8020 IS THE IMMEDIATE SUPPORT; 8180, 8260 UPSIDE TARGETS

8020 IS THE IMMEDIATE SUPPORT; 8180, 8260 UPSIDE TARGETS
WORLD MARKETS                             
US indices fell 0.3%-0.6% yesterday with Dow and S & P 500 breaking four-day winning streak. The Russell 2000, which is composed of small-cap stocks, closed about 1.3% lower, snapping a 15-day winning streak, its longest in 20 years.
Dollar index eased to 101.16 from 101.50. U.S. Treasuries rose with the two-year note yield falling to 1.107% and the benchmark 10-year yield trading lower at 2.314%. Gold rose $12 to $1191 per ounce.
US crude climbed 2.2% to $47.08 a barrel and Brent added 2.1% to $48.24 after the Iraqi oil minister said Iraq will cooperate with other OPEC members to reach a deal.
European markets lost 0.6%-1.8% with Italy leading the losses on worries that the upcoming referendum in Italy could potentially lead to the fall of the Italian government and raise possible concerns over the recapitalization of the banking system.
AT HOME
After starting about half a percent lower, benchmark indices recouped all the losses and more through the choppy session to end with modest gains. Sensex settled at 26350, up 34 points while Nifty added 13 points to finish at 8127. BSE mid-cap and small-cap indices gained 1% and 0.7% respectively. BSE Telecom index soared 4%, becoming top gainer among the sectoral indices, followed by 1.9% rise in Realty index. Consumer Durable index and Bankex were the top losers, giving away 1.2% each.
FIIs net sold stocks and index futures worth Rs 1436 cr and 123 cr respectively but net bought stock futures worth Rs 753 cr. DIIs were net buyers to the tune of Rs 1234 cr.
Rupee depreciated 30 paise to end at 68.76/$.
Government yesterday moved “The Taxation Laws (Second Amendment) Bill, 2016″ in the Parliament to allow for the taxation of unaccounted money declared post demonatisation. Proposals include levy a total tax, penalty and surcharge of 50% on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85% await those who don’t disclose but are caught.
OUTLOOK
Today morning Asian markets are trading mixed with modest changes and SGX Nifty is suggesting a flattish start for our market.
In yesterday’s report we had said that Nifty had generated “Buy” on hourly chart by crossing immediate hurdle placed at 8085 and that 8180, the 38.2% retracement level of the recent 8600-7916 fall, is the first upside target to eye above which 8260 and 8340, the 50% and 61.8% retracement levels of the aforementioned upmove, would be the subsequent levels to watch. We had also advised holding on to trading longs with the stop-loss of 8000.
The benchmark, after touching a low of 8066 in the opening session, rebounded to end at 8126.
8180 continues to be first upside target to eye above which 8260 and 8340, as mentioned above would be the subsequent milestones to watch.
Immediate support on the hourly chart has moved up to 8020, with the stop-loss of which trading longs should be held on to.

Tata Power will report its quarterly earnings today.
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