TRAIL STOP-LOSS TO 20200

 

TRAIL STOP-LOSS TO 20200

 

WORLD MARKETS

 

U.S. indices fell 0.1%-0.8%.

 

U.S. 10-year treasury yield rose 6 bps to 4.257%. Dollar index rose 0.4% to 103.64. Gold, after hitting a record high of $2147 per ounce, slipped to end at $2028 per ounce, a cut of 2.1% compared to previous close.

 

Brent and WTI crude futures fell 0.5% each to $78.46 and $73.70 a barrel respectively.

 

In Europe, FTSE and CAC fell 0.2% each while DAX was little changed. Data showed that exports from Germany unexpectedly fell in October.

 

AT HOME

 

Benchmark indices soared 2% each, their best single day gain since 4th October 2022 and hit fresh record highs. Sensex settled at 68865, up 1383 points while Nifty added 418 points to finish at 20686. Nifty mid-cap and small-cap indices gained 1.2% and 1.4% respectively, also hitting fresh record highs. Except 0.8% and 0.2% lower Media and Pharma indices, all the NSE sectoral indices ended higher with Nifty Bank being the top gainer, up 3.6%, followed by 3.2% higher Financial Services and Oil & Gas indices.

 

FIIs net bought stocks, index futures and stock futures worth Rs 2073 cr, 1988 cr and 3261 cr respectively. DIIs were net buyers to the tune of Rs 4797 cr.

 

Rupee depreciated 8 paise to end at 83.37/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.6%-1.4% and GIFT Nifty is suggesting a marginally higher start for our market.

 

In yesterday's report we had said that 20550, followed by 20700, are the next upside levels to eye while 20000 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 20702 before closing at 20686.

 

20850, followed by 21000 are the next upside levels to eye; 20200 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 48000, around which a rising trendline adjoining tops made in December 2022 and July 2023 is placed, is the next major target; 44700 is immediate support.

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