% each, becoming top gainers among the sectoral indices, followed by 2.6% higher Energy index. Consumer Durables and Healthcare indices were the top losers, down 1% and 0.6% respectively.

 

FIIs net bought stocks worth Rs 571 cr but net sold index futures and stock futures worth Rs 1206 cr and 304 cr respectively. DIIs were net sellers to the tune of Rs 1334 cr.

 

Rupee appreciated 15 paise to end at 73.25/$.

 

India’s consumer price inflation fell to 4.59% in December from 6.93% in November, mainly due to a crash in vegetable prices. Core inflation eased to 5.34% from 5.56%.

 

The index of industrial production contracted 1.9% in November, the first fall since September, as the impact of inventory build-up and festive demand waned.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.2%-0.4% and SGX Nifty is suggesting around 40 points higher start for our market.

 

In yesterday's report we had said that 14625 continued to be next upside level to eye.

 

Nifty touched a high of 14590 before closing at 14563 and is set to open near 14600 today.

 

14625 continues to be next upside target, upon crossover of which, 14900, around which an upward sloping trendline adjoining tops made in 2010 and 2015 is placed, would be the next major target as well as resistance to eye.

 

Immediate support on the hourly chart has moved up to 14320, with the stop-loss of which, trading longs should be held on to.

 

Infosys and Wipro will report their quarterly earnings today.