20222 NEXT; TRAIL STOP-LOSS TO 19750

 

20222 NEXT; TRAIL STOP-LOSS TO 19750

 

WORLD MARKETS

 

U.S. indices gained 0.1%-0.3% as comments from a Fed official raised hope that the central bank may not need to raise interest rates further.

 

Fed Governor Christopher Waller said current monetary policy appears to be sufficiently restrictive to cool inflation back down to the central bank’s 2% target.

 

Conference Board's Consumer Confidence index rose to 102 for November, higher than a downwardly revised 99.1 from October and ahead of the Dow Jones estimate for 101. U.S. home prices were up 6.1% on a year-over-year basis in September, up from an upwardly revised 5.8% increase in August.

 

U.S. 10-year treasury yield fell 6 bps to 4.323%. Dollar index fell 0.4% to 102.74, its lowest in 3-months. Gold surged 1.3% to $2041 per ounce, rising for a fourth consecutive session and hit a more than six-month high.

 

Brent as well as WTI crude futures settled up 2.1% each at $81.68 and $76.41 a barrel respectively.

 

In Europe, FTSE and CAC fell 0.1% and 0.2% respectively but DAX rose 0.2%. Consumer sentiment held steady in Germany this month, according to the monthly GfK survey, while figures from French statistics agency Insee showed households were slightly more optimistic.

 

AT HOME

 

Sensex and Nifty gained 0.3% and 0.5% respectively to close at the highest level after 17th October and 20th September respectively. Sensex settled at 66174, up 204 points while Nifty added 95 points to finish at 19889. Nifty mid-cap and small-cap indices gained 0.5% and 0.3% respectively with the former hitting fresh record high. Nifty Oil & Gas and Metal indices surged 2.3% and 1.8% respectively, becoming top gainers among the sectoral indices, while Healthcare and Pharma indices were the top losers, down 0.5% and 0.3% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 784 cr, 31 cr and 3823 cr respectively. DIIs were net buyers to the tune of Rs 1325 cr.

 

Rupee depreciated 3 paise to end at 83.34/$.

 

OUTLOOK

 

Today morning, Hang Seng is down nearly a percent while Shanghai and Nikkei are marginally in the red. GIFT Nifty is suggesting around 90 points higher start for our market.

 

In yesterday's report we had said that 19875 continues to be immediate hurdle, while 19600-19550 continued to be immediate support area.

 

Nifty surged to touch a high of 19916 before closing at 19889.

 

20222, the top made in September, is the next major target to eye; 19750 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44420, the top made in mid-November, is the next upside level to eye; 43600 is the immediate support, with the stop-loss of which, trading longs can be held on to.

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