TRAIL STOP-LOSS TO 18450

 

TRAIL STOP-LOSS TO 18450

 

WORLD MARKETS

 

Dow ended flat while S & P 500 and Nasdaq closed with cuts of 0.2% and 0.6% respectively, extending the losing streak to third straight session.  Markets are awaiting Fed Chair Jerome Powell's speech at the Brookings Institution on Wednesday.

 

Data showed that U.S. consumer confidence slipped to a four-month low in November. The S&P CoreLogic Case-Shiller national home price index rose 10.6% y-o-y in September, slowing from August’s increase of 12.9%.

 

US 10-year treasury yield rose 6 bps to 3.748%. Dollar index inched up 0.2% to 106.83. Gold rose half a percent to $1750 per ounce.

 

WTI crude rose 1.2% to $78.20 per barrel while Brent futures fell 16 cents to $83.03.

 

Earlier, Hang Seng and Shanghai surged 5% and 2% respectively after China reported the first decline in Covid infections within mainland China in more than a week and Chinese official told reporters that 65.8% of people “over age 80” had received booster shots.

 

In Europe, FTSE and CAC gained 0.5% and 0.1% respectively but DAX was down 0.2%.

 

AT HOME

 

Benchmark indices rose three tenth of a percent, extending the winning streak to sixth straight day and hitting a fresh record highs. Sensex settled at 62681, up 177 points while Nifty added 55 points to finish at 18618. Nifty mid-cap and small-cap indices however ended lower by half a percent each, snapping 5-day and 6-day winning streak respectively. Nifty FMCG and Metal indices climbed 1.9% 1% respectively, becoming top gainers among the sectoral indices while Realty and Auto indices were the top losers, down 0.3% and 0.2% respectively.

 

FIIs net bought stocks and index futures worth Rs 1242 cr and 340 cr respectively but net sold stock futures worth Rs 299 cr. DIIs were net sellers to the tune of Rs 744 cr.

 

Rupee depreciated 5 paise to end at 81.72/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 0.9% and 0.1% respectively while Nikkei is down 0.6%. SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 18700-18750 was the next target area for Nifty and that immediate support on the hourly chart had moved up to 18360, with the stop-loss of which, trading longs could be held on to.

 

Nifty surged to touch a high of 18678 before closing at 18618.

 

18750-18800 is the next target area for Nifty; Immediate support on the horly chart has moved up to 18450, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 43800-44000 is the next target area while 42600 continues to be immediate support on hourly chart, with the stop-loss of which, trading longs can be held on to.