TRAIL STOP-LOSS TO 20375

 

TRAIL STOP-LOSS TO 20375

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.2% and 0.1% respectively while Nasdaq rose 0.3%

 

JOLTs job openings figures for October came in below expectations at 8.7 million, sliding 617,000 to the lowest level since March 2021. Expected figure was 9.4 million.

 

U.S. 10-year treasury yield fell 9-bps to 4.167%. Dollar index rose 0.3% to 103.96. Gold fell half a percent to $2019 per ounce.

 

Oil prices fell for the fourth consecutive day. The WTI contract for January fell 1% to $72.32 a barrel, while Brent crude contract for February fell 1.1%, to settle at $77.20 a barrel.

 

In Europe, FTSE fell 0.3% while DAX and CAC rose three fourth of a percent each.

 

AT HOME

 

Sensex and Nifty climbed 0.6% and 0.8% respectively, extending the winning streak to sixth straight day and hit fresh record highs. Sensex settled at 69296, up 431 points while Nifty ended 168 points higher at 20855. Nifty mid-cap and small-cap indices gained 0.5% and 0.1% respectively, also hitting fresh record highs. Nifty Metal index surged 3.1%, becoming top gainer among the sectoral indices, followed by 1.4% higher PSU Bank and Oil & Gas indices. Media and IT indices were the top losers, down 0.6% each.

 

FIIs net bought stocks, index futures and stock futures worth Rs 5223 cr, 1938 cr and 921 cr respectively. DIIs were net sellers to the tune of Rs 1399 cr.

 

Rupee ended unchanged at 83.38/$.

 

India's November Services PMI eased to 56.9 from 58.4 in October. The composite PMI fell to 57.4 from 58.4.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 1.7% and 0.4% respectively while Shanghai is marginally in the red. GIFT Nifty is suggesting around 100 points higher start for our market.

 

In yesterday's report we had said that 20850, followed by 21000, were the next upside levels to eye while 20200 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 20864 before closing at 20855. The benchmark is set to open near 20950 today.

 

21000 is the next upside target to eye; 20375 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; 44900 is immediate support.

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