TRAIL STOP-LOSS TO 21850

 

TRAIL STOP-LOSS TO 21850

 

WORLD MARKETS

 

U.S. markets were shut yesterday for President's day.

 

In Europe, FTSE rose 0.2%, CAC was flat while DAX fell 0.2%.

 

Dollar index was flat at 104.28. Gold rose quarter of a percent to $2018 per ounce.

 

Brent futures gained 9 cents to settle at $83.56 a barrel. WTI crude rose 30 cents to $79.49 a barrel.

 

AT HOME

 

Benchmark indices rose four tenth of a percent each, extending the winning streak to fifth straight session and Nifty hitting fresh record highs. Sensex settled at 72708, up 281 points while Nifty added 81 points to finish at 22122. Nifty mid-cap and small-cap indices also gained 0.4% each. Nifty Consumer Durables and Pharma indices were the top gainers among the sectoral indices, up 1.9% and 0.9% respectively while Realty and PSU Bank indices were the top losers, down 0.7% and 0.5% respectively.

 

FIIs net sold stocks and stock futures worth Rs 755 cr and 2107 cr respectively but net bought index futures worth Rs 720 cr. DIIs were net buyers to the tune of Rs 453 cr.

 

The Indian currency markets were closed today on account of Chatrapati Shivaji Maharaj Jayanti.

 

OUTLOOK

 

Today morning, Asian markets are trading flat to modestly lower and GIFT Nifty is suggesting modestly lower start for our market.

 

In yesterday's report we had said that 22126, the top made on 2nd February, was the next upside level to eye, upon crossover of which, 22550-22600 would be next target area and had advised holding on to longs with the stop-loss of 21775.

 

Nifty surged to touch a high of 22186 before closing at 22122.

 

22550-22600 is the next target area; Immediate support on the hourly chart has moved up to 21850, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 47029, followed by 47736, the 61.8% and 78.6% retracement levels of the 48636-44429 fall, are the upside levels to eye. 45600 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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