18604 ABOVE 18342; 18050 CONTINUES TO BE IMMEDIATE SUPPORT

 

18604 ABOVE 18342; 18050 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US markets were shut yesterday due to the Martin Luther King holiday.

 

European markets gained 0.3%-0.9%.

 

Data earlier showed Chinese economy grew by 4% in fourth quarter, topping a 3.6% expectation. For the full year, growth stood at 8.1%, slightly below the market’s expectation for around 8.4%.

 

The People’s Bank of China (PBOC) lowered the interest rate on $110 billion worth of one-year medium-term loans by 10 basis points.

 

Dollar index inched up 0.1% to 95.25. Spot gold was steady at $1,819.34 per ounce.

 

Brent crude futures gained 9 cents, or 0.1%, to $86.15 a barrel while WTI crude was up 29 cents, or 0.4%, at $84.11 a barrel.

 

AT HOME

 

Sensex and Nifty gained 0.1% and 0.3% respectively to close at the highest level after 26th October and 19th October respectively. Sensex settled at 61308, up 85 points while Nifty added 52 points to finish at 18308. Nifty mid-cap and small-cap indices gained 0.2% and 0.6% respectively. BSE Auto and Utilities indices climbed 2% and 1.5% respectively, becoming top gainers among the sectoral indices while Healthcare index and Bankex were the top losers, down 0.8% and 0.3% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 855 cr, 828 cr and 977 cr respectively. DIIs were net sellers to the tune of Rs 115 cr.

 

Rupee depreciated 9 paise to end at 74.24/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.2%-0.8% and SGX Nifty is suggesting a flat start for our market.

 

In yesterday's report we had said that 18342, the top made on 27th October, 2021 was the next upside level to eye and had advised trailing stop-loss in longs to 18050.

 

Nifty touched a high of 18321 before closing at 18308.

 

18342, the top made on 27th October, continues to be next upside level to eye, upon crossover of which, 18604, the all-time high made on 19th October, would be the next big target; 18050 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 38851, the top made last week, is the immediate hurdle, upon crossover of which, 39250, the 67% retracement level of the entire 41830-34440 fall, would be the next upside target. 38000 is the immediate support on the hourly chart, upon breach of which, 37430 and 37060 would be the next downside levels to eye.

 

Bajaj Finance will report its quarterly earnings today.