NIFTY ACHIEVES 8520 TARGET, HEADED FOR 8640; TRAIL STOP LOSS TO 8430

NIFTY ACHIEVES 8520 TARGET, HEADED FOR 8640; TRAIL STOP LOSS TO 8430
WORLD MARKETS
While Dow ended marginally higher, S & P 500 gained 0.3% and Nasdaq climbed 0.9% yesterday. Retailers gained on hopes of increased holiday sales on the back of lower gasoline prices.
Economic data had the U.S. services sector expanding in November at a slower rate than the prior month.
European markets ended mixed. Overall, there was a rally in in the banking sector, with investors continuing to speculate that more stimulus will be injected in the euro zone economy. A German Ifo business climate index showed a rise to 104.7 in November versus a consensus forecast of 103.0.
Nymex crude fell 1% to $75.8 a barrel.
AT HOME
Benchmark indices extended the record run by gaining six tenth of a percent in yesterday’s trade. Sensex surged 165 points to settle at 28500 while Nifty finished at 8530, up 53 points. BSE mid-cap index however gained just 0.1% and the small-cap index lost 0.1%. BSE IT and Metal indices gained the most among the sectoral indices, rising 1.9% and 1.6% respectively. Oil & Gas and Healthcare indices lost 0.7% and 0.4% respectively.
FIIs net bought stocks and index futures worth Rs 407 cr and 50 cr respectively but net sold stock futures worth Rs 157 cr. DIIs were net sellers to the tune of Rs 163 cr.
Rupee depreciated 17 paise to close at 61.93/$.
OUTLOOK
Today morning Asian markets are trading flat to modestly higher and SGX Nifty is suggesting about 10 points higher opening for our market.
Ever since Nifty crossed trendline resistance placed around 8130 on 30th October, we had been working with a target of 8520. Nifty yesterday gained 53 points to end at 8530, achieving the target mentioned above and vindicating our view.
Next target, as mentioned in yesterday’s report, is about 8640.

Immediate support on the hourly chart has moved up to 8430, with the stop loss of which trading longs should be held on to.
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