TRAIL STOP-LOSS TO 18200

 

TRAIL STOP-LOSS TO 18200

 

WORLD MARKETS

 

US indices ended higher but nearly a percent off the day's highs. Dow rose 0.2%, S & P 500 rose 0.9% while Nasdaq climbed 1.4% after a measure of wholesale inflation signaled that the pressure may be easing.

 

Producer price index showed a 0.2% increase for the month of October, versus the estimate for a 0.4% increase.

 

US 10-year treasury yield fell 7 bps to 3.773%. Dollar index dipped 0.4% to 106.57. Gold gained 0.4% to reach $1779 per ounce.

 

Brent crude futures rose 72 cents to settle at $93.86 a barrel, while WTI crude rose $1.05 to $86.92.

 

Polish authorities said a Russian-made missile killed two citizens and an investigation is underway.

 

In Europe, FTSE fell 0.2% but DAX and CAC rose half a percent each. German economic sentiment ZEW index rose in November. Britain’s unemployment rate unexpectedly rose and vacancies fell for a fifth report in a row as employers worried about the economy.

 

AT HOME

 

After trading below zero line for better part of the day, benchmark indices spiked up in last hour to end higher by four tenth of a percent. Sensex settled at 61873, up 249 points while Nifty added 74 points to finish at 18403. This was the highest closing for Sensex and third highest closing for Nifty on daily basis. Nifty mid-cap index ended flat while small-cap index rose 0.3%. Nifty Oil & Gas and Bank indices were the top gainers among the sectoral indices, up 0.7% each while Media and Realty indices were the top losers, down 0.2% and 0.1% respectively.

 

FIIs net sold stocks and stock futures worth Rs 221 cr abd 1242 cr respectively but net bought index futures worth Rs 110 cr. DIIs were net sellers to the tune of Rs 549 cr.

 

Rupee appreciated 16 paise to end at 81.09/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are down nearly half a percent each while Shanghai is marginally in the red. SGX Nifty is suggesting a modestly lower start for our market.

 

In yesterday's report we had said that 18604, the all-time high made in October 20221, continued to be next upside target to eye while 18100 continued to be immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a low of 18282, rebounded to end at 18419.

 

18604, the all-time high made in October 20221, continues to be next upside target to eye; Immediate support on the hourly chart has moved up to 18200, with the stop-loss of which, trading longs could be held on to.

 

For Banknifty, 43000 is the next upside levels to eye; 41900 is the immediate support, with the stop-loss of which, trading longs can be held on to.