19463, 19633 ARE NEXT TARGETS; TRAIL STOP-LOSS TO 19170

 

19463, 19633 ARE NEXT TARGETS; TRAIL STOP-LOSS TO 19170

 

WORLD MARKETS

 

U.S. indices gained 0.1%-0.3%, with Nasdaq notching seven consecutive days of wins while S & P 500 and Dow rose for the sixth straight session.

 

U.S. 10-year treasury yield rose 7 bps to 4.645%. Dollar index inched up 0.2% to 105.26. Gold fell 0.7% to $1978 per ounce.

 

Brent crude futures settled 0.34% higher at $85.18 a barrel, while WTI crude rose 0.4% to $80.82.

 

In Europe, FTSE was flat while DAX and CAC fell 0.4% and 0.5% respectively.

 

AT HOME

 

Benchmark indices surged nine tenth of a percent, extending the winning streak to third straight session and closing at the highest level after 20th October. Sensex settled at 64958, up 595 points while Nifty added 181 points to finish at 19411. Nifty mid-cap and small-cap indices climbed 0.9% and 1.4% respectively, with the latter hitting record high. Except 1.1% and 0.3% lower PSU Bank and Consumer Durables indices, all the NSE sectoral indices ended higher, with Metal index on the top, up 1.4%, followed by 1.3% higher Healthcare, Pharma and Oil & Gas indices.

 

FIIs net sold stocks worth Rs 549 cr but net bought index futures and stock futures worth Rs 1258 cr and 693 cr respectively. DIIs were net buyers to the tune of Rs 596 cr.

 

Rupee appreciated 7 paise to end at 83.22/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.4%-0.9% and GIFT Nifty is suggesting a modestly lower start for our market.

 

In yesterday's report we had said that 19343 and 19463, the 50% and 61.8% retracement level of the recent 19850-18837 fall, are the upside levels to eye while 19120 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty surged to touch a high of 19423 before closing at 19411.

 

19463, followed by 19633, the 61.8% and 78.6% retracement level of the recent 19850-18837 fall, are the next upside levels to eye; 19170 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 43715 and 44153, the 61.8% and 78.6% retracement levels of the recent 44700-42100 fall, are the next upside targets to eye. 43100 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

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