TRAIL STOP-LOSS TO 14830

 

TRAIL STOP-LOSS TO 14830

 

WORLD MARKETS

 

US indices rose 0.7%-1% to hit fresh record highs on optimistic about further Covid stimulus and an economic recovery. A strong earnings season is also boosting the sentiment.

 

House Democrats on Monday unveiled the details of a relief proposal that included $1,400 direct checks with faster phase outs than previous bills. Treasury Secretary Janet Yellen said Sunday that if Biden’s stimulus plan is passed the U.S. could return to full employment by 2022.

 

Brent crude rose 2.1% to settle at $60.56 per barrel, while WTI settled 2% higher at $57.97 per barrel.

 

Dollar index fell 0.1% to 90.93. Spot gold rose 1.2% to $1,832 per ounce. Bitcoin soared 20% to hit $46000 mark after Tesla Inc said it had invested around $1.5 billion in the cryptocurrency

 

In Europe, DAX was flat, FTSE and CAC rose half a percent each while Italy climbed 1.5%  after former European Central Bank President Mario Draghi secured the support of two key parties for forming a new government. German industrial output was unchanged in December, weaker than the 0.3% gain expected.

 

AT HOME

 

Bull rampage continued as benchmark indices climbed a percent and fourth, extending the winning streak to sixth straight day and hitting fresh record highs. Sesnex settled at 51348, up 617 points while Nifty added 203 points to finish at 15127. Nifty mid-cap and small-cap indices gained 1.5% each. Except 0.5% lower FMCG index, all the BSE sectoral indices ended in green, with Auto and Metal indices leading the tally, up 3.1% and 3% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1877 cr, 491 cr and 909 cr respectively. DIIs were net sellers to the tune of Rs 505 cr.

 

Rupee depreciated 4 paise to end at 72.96/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.2%-0.5% and SGX Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 15014, the top made last week, is the immediate hurdle, upon crossover of which 15500 would be the next upside levels to eye. Immediate support on the hourly chart is placed around 14700 with the stop-loss of which, long positions can be held on to.

 

Nifty crossed 15014 and surged all the way to touch a high of 15160 before closing at 15115 and is set to open above 15150 today.

 

15500 continues to be next upside target.

 

Immediate support on the hourly chart has moved up to 14830, with the stop-loss of which, trading longs can be held on to.

 

Tata Steel and Adani Ports will report their quarterly earnings today.