7980 IS THE IMMEDIATE SUPPORT; 8130 IMMEDIATE HURDLE

7980 IS THE IMMEDIATE SUPPORT; 8130 IMMEDIATE HURDLE
WORLD MARKETS                             
US indices fell 0.6%-0.9%
National Association of Realtors Home Sales Index fell 2.5% in November from October.
Treasury yields fell, with the 10-year yield at 2.51% and the 2-year yield around 1.26%. Dollar index rose 0.2% to 103.22.
US oil rose 16 cents to $54.06 per barrel. Brent added 13 cents to $56.22. Data from API after Wednesday’s close showed 4.2 million barrel build in US crude oil stocks as against expectation of a 2.1 million barrels decline.
In Europe, FTSE added 0.5%, DAX and CAC ended flat while Italy fell 0.8%.
AT HOME
After rising about eight tenth of percent, benchmark indices gave away all the gains in the late noon plunge to end flat. Sensex settled at 26211, down 3 points while Nifty added 2 points to finish at 8035. BSE mid-cap and small-cap indices gained 0.5% and 0.9% respectively. BSE Healthcare and Telecom indices added 0.8% and 0.7% respectively to become top gainers among the sectoral indices while Energy and Oil & Gas indices were the top losers, down 0.3% each.
FIIs net sold stocks worth Rs 527 cr but net bought index futures and stock futures worth Rs 1628 cr and 819 cr respectively. DIIs were net buyers to the tune of Rs 825 cr.
Rupee depreciated 16 paise to end at 68.23/$, the weakest finish since December 1.
OUTLOOK
Today morning Asian markets are trading with cuts of 0.2%-1.2% and SGX Nifty is suggesting a marginally lower start for our market.
In yesterday’s report we had mentioned that a crossover of 8045, the top made Tuesday, would confirm a buy on the hourly chart and next target to eye in that case would be 8130, the 61.8% retracement level of the recent 8275-7894 fall.
The benchmark crossed 8045 mark in the initial trade itself and surged all the way to 8100, but slipped sharply from there to end at 8035.

8130 continues to be immediate upside target to eye. Immediate support on the hourly chart is placed at 7980, with the stop-loss of which trading longs can be held on to.
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