TRAIL STOP-LOSS TO 19550

 

TRAIL STOP-LOSS TO 19550

 

WORLD MARKETS

 

Dow and S & P 500 gained 0.3% and 0.2% respectively with the Dow extending the winning streak to eighth consecutive day while Nasdaq ended little changed.

 

U.S. 10-year treasury yield fell 4 bps to 3.752%. Dollar index rose 0.4% to 100.28. Gold eased 0.1% to $1976 per ounce.

 

Pound fell sharply after Britain’s rate of inflation for June came in at 7.9%, its slowest in over a year.

 

Brent futures dipped 17 cents at $79.46 a barrel, while WTI crude dropped 40 cents at $75.35 a barrel.

 

In Europe, FTSE surged 1.8% while CAC inched up 0.1% and DAX eased 0.1%.

 

AT HOME

 

Benchmark indices ended higher by four tenth of a percent each, extending the winning streak to fifth consecutive day and hit fresh record highs. Sensex settled at 67097, up 302 points while Nifty added 84 points to finish at 19833. Nifty mid-cap and small-cap indices gained 0.7% and 0.8% respectively. Except 0.1% lower IT index, all the NSE sectoral indices ended higher, with PSU Bank and Media indices being the top gainers, up 2% and 1.1% respectively.

 

FIIs net bought stocks and stock futures worth Rs 1165 cr and 2399 cr respectively but net sold index futures worth Rs 460 cr. DIIs were net sellers to the tune of Rs 2135 cr.

 

Rupee depreciated 5 paise to end at 82.09/$.

 

OUTLOOK

 

Today morning, Nikkei is off 0.7%, Shanghai is little changed while Hang Seng is up 0.9%. GIFT Nifty is suggesting a marginally lower start for our market.

 

In yesterday's report we had said that upon crossover of 19819, Nifty will March towards the big target of 20071, and had advised trailing stop-loss in longs to 19500.

 

Nifty rose to touch a high of 19851 before closing at 19833.

 

19950, followed by 20070 are the next upside targets to eye; 19600-19550 is the immediate support area, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, upon crossover of Tuesday's high, i.e. 45905, next target to eye would around 46500; 44900 continues to be immediate support.

 

Infosys and HUL will report their quarterly earnings today.

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