TRAIL STOP-LOSS TO 19329

 

TRAIL STOP-LOSS TO 19329

 

WORLD MARKETS

 

U.S. indices surged 1.2%-2% on Friday, recovering the ground lost in the previous session, as Treasury yields stabilized.

 

U.S. 10-year treasury yield rose 3 bps to 4.652%. Dollar index fell 0.1% to 105.80. Gold plunged 1% to $1938 per ounce.

 

Ratings agency Moody’s on Friday downgraded its ratings outlook on the U.S. government to negative from stable, pointing to rising risks to the nation’s fiscal strength.

 

Brent crude futures rose 2.2% to $81.61 a barrel, while WTI crude futures rose 2.1% to $77.12.

 

European markets fell 0.4%-1.3%.

 

For the week, U.S. indices gained 0.7%-2.4%, extending the winning streak to second straight week. Oil prices settled with weekly losses of 4%, their third straight weekly decline.

 

AT HOME

 

On Friday, after starting a third of a percent lower, benchmark indices recouped all the losses and some more to end marginally higher. Sensex settled at 64904, up 72 points while Nifty added 30 points to finish at 19425. Nifty mid-cap and small-cap indices gained half a percent each, with the former hitting 3-week high while the latter posted record closing high.

 

FIIs net sold stocks, index futures and stock futures worth Rs 262 cr, 378 cr and 142 cr respectively. DIIs were net buyers to the tune of Rs 823 cr.

 

On Muhrat trading session yesterday, Benchmark indices gained nearly half a percent to close at 3-week high. Sensex settled at 65259, up 354 points while Nifty added 100 points to finish at 19525.

 

For the week, Sensex and Nifty gained 1.4% and 1.5% respectively, extending the winning streak to second straight week.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 0.5% and 0.4% respectively while Shanghai is off 0.1%. GIFT Nifty is suggesting around 50 points higher start for our market.

 

19633, the 78.6% retracement level of the recent 19850-18837 fall, is next upside target to eye. Above 19633, 19850, the top made in mid-October, would be the next target. 19329, the low made on Friday, is the immediate support, 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 target to eye. Above 44153, 44700, the top made in October, would be next upside level to eye. 43500 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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