13760 ACHIEVED; TRAIL STOP-LOSS TO 13530

 

13760 ACHIEVED; TRAIL STOP-LOSS TO 13530

 

WORLD MARKETS

 

US indices rose 0.5%-0.8% to close at new highs amid optimism around Covid vaccines as well as the hope that lawmakers will soon come to a consensus on additional stimulus measures.

 

Senate Majority Leader Mitch McConnell said a “bipartisan, bicameral agreement appears to be close at hand.”  House Speaker Nancy Pelosi also said Democrats were moving closer to a consensus.

 

Also, Food and Drug Administration advisors overwhelmingly backed Moderna’s Covid vaccine, a key step towards public distribution approval by the FDA.

 

Meanwhile, jobless claims totaled 885,000 last week, hitting their highest level since early September, and coming in above the expected print of 808,000.

 

Brent crude rose 34 cents to $51.42 a barrel and WTI crude futures rose by 45 cents to $48.27 a barrel, hitting 9-month high.

 

The U.S. dollar index touched a low of 89.867, it's lowest level in 2-1/2 year. Spot gold jumped 1.5% to $1,892.31 per ounce.

 

In Europe, FTSE fell 0.3% while DAX rose 0.8% and CAC was little changed.

 

Bank of England kept its main lending rate at 0.1% and maintained its target stock of asset purchases at £895 billion ($1.2 trillion).

 

AT HOME

 

Sensex and Nifty rose 0.5% and 0.4% respectively, extending the winning streak to fifth straight day and hitting yet another record high. Sensex settled at 46890, up 223 points while Nifty added 58 points to finish at 13740. Nifty mid-cap index however fell 0.3%. Small-cap index was up 0.2%. BSE Finance and Capital Goods indices rose 1% and 0.7% respectively, becoming top gainers among the sectoral indices while Metal index slipped 1.4%, becoming top loser, followed by 1% lower Oil & Gas and Utilities indices.

 

FIIs net bought stocks worth Rs 2355 cr but net sold index futures and stock futures worth Rs 375 cr and 361 cr respectively. DIIs were net sellers to the tune of Rs 2494 cr.

 

Rupee depreciated 3 paise to end at 73.70/$.

 

Aarti Industries, Dr. Lal Path Labs and HDFC AMC will be introduced in F&O segment from 1st January, 2021.

 

OUTLOOK

 

Today morning, Shanghai is up 0.2%, Nikkei is little changed while Hang Seng is down 0.4%. SGX Nifty is suggesting around 15 points higher start for our market.

 

In yesterday's report we had said that 13760 is the next upside target to eye and had advised trailing stop-loss to 13500.

 

Nifty, after touching a high of 13773, eased to end at 13740, achieving our target and vindicating our view.

 

13773, the top made yesterday, is the immediate hurdle, upon crossover of which 13825 would be the next upside target.

 

Immediate support on the hourly chart has moved up to 13530, with the stop-loss of which, trading longs should be held on to.

 

NIFTY NEARLY ACHIEVES 13700; TRAIL STOP-LOSS TO 13500

 

NIFTY NEARLY ACHIEVES 13700; TRAIL STOP-LOSS TO 13500

 

WORLD MARKETS

 

Dow fell 0.2% while S & P 500 and Nasdaq rose 0.2% and 0.5% respectively, awaiting a potential fiscal economic stimulus package and after the Federal Reserve reiterated its dovish stance as expected.

 

Fed pledged to keep buying bonds until the economic recovery was completed and also said it would increase its bond purchases if the recovery slows down.

 

Congressional leaders closed in on a $900 stimulus package that would include direct payments to individuals.

 

Retail sales fell 1.1% in November, the expected drop being 0.3%.

 

Brent crude rose 28 cents to $51.04 a barrel; WTI crude futures settled 20 cents, or 0.4%, higher at $47.82 per barrel.

 

European markets rose 0.3%-1.5% as the EU signaled progress in talks over a post-Brexit trade agreement with the U.K. The flash composite euro zone PMI came in at 49.8 in December, up from 45.3 in November and beating expectations.

 

Meanwhile, Germany started its Christmas lockdown in which schools and nonessential shops must close.

 

AT HOME

 

After four days of consolidation, benchmark indices made a decisive moved upwards by climbing nine tenth of a percent and hitting fresh record highs. Sensex settled at 46666, up 403 points while Nifty added 115 points to finish at 13683. Nifty mid-cap and small-cap indices rose 1.2% and 1% respectively. All the BSE sectoral indices ended higher with Realty index leading the tally, up 5%, followed by 2.4% higher Consumer Durables index.

 

 

FIIs net bought stocks and index futures worth Rs 1982 cr and 553 cr respectively but net sold stock futures worth Rs 58 cr. DIIs were net sellers to the tune of Rs 1718 cr.

 

Rupee appreciated 7 paise to end at 73.57/$.

 

OUTLOOK

 

Today morning, Asian markets are little changed while SGX Nifty is suggesting around 30 points lower start for our market.

 

In yesterday's report we had said that 13700 continued to be next upside target, upon crossover of which 13760 would be the next level to eye and had advised holding on to long positions with the stop-loss of 13400.

 

Nifty surged to touch a high of 13692 before closing at 13682, nearly achieving 13700 target.

 

13760 is the next upside target to eye.

 

Immediate support on the hourly chart has moved up to 13500, with the stop-loss of which, trading longs should be held on to.

 

13700, 13760 ARE UPSIDE TARGETS; 13400 IMMEDIATE SUPPORT

 

13700, 13760 ARE UPSIDE TARGETS; 13400 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices climbed 1.1%-1.3%, cheering developments in Washington regarding a stimulus package. S & P 500 snapped 4-day losing streak.

 

House Speaker Nancy Pelosi invited congressional leaders, including Senate Majority Mitch McConnell, to discuss government funding and the relief package.

 

Also, a bipartisan group of lawmakers released a proposal for another round of economic relief on Monday evening. The first plan calls for $748 billion in spending for programs liked by both Republican and Democrats, including federal unemployment benefits and additional loans under the Paycheck Protection Program. A second $160 billion bill would include the more controversial areas of business liability protections and financial aid to state and local governments.

 

Meanwhile, the U.S. is recording at least 215,400 new Covid-19 cases and at least 2,300 virus-related deaths each day, based on a seven-day average.

 

WTI crude settled up 63 cents, or 1.3%, at $47.62; Brent crude rose 41 cents, or 0.8% to $50.70 a barrel.

 

Dollar index fell 0.3% to 90.47. Spot gold jumped 1.4% to $1,852.36 per ounce.

 

In Europe, FTSE fell 0.3%, DAX surged 1.1% and CAC was little changed.

 

AT HOME

 

After falling about eight tenth of a percent in the morning, benchmark indices recouped all the losses later to end marginally in the green. Sensex settled at 46263, up 10 points while Nifty added 10 points to finish at 13568. Nifty mid-cap and small-cap indices rose 0.5% and 0.2% respectively. BSE Consumer Durables and Finance indices rose 1.2% and 0.7% respectively, becoming top gainers among the sectoral indices while FMCG and Oil & Gas indices fell 1.2% and 1% respectively, becoming top losers.

 

FIIs net bought stocks worth Rs 2484 cr but net sold index futures and stock futures worth Rs 95 cr and 177 cr respectively. DIIs were net sellers to the tune of Rs 2667 cr.

 

Rupee depreciated 6 paise to end at 73.64/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of upto 0.6% and SGX Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 13700 continued to be next upside target while 13400 was the immediate support, with the stop-loss of which, trading longs should be held on to.

 

Nifty, after touching a low of 13447, rebounded to end at 13568 and is set to open near 13600 today.

 

13700 continues to be next upside target, upon crossover of which 13760 would be the next level to eye.

 

13400 continues to be immediate support, with the stop-loss of which, trading longs should be held on to.

 

US Fed will release its statement with projections on the stance of monetary policy today. While the Fed’s long term view is expected to be improved due to the vaccine, the central bank is expected to sound very dovish.

 

TRAIL STOP-LOSS TO 13400

 

TRAIL STOP-LOSS TO 13400

 

WORLD MARKETS

 

After a positive start, Dow and S & P 500 saw a sustained downward move through the session to end with cuts of 0.6% and 0.4% respectively as fears of additional Covid-19 restrictions offset the optimism around a vaccine rollout. Nasdaq however gained half a percent.

 

New York City Mayor Bill warned that the city could experience a “full shutdown” soon. So far, in the US, more than 300,000 coronavirus-related deaths have been confirmed and over 16 million cases have been reported.

 

Meanwhile, U.S. began to roll out a coronavirus vaccine designed by Pfizer and BioNTech to distribution centers across the country and the first dose of the vaccine was administered in New York City.

 

Brent crude rose 32 cents, or 0.6%, to $50.29 a barrel, while WTI crude rose 42 cents, or 0.9%, to $46.99 a barrel.

 

Dollar index fell 0.24% to 90.544. Spot gold fell 0.6% to $1,827.55 per ounce.

 

In Europe, except 0.2% lower FTSE, other indices gained 0.3%-0.8%. UK health secretary said London will be placed on England’s toughest tier of Covid-19 restrictions. Germany will go into a full lockdown over the Christmas period. Meanwhile, Euro zone industrial production increased by 2.1% in October from the previous month.

 

Britain and the EU agreed on Sunday to keep negotiating over a Brexit trade deal but U.K. Prime Minister Boris Johnson still warned businesses to be ready for a “no-deal” exit on Dec. 31 when the transition period ends.

 

AT HOME

 

After a gap-up opening, benchmark indices tumbled nearly a percent from the top of the day, but recouped most of the losses in late noon session to end higher by a third of a percent, hit fresh record highs. Sensex settled at 46253, up 154 points while Nifty added 44 points to finish at 13558. Nifty mid-cap and small-cap indices rose 0.8% and 0.7% respectively. BSE Capital Goods and Oil & Gas indices were the top gainers among the sectoral indices, rising 2.1% and 2% respectively whereas Realty and Auto indices were the top losers, down 1% each.

 

FIIs net bought stocks worth Rs 2264 cr but net sold index futures and stock futures worth Rs 812 cr and 250 cr respectively. DIIs were net sellers to the tune of Rs 1721 cr.

 

Rupee appreciated 7 paise to end at 73.58/$.

 

India’s retail inflation stood at 6.93% in November, compared to 7.61% in October, mainly due to reduction in prices of some food items.

 

India's November WPI inflation came in at 1.55%, up from 1.48% in October.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.3%-0.9% and SGX Nifty is suggesting around 30 points lower start for our market.

 

In yesterday's report we had said that 13700 continued to be next upside target and that 13300 continued to be immediate support, with the stop-loss of which, trading longs should be held on to.

 

Nifty, after touching a high of 13597 in the initial trade, eased to end at 13558.

 

13700 continues to be next upside target.

 

13400, where a double bottom on the hourly chart is made, would now act as the immediate support, with the stop-loss of which, trading longs should be held on to.

 

13700 IS THE NEXT UPSIDE TARGET; 13300 CONTINUES TO BE IMMEDIATE SUPPORT

 

13700 IS THE NEXT UPSIDE TARGET; 13300 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow rose 0.2% while S & P 500 and Nasdaq fell 0.1% and 0.2% respectively on Friday amid US stimulus package doubt and increasing risk of 'no deal' Brexit.

 

British Prime Minister Boris Johnson said there was now a “strong possibility” of the U.K. departing the EU orbit without a free trade agreement at the end of the month, with a deadline to extend talks falling on Sunday and the two sides remaining at odds on key issues. European Commission President echoed Johnson’s comments, telling EU leaders there was a “higher probability for no deal than deal.”

 

Sterling fell 0.6% versus the dollar, trading at around $1.32.

 

Brent crude futures fell 28 cents, or 0.6%, to settle at $49.97 a barrel while WTI fell 21 cents, or 0.4%, to settle at $46.57.

 

Spot gold rose 0.3% to $1,839.90 per ounce.

 

European markets fell 0.8%-1.4%.

 

AT HOME

 

Benchmark indices managed to end higher by three tenth of a percent after an extremely volatile session. Sensex settled at 46099, up 139 points while Nifty added 35 points to finish at 13513. Nifty mid-cap and small-cap indices rose 0.2% and 0.6% respectively. BSE Utilities and Oil & Gas indices climbed 1.9% and 1.6% respectively, becoming top gainers among the sectoral indices while Healthcare and Teck indices were the top losers, down 0.4% and 0.3% respectively.

 

FIIs net bought stocks and index futures worth Rs 4195 cr and 290 cr respectively but net sold stock futures worth Rs 363 cr. DIIs were net sellers to the tune of Rs 2359 cr.

 

Rupee ended unchanged at 73.65/$.

 

For the week, Sensex and Nifty rose 2.26% and 1.93% respectively, extending the winning streak to sixth straight week.

 

The Index of Industrial Production (IIP) rose 3.6% in October, expanding for the second consecutive month and hitting an eight-month high.

 

OUTLOOK

 

In the US, CDC Director Robert Redfield has signed off on Pfizer’s Covid-19 vaccine, allowing inoculations to officially move forward for people ages 16 or older.

 

Today morning, Asian markets are trading with gains of 0.1%-0.7% and SGX Nifty is suggesting around 50 points higher start for our market.

 

In Friday's report we had said that 13549, the top made Wednesday, continued to be immediate hurdle, upon crossover of which, 13700 would be the next upside target.

 

Nifty, after touching a high of 13579, slipped to end at 13513 and is set to open around Friday’s high today.

 

13700 continues to be next upside target.

 

13700 ABOVE 13550; 13300 CONTINUES TO BE SUPPORT

 

13700 ABOVE 13550; 13300 CONTINUES TO BE SUPPORT

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.2% and 0.1% respectively following weaker-than-expected jobless claims data at a time when talks over new fiscal stimulus are dragging on. Nasdaq rose 0.5%.

 

Reports suggested Senate Majority Leader Mitch McConnell’s staff informed congressional leadership offices that Senate Republicans likely would not support a $908 billion bipartisan proposal. Earlier, House Speaker Nancy Pelosi said that bipartisan negotiations were leading to “great progress.”

 

Weekly jobless claims jumped last week to 853,000, their highest since Sept. 19.

 

A key Food and Drug Administration advisory panel recommended the approval of Pfizer and BioNTech’s coronavirus vaccine for emergency use.

 

Meanwhile, post-Brexit trade talks between the U.K. and European Union remain at an impasse over several issues including fishing rights and competition rules.

 

Brent crude jumped $1.39, or 2.84%, to settle at $50.25 per barrel, rising for a third day. WTI crude settled $1.26, or 2.8%, higher at $46.78 per barrel.

 

In Europe, FTSE rose half a percent, CAC was flat while DAX fell 0.3%. The European Central Bank expanded its massive monetary stimulus program by another 500 billion euros, taking its total value to 1.85 trillion euros and extending the time horizon for asset purchases until March 2022.

 

AT HOME

 

Sensex and Nifty fell 0.3% and 0.4% respectively, with Nifty snapping seven-day winning streak. Sensex settled at 45959, down 144 points while Nifty lost 51 points to finish at 13478. Nifty mid-cap and small-cap indices fell 0.8% and 0.5% respectively. BSE FMCG index climbed 2.7%, becoming top gainer among the sectoral indices, followed by 0.5% higher Realty index. Basic Materials and Power indices were the top losers, down 1.4% and 1.1% respectively.

 

FIIs net bought stocks worth Rs 2260 cr but net sold index futures and stock futures worth Rs 1311 cr and 1179 cr respectively. DIIs were net sellers to the tune of Rs 2275 cr.

 

Rupee depreciated 10 paise to end at 73.66/$.

 

UPL shares plunged after a whistleblower alleged that the promoters have siphoned off money.

 

OUTLOOK

 

Today morning, Hang Seng is up 0.8%, Shanghai is little changed while Nikkei is off half a percent. SGX Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that 13549, the top made Wednesday, was the immediate hurdle to eye and had advised holding on to long positions with the revised stop-loss of 13300.

 

The benchmark, after touching a low of 13399, rebounded to end at 13478 and is set to open near 13500 today.

 

13549, the top made Wednesday, continues to be immediate hurdle, upon crossover of which, 13700 would be the next upside target.

 

13300 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs should be held on to.

 

India’s Index of Industrial Production for October will be released today.

NIFTY ACHIEVES 13500, NEARLY ACHIEVES 13560; TRAIL STOP-LOSS TO 13300

 

NIFTY ACHIEVES 13500, NEARLY ACHIEVES 13560; TRAIL STOP-LOSS TO 13300

 

WORLD MARKETS

 

Dow and S & P fell 0.4% and 0.8% respectively while Nasdaq nosedived 1.9% as stimulus talks stalled and weakness in chip stocks weighed on the Nasdaq.

 

Senate Majority Leader Mitch McConnell said Republicans and Democrats were "still looking for a way forward" on additional fiscal aid.

 

On the Brexit front, a three-hour meeting between U.K. and European Union leaders failed to break an impasse in Brexit trade talks.

 

Brent crude rose 8 cents, or 0.2%, to $48.92 a barrel while U.S. WTI crude settled 8 cents, or 0.2%, lower at $45.52 per barrel. U.S. crude inventories rose by 15.2 million barrels to 503.2 million barrels last week, as against expectation of a 1.4 million-barrel drop.

 

In Europe, FTSE and DAX rose 0.1% and 0.5% respectively while CAC fell 0.2%.

 

Dollar index gained 0.2% to 91.067, rising for the fourth consecutive day. Spot gold tumbled 2.4% to $1,827.26 per ounce.

 

AT HOME

 

Bull run continued unabated as benchmark indices climbed a percent, hitting fresh record highs and Nifty extending the upmove to seventh straight day. Sensex settled at 46103, up 495 points while Nifty added 136 points to finish at 13529. Nifty mid-cap and small-cap indices rose 0.6% and 0.5% respectively. Nifty Media index soared 3.8%, becoming top gainer among the sectoral indices, followed by 1.7% higher Private Bank index.

 

FIIs net bought stocks and index futures worth Rs 3564 cr and 598 cr respectively but net sold stock futures worth Rs 591 cr. DIIs were net sellers to the tune of Rs 2493 cr.

 

Rupee depreciated 4 paise to end at 73.56/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.3%-0.8% and SGX Nifty is suggesting around 75 points lower start for our market.

 

In yesterday's report we had said that 13500 continued to be next upside target, upon crossover of which, 13560 would be the next level to eye.

 

Nifty achieved 13500 and went further to touch a high of 13549 before closing at 13529. The benchmark is set to open near 13450 today

 

13549, the top made yesterday, is now the immediate hurdle to eye.

 

Immediate support on the hourly chart has moved up to 13300, with the stop-loss of which, trading long should be held on to.