TRAIL STOP-LOSS TO 15600

 

TRAIL STOP-LOSS TO 15600

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.4% and 0.1% respectively on the back of weakness in materials sector, while Nasdaq, boosted by 38% surge in Biogen share, gained half a percent.

 

Treasury Secretary Janet Yellen said President Joe Biden’s $4 trillion spending proposal would be good for the U.S., even if it created a rise in inflation. She also said that higher interest rates would be beneficial for the country.

 

US 10-year trasury yield moved one basis point higher to 1.57%. The dollar index was down 0.2% at 89.95. Spot gold rose 0.3% to $1,895.77 per ounce

 

Brent crude settled 40 cents lower at $71.49 per barrel while WTI settled 39 cents, or 0.56%, lower at $69.23 per barrel.

 

In Europe, FTSE and CAC gained 0.1% and 0.4% respectively while DAX eased 0.1%.

 

AT HOME

 

Benchmark indices gained nearly half a percent to end at record closing high. Sensex added 228 points to settle at 52328 while Nifty finished at 15751, up 81 points. Nifty mid-cap and small-cap indices surged 1.2% and 1.6% respectively and also hit record closing highs. BSE Utilities and Power indices climbed 3.3% and 2.7% respectively, becoming top gainers among the sectoral indices while Realty and Finance indices were the top losers, down 0.4% and 0.1% respectively.

 

FIIs net sold stocks and stock futures worth Rs 186 cr and 754 cr respectively but net bought index futures worth Rs 515 cr. DIIs were net buyers to the tune of Rs 984 cr.

 

Rupee appreciated 20 paise to end at 72.80/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with modest gains and SGX Nifty is suggesting around 35 points higher start for our market.

 

In yesterday's report we had reiterated the view that 15850 continued to be next upside target and had advised holding on to long positions with the stop-loss of 15460.

 

Nifty, after touching a high of 15773, closed at 15751.

 

15850 continues to be next upside target to eye.

 

Immediate support on the hourly chart has moved up to 15600, with the stop-loss of which, trading longs can be held on to.