TRAIL STOP-LOSS TO 24750

 

TRAIL STOP-LOSS TO 24750

 

WORLD MARKETS

 

Dow rose 0.2% to close at a record high while S & P 500 and Nasdaq, pressured by slide in technology stocks, fell 0.3% and 0.8% respectively.

 

U.S. 10-year treasury yield rose 1 bps to 3.818%. Dollar index rose 0.2% to 100.86. Gold too rose 0.2% to $2518 per ounce.

 

Oil surged as supply concerns sharpened on reports of escalating conflict in the Middle East as well as production cuts in Libya. WTI crude futures jumped 3.5% to $77.42 while Brent futures rose 3% to $81.43 per barrel.

 

In Europe, U.K. markets were closed for a national bank holiday. CAC rose 0.2% while DAX eased 0.1%. German Ifo Business Climate Index dropped to 86.6 points in August from 87.0 points the previous month.

 

AT HOME

 

Benchmark indices climbed three fourth of a percent each, with Nifty extending the winning streak to eight straight session. Sensex settled at 81698, up 611 points while Nifty added 187 points to finish at 25010. Nifty mid-cap and small-cap indices gained 0.6% each. Except 0.5% and 0.2% lower PSU Bank and Media indices, all the NSE sectoral indices ended higher, with Meal and Realty indices on the top, up 2.2% and 1.8% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 483 cr, 3061 cr and 3275 cr respectively. DIIs were net buyers to the tune of Rs 1870 cr.

Rupee depreciated 1 paise to end at 83.90/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of upto half a percent and GIFT Nifty is suggesting a marginally lower start for our market.

 

In yesterday's report we had said that 25078, the top made on 1st August, was the next upside level to eye while 24550 was the important immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 25043, closed at 25010.

 

25078, the top made on 1st August, continues to be target for Nifty, above which 25500, where a rising trendline adjoining recent tops on daily chart is placed, would be next upside level to eye; Immediate support on the hourly chart has moved up to 24750, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 51318, the top made yesterday, which roughly coincided with 34-DMA, is the immediate hurdle, upon crossover of which, 51943 and 52565, the 61.8% and 78.6% retracement levels of the entire 53357-49654 fall, would be next upside levels to eye. On the way down, 50700 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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