TRAIL STOP-LOSS TO 19250

 

TRAIL STOP-LOSS TO 19250

 

WORLD MARKETS

 

Dow eased 0.1% while S & P 500 and Nasdaq inched up 0.1% each.

 

U.S. 10-year treasury yield fell 8 bps to 4.495%. Dollar index was flat at 105.53. Gold fell 1% to $1950 per ounce.

 

Brent crude futures fell 2.5% to settle at $79.54 a barrel and WTI crude lost 2.6% to $75.33. Both benchmarks hit their lowest since mid-July.

 

In Europe, FTSE fell 0.1% while DAX and CAC gained 0.5% and 0.7% respectively.

 

AT HOME

 

Sensex inched up marginally while Nifty added 0.2% in today's trade to close at the highest level after 20th October. Sensex settled at 64975, up 33 points while Nifty added to finish at 36 points to finish at 19443. Nifty mid-cap and small-cap indices surged 1% and 0.7% respectively, extending the winning streak to fifth straight session, with the latter hitting yet another record high. Nifty Realty and Pharma indices climbed 1.5% each, becoming top gainers among the sectoral indices, while Financial Services and Bank indices were the top losers, down 0.3% and 0.2% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 84 cr, 308 cr and 998 cr respectively. DIIs were net buyers to the tune of Rs 524 cr.

 

Rupee depreciated 1 paise to end at 83.27/$.

 

United Spririt's quarterly numbers beat estimate as gross margins expand y-o-y. Lupin's numbers beat estimate on better-than-expected U.S. sales. Tata Power also posts a strong quarter.

 

OUTLOOK

Today morning, Nikkei and Shanghai are up 0.7% and 0.1% respectively while Hang Seng is off 0.1%. 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, continued to be next upside levels to eye while 19230 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty rose to touch a high of 19464 before closing at 19443.

 

34-DMA, placed around 19490 is the immediate hurdle, upon crossover of which, 19633, the 78.6% retracement level of the recent 19850-18837 fall, would be next upside levels to eye; 19250 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 34-DMA, placed around 43900 is the immediate hurdle, above which, 44153, the 78.6% retracement level of the recent 44700-42100 fall, would be 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.

 

M & M and Apollo Hospitals will report their quarterly earnings today.

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