TRAIL STOP-LOSS TO 25100

 

TRAIL STOP-LOSS TO 25100

 

WORLD MARKETS

 

U.S. markets were closed yesterday due to the Labor Day holiday.

 

Dollar index fell 0.1% to 101.64. Gold fell 0.2% to $2499 per ounce.

 

WTI crude rose 0.7% to $74.04 while Brent crude futures settled up 0.8% at $77.52 a barrel.

 

In Europe, FTSE fell 0.2% while DAX and CAC gained 0.1% and 0.2% respectively. Euro zone manufacturing activity remained firmly in contractive territory, coming in at 45.8 in August as it was weighed down by Germany and France. U.K. manufacturing PMI increased to a 26-month high of 52.5 in August.

 

AT HOME

 

Benchmark indices gained a fifth of a percent each, hitting fresh record highs and Nifty closing in the green for the thirteenth consecutive session. Sensex settled at 82559, up 194 points while Nifty added 43 points to finish at 25278. Nifty mid-cap and small-cap indices however fell 0.2% and 0.3% respectively. Nifty FMCG and Financial Services indices were the top gainers among the sectoral indices, up 0.8% and 0.7% respectively while Metal and Pharma indices were the top losers, down 1% each.

 

FIIs net bought stocks and stock futures worth Rs 1735 cr and 2186 cr respectively but net sold index futures worth Rs 600 cr. DIIs were net buyers to the tune of Rs 356 cr.

 

Rupee depreciated 6 paise to end at 83.92/$.

 

OUTLOOK

 

Today morning, Nikkei is up 0.1% while Hang Seng and Shanghai are down 0.4% and 0.3% respectively. GIFT Nifty is suggesting a modestly higher start for our market.

 

In yesterday's report we had said that 25600, around was the next big upside target to eye while 25000-24950 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 25333, closed at 25278.

 

25600, around which a rising trendline adjoining recent tops on daily chart is placed, continues to be next big upside target to eye; 25100 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, upon sustained crossover of 51500, 51943 and 52565, the 61.8% and 78.6% retracement levels of the 53357-49654 fall, would be next upside levels to eye; 51000-50900 continues to be support zone.

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