18604 NEXT; TRAIL STOP-LOSS TO 18100

 

18604 NEXT; TRAIL STOP-LOSS TO 18100

 

WORLD MARKETS

 

Dow inched up 0.1% while S & P 500 and Nasdaq climbed 0.9% and 1.9% on Friday, extending Thursday's big surge.

 

US bond markets were close on Friday for Veterans Day. Dollar index tumbled 1.4% to 106.42, extending Thursday's 2.3% dip. Gold rose 0.9% to $1771 per ounce, hitting a near three-month high.

 

Brent crude futures rose 2.4% to $95.95 a barrel and WTI crude futures gained 2.9%, to $88.94 a barrel.

 

In Europe, FTSE fell 0.8% while DAX and CAC rose 0.6% each.

 

Earlier, Hong Kong’s Hang Seng index soared more than 7% for its best day since March 16 after China said it would ease some Covid measures.

 

For the week, Dow, S & P 500 and Nasdaq surged 4.2%, 5.9% and 8.1% respectively. US 10-year treasury yield fell 7.5%. Dollar index tumbled 4%. Gold surged 5.4% for its best week in over 2 years.

 

AT HOME

 

Sensex and Nifty soared 2% and 1.8% respectively with Sensex hitting a record closing high while Nifty closing at the highest level after 19th October, 2021. Sensex settled at 61795, up 1181 points while Nifty added 321 points to finish at 18350. Nifty mid-cap and small-cap indices inched up 0.1% and 0.4% respectively. NSE IT and Financial Services indices were the top gainers among sectoral indices, up 3.8% and 2.2% respectively whereas PSU Bank and Auto indices were the top losers, down 0.7% and 0.3% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 3958 cr, 2982 cr and 150 cr respectively. DIIs were net sellers to the tune of Rs 616 cr.

 

Rupee surged 101 paise to end at 80.80/$.

 

For the week, Sensex and Nifty rose 1.4% and 1.3% respectively, extending the winning streak to fourth consecutive week and registering highest ever weekly close.

 

OUTLOOK

 

Today morning, Hang Seng is up 2.7% and Shanghai is up 0.6% but Nikkei is down half a percent. SGX Nifty is suggesting a modestly higher start for our market.

 

In Friday's report we had said that 18350, the calendar 2022 top made in January, was the immediate upside level to eye, upon crossover of which, 18604, the all-time high made in October 2021, would be next target.

 

Nifty surged all the way to 18360 before closing at 18350.

 

18604, the all-time high made in October 20221,is the next upside target to eye; 18100 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 42500 followed by 43000 are the upside levels to eye; 41500 is the immediate support, with the stop-loss of which, trading longs can be held on to.

 

India's October CPI as well as WPI data will be released today.

 

ONGC and Grasim will report their quarterly earnings today.