20550, 20700 ARE NEXT UPSIDE TARGETS; TRAIL STOP-LOSS TO 20000
WORLD MARKETS
Dow rose 0.8%, while S
& P 500 and Nasdaq gained 0.6% each on Friday with the Dow surging to highest
level after January 2022 while S & P posted highest close since March 2022.
Fed Chair Powell, in
prepared remarks for an audience at Spelman College in Atlanta, said “the risks
of under- and over-tightening are becoming more balanced,” but the Fed is not
thinking about lowering rates right now.
U.S. November S & P
Global final manufacturing PMI came in at 49.4 Vs 50 month-on-month.
U.S. 10-year treasury
yield fell 13 bps to 4.197%. Dollar index fell 0.3% to 103.19. Gold surged 1.8%
to $2072 per ounce.
Brent crude futures for
February dropped 2.5% to $78.84 a barrel while WTI futures fell 2.6% to $74.01
a barrel. The fall came after the Organization of the Petroleum Exporting
Countries coalition and its allies, known as OPEC+, announced there would be no
formal extension of production cuts. However, Saudi Arabia extended its 1
million barrel per day voluntary cut into the first quarter, and other members
announced their own reductions.
European markets gained
0.5%-1.1%.
For the week, Dow surged
2.4% while S & P 500 and Nasdaq inched up 0.8% and 0.4% respectively, all
extending the winning streak to fifth straight week.
AT HOME
Benchmark indices gained
seven tenth of a percent each, extending the winning streak to fourth straight
session and with Nifty hitting fresh record high. Sensex settled at 67481, up
492 points while Nifty added 135 points to finish at 20268. Nifty mid-cap and
small-cap indices climbed 1.1% and 0.5% respectively, both hitting fresh record
highs. Except 0.4% lower Auto index, all the NSE sectoral indices ended higher,
with Media and PSU Bank indices being the top gainers, up 2.6% and 1.9%
respectively.
FIIs net bought stocks,
index futures and stock futures worth Rs 1590 cr, 703 cr and 4683 cr
respectively. DIIs were net buyers to the tune of Rs 1448 cr.
Rupee appreciated 11
paise to end at 83.29/$.
For the week, Sensex and
Nifty climbed 2.3% and 2.4% respectively, extending the winning streak to fifth
consecutive week and the latter hitting fresh record highs.
In the Assembly election
result announced yesterday, BJP clinched Rajasthan and Chhattisgarh from
Congress while retained Madhya Pradesh with a two-third majority. Congress won
Telangana.
OUTLOOK
Today morning, Hang Seng
and Shanghai are up 0.6% and 0.2% respectively but Nikkei is down 0.4%. GIFT
Nifty is suggesting nearly 260 points gap-up start for our market.
In Friday's session, we
had advised trailing stop-loss in longs to 19900.
On Friday, Nifty rose to
20291 before closing at 20267 and is set to open near 20500 today.
20550, around which a
rising trendline adjoining tops made in July and September 2023 is placed, is
the next upside target above which, 20700, around which a rising trendline
adjoining tops made in December 2022 and July 2023 is placed, would be next upside
level to eye; 20000 is the immediate support on the hourly chart, with the
stop-loss of which, trading longs can be held on to.
For Banknifty, 45400, the
78.6% retracement level of the fall seen since mid-September, is the next
upside level to eye, above which, 46200, around which a trendline adjoining
tops made in July and September is placed, would be next upside target. 44200 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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