TRAIL STOP-LOSS TO 22000

 

TRAIL STOP-LOSS TO 22000

 

WORLD MARKETS

 

U.S. indices fell 0.2%-0.9% as Nvidia led a broader tech decline ahead of the chipmaker’s earnings report.

 

U.S. 10-year treasury yield was flat at 4.275%. Dollar index fell 0.1% to 104.07. Gold gained 0.3% to .$2024 per ounce.

 

WTI crude future fell 1.3% to settle at $78.18 a barrel and Brent dropped 1.4% to $82.40 a barrel.

 

In Europe, FTSE and DAX fell 0.1% each while CAC rose a third of a percent.

 

AT HOME

 

Sensex and Nifty gained 0.5% and 0.3% respectively, extending the winning streak to fifth straight session. Nifty hit fresh record high. Sensex settled at 73057, up 349 points while Nifty added 74 points to finish at 22196. Nifty mid-cap and small-cap indices however fell 0.1% and 0.5% respectively. Nifty Media index was the top gainer among the sectoral indices, up 2.3%, followed by 1.2% higher Bank, Financial Services and Realty indices. IT and Auto indices were the top losers, down 0.9% and 0.6% respectively.

 

FIIs net sold stocks and stock futures worth Rs 1336 cr and 1704 cr respectively but net bought index futures worth Rs 618 cr. DIIs were net buyers to the tune of Rs 1491 cr.

 

Rupee appreciated 6 paise to end at 82.96/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 1.5% and 0.2% respectively while Nikkei is off 0.4%. GIFT Nifty is suggesting a modestly higher start for our market.

 

In yesterday's report we had said that 22550-22600 was the next target area while immediate support on the hourly chart had moved up to 21850, with the stop-loss of which, trading longs could be held on to.

 

Nifty rose to touch a high of 22215 before closing at 22196.

 

22325 is the next immediate target above which, 22550-22600 would be next target area; Immediate support on the hourly chart has moved up to 22000, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 47736, the 78.6% retracement levels of the 48636-44429 fall, is  the next upside levels to eye; 46300 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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