TRAIL STOP-LOSS TO 15080

 

TRAIL STOP-LOSS TO 15080

 

WORLD MARKETS

 

US markets were shut yesterday for Presidents Day.

 

WTI crude rose 62 cents, or 1%, to $60.09 a barrel while Brent crude climbed 1.4% to $63.33 as cold weather fostered demand and threatened to hamstring production in Texas.

 

European markets gained 0.4%-2.5% with FTSE on the top.

 

AT HOME

 

Sensex and Nifty climbed 1.2% and 1% respectively, hitting fresh record intraday and closing highs. Sensex settled at 52154, up 610 points while Nifty added 151 points to finish at 15314. Nifty mid-cap and small-cap indices rose 1.3% and 0.4% respectively. BSE Bankex and Finance indices surged 3.3% and 2.7% respectively, becoming top gainers among the sectoral indices while IT and Consumer Durables indices were the top losers, down 0.6% each.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1234 cr, 523 cr and 307 cr respectively. DIIs were net sellers to the tune of Rs 1049 cr.

 

Rupee appreciated 6 paise to end at 72.69/$.

 

India's WPI inflation surged to an 11-month high of 2.03% in January 2021 compared with 1.22% in December 2020.

 

India's exports rose 6.2% in January to $27.45 billion while imports grew 2% to $42 bn, leaving a trade deficit of $14.54 bn. In December 2020 and January 2020, trade deficit stood at $15.71 bn and  $15.3 bn respectively.

 

OUTLOOK

 

Today, markets in China and Tiwan are shut. Nikkei and Hang Seng are up more than a percent. US futures are up around half a percent. SGX Nifty is suggesting around 20 points higher start for our market.

 

In yesterday's report we said that 15257, the top made Tuesday, continues to be immediate hurdle, upon crossover of which, 15500-15550 would be the next target zone.

 

Nifty crossed 15257 and surged all the way to 15340 before closing at 15314.

 

15500-15550 continues to be the next target zone.

 

15080, the low made Friday, would now act as immediate support, with the stop-loss of which, trading longs should be held on to.