13500 NEXT; TRAIL STOP-LOSS TO 13180

 

13500 NEXT; TRAIL STOP-LOSS TO 13180

 

WORLD MARKETS

 

US indices rose 0.3%-0.5% on optimism over coronavirus vaccine rollout and hope that the Senate will soon agree to a stimulus package.

 

The U.K. administered the first Covid-19 vaccines to the public on Tuesday, making it one of the first countries in the world to do so

 

WTI crude settled 16 cents, or 0.3%, lower at $45.60 per barrel. Brent crude gained 7 cents to $48.86 a barrel.

 

Dollar index rose 0.1% to 90.95. Spot gold gained 0.4% to $1,871.65 per ounce.

 

In Europe, FTSE and DAX ended marginally higher while CAC fell 0.2%. Germany's ZEW investor sentiment index surged to 55.0 from 39.0 in the previous month, the expected reading being 45.5.

 

AT HOME

 

Sensex and Nifty managed to end higher by 0.4% and 0.3% respectively after a choppy session, hit yet another record intraday as well as closing highs. Senex added 181 points to settle at 45608 while Nifty finished at 13392, up 37 points. Nifty mid-cap and small-cap indices ended little changed. Nifty PSU Bank index soared 7.1%, becoming top gainer among the sectoral indices, followed by 0.8% higher Realty and IT indices. Metal and Pharma indices were the top losers, down 1.2% each.

 

FIIs net bought stocks and stock futures worth Rs 2910 cr and 19 cr respectively but net sold index futures worth Rs 324 cr. DIIs were net sellers to the tune of Rs 2641 cr.

 

Rupee appreciated 37 paise to end at 73.52/$.

 

OUTLOOK

 

China's consumer price index fell 0.5% in November from a year ago, marking the first fall in a decade as food prices dropped.

 

Today morning, Asian markets are trading with gains of 0.3%-1% and SGX Nifty is suggesting around 25 points higher start for our market.

 

In yesterday's report we had said that 13400, followed by 13500 continued to be upside targets to eye and had advised trailing stop-loss to 13170.

 

Nifty, after touching a high of 13435, ended at 13392.

 

13500 continues to be next upside target, upon crossover of which, 13560 would be the next level to eye.

 

13180 is the immediate support on the hourly chart, with the stop-loss of which, trading longs should be held on to.

 

TRAIL STOP-LOSS TO 13170

 

TRAIL STOP-LOSS TO 13170

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.5% and 0.2% respectively on the back of increase in Covid infections, coupled with the uncertainty around additional fiscal aid. Nasdaq however rose 0.4%.

 

Republican and Democratic leaders said that Congress is trying to extend government funding for an additional week to try and strike a deal on new Covid-19 aid.

 

Meanwhile, daily infection rate of coronavirus, as a seven-day average, along with hospitalizations, is at an all-time high in the US, prompting several states and cities to reimpose stricter social-distancing measures.

 

Brent crude fell 46 cents to settle at $48.79 per barrel, while WTI settled 50 cents, or 1.1%, lower at $45.76 per barrel.

 

Spot gold rose 1.3% to $1,860.49 per ounce. Dollar index was little changed at 90.795.

 

In Europe, except 0.1% higher FTSE, other markets ended with cuts of 0.2%-0.6%. On Brexit front, both sides, the UK and the EU, remain divided over three issues: fisheries, competition rules and governance of their potential deal.

 

AT HOME

 

Benchmark indices gained three fourth of a percent, hitting fresh record highs. Sensex added 347 points to settle at 45426 while Nifty finished at 13355, up 97 points. Nifty mid-cap and small-cap indices surged 1.1% and 1.3% respectively. Except 0.3% lower Realty index, all the NSE sectoral indices ended higher, with Media and PSU Bank indices leading the tally, up 2.8% and 2.1% respectively.

 

FIIs net bought stocks worth Rs 3792 cr but net sold index futures and stock futures worth Rs 1130 cr and 301 cr respectively. DIIs were net sellers to the tune of Rs 2767 cr.

 

Rupee depreciated 10 paise to end at 73.90/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are down 0.2% each while Shanghai is up 0.2%. SGX Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that 13400 was the immediate upside target, upon crossover of which, 13500 would be the next level to eye.

 

Nifty touched a high of 13366 before closing at 13355.

 

13400, followed by 13500 continues to be upside targets to eye.

 

Immediate support on the hourly chart has moved up to 13170, with the stop-loss of which, trading longs should be held on to.

 

13400, 13500 ARE NEXT UPSIDE TARGETS; TRAIL-STOP LOSS TO 13107

 

13400, 13500 ARE NEXT UPSIDE TARGETS; TRAIL-STOP LOSS TO 13107

 

WORLD MARKETS

 

US indices rose 0.7%-0.9% on Friday, posting intraday and closing record highs, on expectation that weak jobs report could pressure U.S. lawmakers to make some headway with further fiscal stimulus.

 

U.S. economy added 245,000 jobs in November, well below a consensus estimate of 440,000. The unemployment rate, however, matched expectations by falling to 6.7% from 6.9%.

 

Reports have suggested a stimulus package is making progress, with a $908 billion coronavirus aid plan reportedly garnering bipartisan support late on Thursday.

 

Meanwhile, the U.S. reported record numbers of new coronavirus infections, single-day deaths and hospitalizations on Thursday.

 

Brent crude gained 1.1% to settle at $49.25 per barrel after hitting its highest since early March at $49.92. WTI settled 1% higher at $46.26 per barrel after touching a high of $46.68 a barrel. Both benchmarks registered fifth straight week of gains.

 

Spot gold fell 0.3% to $1,834.92 per ounce.

 

European markets gained 0.6%-0.9%.

 

For the week, US indices gained 1%-2.1%. In Europe, FTSE surged 2.9%, CAC was up 0.2% while DAX fell 0.3%. In Asia, Hang Seng fell 0.2% while other markets gained between 0.4%-2.2% with India on the top. WTI crude gained 1.2% to $46.09 per barrel. Dollar index fell 1.1% to 90.81.

 

 

AT HOME

 

Benchmark indices ended higher by a percent after a volatile session, hitting fresh record intraday as well as closing highs. Sensex settled at 45079, up 446 points while Nifty added 124 points to finish at 13258. Nifty mid-cap and small-cap indices rose 0.4% each. All the NSE sectoral indices ended in green with Bank and FMCG indices leading the tally, up 2% and 1.4% respectively.

 

FIIs net bought stocks and index futures worth Rs 2970 cr and 897 cr respectively but net sold stock futures worth Rs 288 c. DIIs were net sellers to the tune of Rs 1972 cr.

 

Rupee appreciated 10 paise to end at 73.80/$.

 

For the week, Sensex and Nifty rose 2.1% and 2.2% respectively, extending the winning streak to fifth straight week. Nifty mid-cap and small-cap indices also rose for the fifth consecutive week.

 

OUTLOOK

 

Today morning, Asian markes are trading with cuts of 0.2%-1.4% with Hang Seng leading the losses. SGX Nifty is suggesting around 30 points lower start for our market.

 

In Friday's report we had said that 13275 continued to be next upside target upon crossover of which, 13500 would be the next major target. We had also advised holding on to long positions with the stop-loss of 12980.

 

Nifty touched a high of 13280 before closing at 13258 and is set to open

 

13400, where an upward sloping trendline adjoining recent tops on the hourly chart is placed, is the immediate upside target, upon crossover of which, 13500 would be the next level to eye.

 

Immediate support on the hourly chart has moved up to 13107, with the stop-loss of which, trading longs should be held on to.

 

13275 IS THE UPSIDE TARGET; 12980 IS IMMEDIATE SUPPORT

 

13275 IS THE UPSIDE TARGET; 12980 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow and Nasdaq rose 0.3% and 0.2% respectively while S & P 500 fell 0.1%.  Indices pared gains in last half an hour on news that Pfizer expects to ship half of the Covid-19 vaccines it originally planned for this year due to supply-chain problems.

 

Jobless claims totaled 712,000 last week, compared with 787,000 a week earlier and the estimate of 780,000.

 

Brent crude futures rose 1.4% to $48.92 per barrel, while WTI futures settled 36 cents, or 0.8%, higher at $45.64 per barrel. OPEC and non-OPEC allies agreed to increase production by 500,000 barrels per day beginning in January. This will bring the total production cuts at the start of 2021 to 7.2 million bpd

 

In Europe, FTSE rose 0.4% while DAX and CAC fell 0.4% and 0.2% respectively.

 

AT HOME

 

After rising nearly three fourth of a percent at the open, benchmark indices gave away most of the gains through the session to end just marginally higher. Sensex settled at 44632, up 14 points while Nifty added 20 points to finish at 13133. Nifty mid-cap and small-cap indices however rose 0.6% each. Nifty PSU Bank index soared 4.8%, becoming top gainer among the sectoral indices, followed by 2.8% higher Media index. IT and Private Bank indices were the top losers, down 0.5% each.

 

FIIs net bought stocks, index futures and stock futures worth Rs 3637 cr, 176 cr and 534 cr respectively. DIIs were net sellers to the tune of Rs 1440 cr.

 

Rupee depreciated 10 paise to end at 73.90/$.

 

India's November Services PMI fell to 53.7 from 54.1 month-on-month while Composite PMI eased to 56.3 from 58.

 

HDFC Bank fell after RBI asked the bank to temporarily halt sourcing new credit cards and stop the launch of its digital business-generating activities planned under Digital 2.0 and other proposed business generating IT applications.

 

OUTLOOK

 

Today, Nikkei and Shanghai are down 0.4% each while Hang Seng is flat. SGX Nifty is suggesting around 40 points higher start for our market.

 

In yesterday's report we had said that 13145 continued to be immediate hurdle, upon crossover of which, 13275 would be the next target.

 

Nifty touched a high 13216 in the initial trade, but eased from there to end at 13133 and is set to open above 13150 today.

 

13275 continues to be next upside target upon crossover of which, 13500 would be the next major target.

 

12980, the bottom made Wednesday, is the immediate support now, with the stop-loss of which, trading longs should be held on to.

 

RBI's Monetary Policy Committee is likely to keep policy rates unchanged when the decision is announced at 10.00 am today. However, markets would watch out for comments on growth, inflation and  liquidity.

 

The U.S. economy is expected to have added 440,000 jobs, compared 638,000 in October. The unemployment rate is estimated to have decreased to 6.7% from 6.9%.

 

13145 CONTINUES TO BE IMMEDIATE HURDLE; 12850 IMMEDIATE SUPPORT

 

13145 CONTINUES TO BE IMMEDIATE HURDLE; 12850 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

After opening with cuts of more than half a percent, Dow and S & P 500 saw a sustained upward move through the session to end higher by 0.2%. Nasdaq ended a tad lower. The rebound happened following latest developments surrounding a new round of U.S. fiscal stimulus negotiations.

 

House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer said in a joint statement that the bipartisan bill unveiled on Tuesday should be used as “basis for immediate bipartisan, bicameral negotiations.”

 

U.K. became the first country to grant emergency approval to the Covid-19 vaccine from Pfizer and BioNTech. U.S. regulators are expected to make determinations on that vaccine and a similar vaccine from Moderna later this month, possibly allowing distribution to begin before the start of 2021.

 

The House of Representatives unanimously passed a bill that would require Chinese companies to adhere to U.S. auditing standards if they want their stocks to be to be listed on US exchanges.

 

U.S. private payrolls rose by 307,000 in November, missing the estimated figure of 475,000.

 

Brent crude futures rose 94 cents, or 2%, to $48.36 a barrel while WTI crude settled 1.6%, or 73 cents, higher at $45.28 per barrel.

 

Dollar index touched a fresh two and a half year low at 90.99 before recovering to 91.11. Spot gold rose 0.7% to $1,827.63 per ounce.

 

In Europe, FTSE rose 1.2%, CAC was flat while DAX fell 0.5%. German retail sales rebounded in October while Italy’s unemployment rate climbed to 9.8% in October from an upwardly revised 9.7% in September.

 

AT HOME

 

It was a day of volatile consolidation as benchmark indices, after a flattish start, plunged a percent, only to recoup all the losses in late trade to end little changed. Sensex settled at 44618, down 37 points while Nifty added 4 points to finish at 13113. Nifty mid-cap index rose half a percent while small-cap index ended flat. NSE Realty and Metal indices surged 3% and 2.6% respectively, becoming top gainers among the sectoral indices while Bank and Financial Services indices fell 1.2% each, becoming top losers.

 

FIIs net bought stocks and stock futures worth Rs 357 cr and 462 cr respectively but net sold index futures worth Rs 1082 cr. DIIs were net sellers to the tune of Rs 1636 cr.

 

Rupee depreciated 12 paise to close at 73.80/$.

 

OUTLOOK

 

Today morning, Nikkei and Shanghai are trading with modest cuts while Hang Seng is up 0.4%. SGX Nifty is suggesting a marginally higher start for our market.

 

In yesterday's report we had said that 13145 continued to be immediate hurdle, while immediate support had moved up to 12850.

 

Nifty, after touching a low of 12983, rebounded to end at 13113.

 

13145 continues to be immediate hurdle, upon crossover of which, 13275 would be the immediate target. Once 13275 is taken out, 13500 would be the next major target.

 

12850, where a trendline adjoining recent bottoms on the hourly chart is placed, continues to be immediate support.

 

13145 IS THE IMMEDIATE HURDLE; 12850 IMMEDIATE SUPPORT

 

13145 IS THE IMMEDIATE HURDLE; 12850 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices rose 0.6%-1.3% to hit a new record on coronavirus vaccine optimism and after U.S. legislators indicated progress on economic stimulus.

 

A group of lawmakers unveiled a bipartisan $908 billion coronavirus stimulus plan  which included $288 billion for small-business relief, $16 billion for the distribution of a coronavirus vaccine and $82 billion for schools. However, Senate Majority Leader Mitch McConnell did not endorse the bipartisan plan, saying he wants to pass a “targeted relief bill” instead.

 

The ISM manufacturing reading came in at 57.5, missing a consensus estimate for 58, and below the prior reading of 59.3.

 

Meanwhile, Pfizer and BioNTech applied to the European Medicines Agency for the conditional marketing authorization of their coronavirus vaccine. If approved, immunizations could be available in Europe this month.

 

Brent crude settled 0.6% lower at $47.42 per barrel, while WTI slid 1.74% to $44.55 per barrel. Reports suggested that OPEC+ delayed talks on output policy for next year until Thursday as key players are still in disagreement on how much oil they should pump amid weak demand.

 

The dollar index fell 0.6% to 91.361, hitting 91.263, the lowest since late April 2018. Gold jumped more than 2% and silver soared over 6%.

 

The Organization for Economic Cooperation and Development (OECD)  lifted its global economic outlook and projected world real gross domestic product growth to reach pre-pandemic levels by the end of 2021.

 

Main European markets gained 0.7%-1.9%. Euro zone inflation remained in negative territory for the fourth consecutive month in November, strengthening the case for further stimulus from the ECB in December.

 

AT HOME

 

New month and the week started on a buoyant note as benchmark indices climbed 1.1% each, to scale fresh record highs on closing basis. Sensex settled at 44655, up 505 points while Nifty added 140 points to finish at 13109. Nifty mid-cap and small-cap indices rose 1% and 0.9% respectively. Except a flat FMCG index, all the NSE sectoral indices ended higher, with Realty and PSU Bank indices leading the tally, up 3.3% and 2.9% respectively.

 

FIIs net bought stocks and stock futures worth Rs 3242 cr and 192 cr respectively but net sold index futures worth Rs 482 cr. DIIs were net sellers to the tune of Rs 1043 cr.

 

Rupee appreciated 37 paise to end at 73.68/$.

 

GST collections for the month of November came in unchanged month-on-month and up 1.4% YoY at Rs 1.05 lakh cr.

 

India manufacturing PMI slipped to a 3-month low of 56.3 from 58.9 in October.

 

Hero MotoCorp November sales rose 14.4% to 5.91 lakh units. Tata Motors sales rose 21% to 49650 units. Eicher Motors' Royal Enfield sales rose 6% to 63782 units. Maruti November sales rose 1.7% y-o-y to 1.53 lk units. Bajaj Auto sold 5% higher vehicles at 4.22 lk units. Escorts ales rose 33% to 10165 units. Ashok Leyland sold 10659 units, a growth of 5%. M & M auto sales rose 3.6% to 42731 units while tractor sales surged 56% to 32726 units. TVS Motor sold3.22 lk units, a growth of 21.1%.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.1%-0.5% and SGX Nifty is suggesting a marginally lower start for our market.

 

In yesterday's report we had said that 13145, the top made last week, was the immediate hurdle while 12790-12730 was the important support zone.

 

Nifty surged to touch a high of 13128 before closing at 13109.

 

13145 continues to be immediate hurdle, upon crossover of which, 13500 would be the next major target.

 

12850 is where a trendline adjoining recent bottoms on the hourly chart is placed, and would work as immediate support.

 

12790-12730 IS THE SUPPORT ZONE; 13145 IMMEDIATE HURDLE

 

12790-12730 IS THE SUPPORT ZONE; 13145 IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.9% and 0.5% respectively while Nasdaq ended little changed as investors cashed in on gains after a strong month.

 

Fed Chair Jerome Powell called the U.S. economic outlook “extraordinarily uncertain.”

 

Moderna said it will request emergency clearance for its Covid-19 vaccine after new data confirmed it was more than 94% effective.

 

Meanwhile, New York Gov. Andrew Cuomo said the state was implementing emergency hospital measures as cases continue to rise.

 

Earlier, China's official manufacturing PMI for November came in at 52.1— the highest reading in more than three years.

 

Brent January futures dropped 64 cents, or 1.3%, to $47.54 per barrel while  WTI crude for January settled 19 cents, or 0.4%, lower at $45.34 per barrel, on uncertainty about whether OPEC+ would agree to extend its deep output cuts at talks this week.

 

European markets fell 0.3%-1.6% for the day but posted their best monthly gain on record.

 

For the month of November, Dow rallied 11.8%, posting its best one-month performance since January 1987. The S&P 500 and Nasdaq Composite rose 10.8% and 11.8%, respectively, for their strongest monthly advances since April.

 

AT HOME

 

It was a day of consolidation as benchmark indices ended with modest cuts after trading in a narrow range through the session. Sensex settled at 44150, down 110 points while Nifty lost 18 points to finish at 12968. Nifty mid-cap and small-cap indices however soared 2.7% and 3.1% respectively, posting biggest gains in 2-months. BSE Realty and Consumer Durables indices gained 2.7% and 2.4% respectively, becoming top gainers among the sectoral indices while Energy and Teck indices were the top losers, down 1.1% and 1% respectively.

 

FIIs net bought stocks and index futures worth Rs 7713 cr and 1770 cr respectively but net sold stock futures worth Rs 3735 cr. DIIs were net sellers to the tune of Rs 4969 cr. Foreign investors net bought Rs 65,317.13 crore worth of Indian equities in November, the highest-ever inflow in a single month.

 

Rupee depreciated 16 paise to close at 74.05/$.

 

For the week, Sensex and Nifty rose 0.6% and 0.8% respectively, extending the winning streak to fourth straight week.

 

India’s real GDP fell to 7.5% in the July-September quarter compared to a contraction of 23.9% in the three months ended June.

 

The output of eight core infrastructure sectors dropped by 2.5% in October, contracting for the eighth consecutive month.

 

India’s fiscal deficit widened further to Rs 9.53 lakh crore, at nearly 120% of the annual budget estimate, in October.

 

New peak margin norms come into effect from Today, due to which, the maximum intra-day leverage that can be offered by a broker will now be restricted and will keep reducing until September 1, 2021.

 

OUTLOOK

 

Today morning, Nikkei is up 1.3% while Hang Seng and Shanghai are trading with gains of 0.4% and 0.1% respectively. SGX Nifty is trading around 13000, suggesting a marginally lower start when compared to Friday's closed of Nifty future.

 

12790 and 12730 are the bottoms made in last two weeks, making 12790-12730 and important support zone.

 

13145, the top made last week, is the immediate hurdle.

 

Auto companies will report November sales figures today.