TRAIL STOP-LOSS TO 14920

 

TRAIL STOP-LOSS TO 14920

 

WORLD MARKETS

 

S & P 500 and Dow ended marginally in the red to snap a six-day winning streak while Nasdaq rose 0.1% as Facebook, Microsoft and Netflix all closed higher.

 

Twitter, Lyft, Cisco Systems, Mattel and Yelp reported better-than-expected earnings. Lyft reported signs of a recovery from the Covid-19 pandemic.

 

Brent crude futures for April settled 53 cents, or 0.9%, higher at $61.09 per barrel while WTI settled 39 cents, or 0.7%, higher at $58.36 per barrel, both hitting 13-month high.

 

The dollar index fell 0.6% to 90.54. Spot gold rose 0.3% to $1,835.24 per ounce.

 

In Europe, FTSE and CAC inched up 0.1% each while DAX fell 0.3%

 

AT HOME

 

After rising nearly a percent and hitting fresh record highs, benchmark indices slipped in last hour of trade to end marginally in the red, snapping six-day winning streak. Sensex settled at 51329, down 20 points while Nifty lost 6 points to finish at 15109. Nifty mid-cap and small-cap indices fell 0.1% and 0.5% respectively. BSE Auto index slipped 1.4%, becoming top loser among the sectoral indices, followed by 0.7% lower Realty and FMCG indices. Consumer Durables and Telecom indices were the top gainers, up 1.4% and 1% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1301 cr, 371 cr and 38 cr respectively. DIIs were net sellers to the tune of Rs 1756 cr.

 

Rupee appreciated 11 paise to end at 72.85/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 1.4% and 0.7% respectively while Nikkei is off 0.1%. SGX Nifty is suggesting around 50 points higher start for our market.

 

Just to reiterate, we have been positive on Nifty after 14075 hurdle was taken out and have been advising holding on to long positions with a trailing stop-loss.

 

In yesterday's report we had said that 15500 continued to be next upside target and had advised trailing stop-loss in long positions to 14830.

 

Nifty, after touching a high of 15257, slipped to end at 15109.

 

15257, the top made yesterday, is the immediate hurdle, upon crossover of which, 15500 would be the next upside target.

 

Immediate support zone on the hourly chart has moved up to 14950-14920.

 

Trading longs can be held on to with the stop-loss of 14920.

 

Hindalco, Titan, Gail and Eicher Motors will report their quarterly earnings today.