TRAIL STOP-LOSS TO 17120

 

TRAIL STOP-LOSS TO 17120

 

WORLD MARKETS

 

Markets in the U.S. were closed yesterday for the Labor Day holiday

 

European markets gained 0.7%-1%.

 

Dollar index inched up 0.2% to 92.31, snapping 4-day losing streak. Spot gold eased 0.2% to $1823 an ounce.

 

Brent crude fell half a percent to $72.08 a barrel while WTI was off 0.6% at $68.79.

 

AT HOME

 

Benchmark indices rose three tenth of a percent, extending the winning streak to third straight session and hitting fresh record highs. Sensex added 167 points to settle at 58297 while Nifty finished at 17378, up 54 points. Nifty mid-cap and small-cap indices rose 0.4% and 1.1% respectively. BSE Realty index soared 3%, becoming top gainer among the sectoral indices, followed by 1.5% higher IT index. Oil & Gas and Power indices were the top losers, down 0.7% and 0.5% respectively.

 

FIIs net sold stocks and stock futures worth Rs 589 cr and 203 cr respectively but net bought index futures worth Rs 347 cr. DIIs were net buyers to the tune of Rs 547 cr.

 

Rupee depreciated 9 paise to end at 73.11/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.1%-0.8% and SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 17400 was the next upside target, above which, 17650, which is the target of the flag pattern breakout that happened in early August, would be the next upside level to eye. We had also advised trailing the stop-loss in long positions to 17100.

 

Nifty touched a high of 17429 and slipped from there to end at 17378.

 

17430, the top made yesterday, is the immediate hurdle, upon crossover of which 17650 would be the next upside target to eye.

 

Immediate support on the hourly chart has moved up to 17120, with the stop-loss of which, trading longs can be held on to.

 

37140, the top made Friday, continues to be immediate hurdle for Banknifty; 36400 is the immediate support, with the stop-loss of which, trading longs can be held on to.