22000 NEXT; TRAIL STOP-LOSS TO 21475

 

22000 NEXT; TRAIL STOP-LOSS TO 21475

 

WORLD MARKETS

 

Dow and S & P 500 ended marginally in the green while Nasdaq finished marginally in the red.

 

Initial filings for unemployment last week move higher, rising 12,000 from the previous period.

 

U.S. 10-year treasury yield rose 5 bps to 3.844%. Dollar index rose 0.3% to 101.21. Gold fell 0.6% to $2065 per ounce.

 

Oil prices fell 3% as more shipping companies said they were ready to transit the Red Sea route, easing concerns about supply disruptions. Brent crude futures for March slipped 2.8% to $77.30 while WTI crude futures fell 3.2% to settle at $71.77 a barrel.

 

European markets saw cuts of upto half a percent.

 

AT HOME

 

Sensex and Nifty gained 0.5% and 0.6% respectively, extending the winning streak to fifth consecutive day and hitting fresh record highs. Sensex settled at 72410, up 372 points while Nifty added 124 points to finish at 21778. Nifty mid-cap and small-cap indices gained 0.6% and 0.8% respectively. Except 0.1% and 0.03% lower IT and Consumer Durables indices, all the NSE sectoral indices ended higher, with Oil & Gas and FMCG indices being the top gainers, up 2% and 1.4% respectively.

 

FIIs net bought stocks and stock futures worth Rs 4359 cr and 7106 cr respectively but net sold index futures worth Rs 903 cr. DIIs were net buyers to the tune of Rs 137 cr.

 

Rupee appreciated 18 paise to end at 83.16/$.

 

For the December derivative series, Nifty surged 8.2%.

 

OUTLOOK

 

Today morning, Shanghai and Hang Seng are up 0.5% and 0.1% respectively while Nikkei is off 0.2%. GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 21800, followed by 22000, were the next upside levels to eye while 21400 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty surged to touch a high of 21801 before closing at 21778.

 

22000 is the next upside level to eye; Immediate support on the hourly chart has moved up to 21475, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 49000, followed by 49350, are the next upside levels to eye; 47800 is the immediate support.