TRAIL STOP-LOSS TO 19230

 

TRAIL STOP-LOSS TO 19230

 

WORLD MARKETS

 

U.S. indices gained 0.2%-0.9%, with the Dow and S & P 500 rising for the seventh straight session while Nasdaq extended the winning streak to eight consecutive day. S & P 500 and Nasdaq notched their longest winning streaks in nearly two years.

 

U.S. 10-year treasury yield fell 7 bps to 4.57%. Dollar index rose 0.2% to 105.50. Gold fell 0.4% to $1969 per ounce.

 

Oil prices tumbled to their lowest since July after China reported mixed economic data. WTI fell 4.3% to $77.37 a barrel, while Brent fell 4.2%, settling at $81.61.

 

In Europe, FTSE and CAC fell 0.1% and 0.4% respectively while DAX inched up 0.1%.

 

China reported a 6.4% y-o-y drop in exports in U.S. dollar terms for October, worse than the 3.3% drop predicted.

 

AT HOME

 

After falling four tenth of a percent in the morning, benchmark indices recouped all the losses in noon to end flat. Sensex settled at 64942, down 16 points while Nifty finished at 19406, down 5 points. Nifty mid-cap and small-cap indices gained 0.3% and 0.8% respectively, extending the winning streak to fourth straight day and with the latter hitting fresh record high. Nifty Pharma and Healthcare indices climbed 1.3% and 1% respectively, becoming top gainers among the sectoral indices while Realty and Media indices were the top losers, down 1.3% and 0.6% respectively.

 

FIIs net sold stocks worth Rs 497 cr but net bought index futures and stock futures worth Rs 125 cr and 940 cr respectively. DIIs were net buyers to the tune of Rs 700 cr.

 

Rupee depreciated 4 paise to end at 83.26/$.

 

OUTLOOK

 

Today morning, Asian markets are trading flat to modestly higher and GIFT Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that 19463, followed by 19633, the 61.8% and 78.6% retracement level of the recent 19850-18837 fall, were the next upside levels to eye while 19170 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after making an intrady low of 19329, rebounded to end little changed at 19406.

 

19463, followed by 19633, the 61.8% and 78.6% retracement level of the recent 19850-18837 fall, continue to be next upside levels to eye; 19230 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44153, the 78.6% retracement level of the recent 44700-42100 fall, is the next upside targets to eye. 43250 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Tata Power, United Spirit and Lupin will report their quarterly earnings today.

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