NIFTY ACHIEVES 7916 TARGET; 8050 IS THE IMMEDIATE HURDLE

NIFTY ACHIEVES 7916 TARGET; 8050 IS THE IMMEDIATE HURDLE
WORLD MARKETS                             
US and European markets were shut yesterday for Christmas holiday.
US crude 0.1% to $53.02 for its highest close since July 2015 while Brent gained 0.2% to settle at $55.16 a barrel.
AT HOME
Last week of calendar 2016 began on a negative note as benchmark indices plunged nearly a percent to end at seven month low. Sensex settled at 25807, down 234 points while Nifty lost 78 points to finish at 7908. BSE mid-cap and small-cap indices nosedived 2.1% each. All the BSE sectoral indices ended in red with Realty and Metal indices leading the losses, down 3.6% and 2.8% respectively.
FIIs net sold stocks worth Rs 1095 cr but net bought index futures and stock futures worth Rs 98 cr and 75 cr respectively. DIIs were net buyers to the tune of Rs 1065 cr.
Rupee appreciated 8 paise to end at 67.74/$.
OUTLOOK
Today morning Asian markets are trading mixed with modest changes and SGX Nifty is suggesting a marginally higher start for our market.
At the risk of repeating we had been working with the downside target of 7916 ever since Nifty broke the immediate previous bottom on daily chart placed at 8057. The benchmark touched a low of 7894 yesterday before closing at 7908, achieving the target mentioned above and vindicating our view.
As mentioned yesterday, 7900, the 50% retracement level of the entire 6825-8970 upmove, is the important immediate support to eye. If this level is breached decisively, next meaningful support will come only at 7650, which is the 61.8% retracement level of the aforementioned upmove.

Immediate hurdle on the hourly chart is placed at 8050, which should serve as the revised stop-loss for trading shorts.
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