TRAIL STOP-LOSS TO 17950

 

TRAIL STOP-LOSS TO 17950

 

WORLD MARKETS

 

US indices plunged 0.5%-2.5%, with Nasdaq leading the losses as technology shares came under pressure.

 

The producer price index rose 0.2% month over month in December, which was lower than the 0.4% economists were expecting. Y-o-Y increase stood at 9.7%. Jobless claims filed during the week ended Jan. 8 came in at 230,000, the expected figure being 200,000. However, continuing unemployment claims declined.

 

US 10-year treasury yield fell 2 bps to 1.706%. Dollar index eased 0.1% to 94.85. Gold inched lower by 0.2% to $1822 an ounce.

 

WTI crude settled 52 cents, or 0.63%, lower at $82.12 per barrel and Brent settled 0.24% lower at $84.47 per barrel.

 

In Europe, FTSE and DAX saw marginal gains while CAC fell half a percent.

 

AT HOME

 

Benchmark indices ended modestly higher after a rangebound but choppy session, extending the winning streak to fifth straight day. Sensex settled at 61235, up 85 points while Nifty added 45 points to finish at 18257. Nifty mid-cap and small-cap indices gained 0.6% each. BSE Metal index soared 3.9%, becoming top gainer among the sectoral indices, followed by 1.6% higher Capital Goods index. Bankex and Realty indices were the top losers, down 0.7% each.

 

FIIs net sold stocks and stock futures worth Rs 1391 cr and 535 cr respectively but net bought index futures worth Rs 1473 cr. DIIs were net buyers to the tune of Rs 1065 cr.

 

Rupee appreciated 3 paise to end at 73.88/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.3%-1.9% and SGX Nifty is suggesting around 50 points lower start for our market.

 

In yesterday's report we had said that 18342, the top made on 27th October, was the next upside level to eye and had advised trailing the stop-loss to 17900.

 

Nifty, after touching a high of 18272, closed at 18257.

 

18342, the top made on 27th October, continues to be the next upside level to eye, upon crossover of which, 18604, the top made in October 2021, would be the next major target.

 

Immediate support on the hourly chart has moved up to 17950, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, above 38851, 39250 the 67% retracement levels of the entire 41830-34018 fall, would be the next upside levels to eye; 37940 continues to be immediate support.