NIFTY BREAKS OUT OF FOUR-WEEK LONG CONSOLIDATION; STAY LONG WITH THE STOP-LOSS OF 8630

NIFTY BREAKS OUT OF FOUR-WEEK LONG CONSOLIDATION; STAY LONG WITH THE STOP-LOSS OF 8630
WORLD MARKETS                             
US indices fell 0.2%-0.3% yesterday. Utilities were the top losers while financials the only advancer.
Apple fell 0.8% after the European Commission ordered Ireland to recover more than $14.5 billion in back taxes from the tech giant.
U.S. crude settled 1.34% lower at $46.35 a barrel amid dollar strength. Brent fell 89 cents or 1.81% to $48.37.
The consumer confidence index for August rose to 101.1, the expected number being 97.
Dollar index gained about half a percent to 96.05, a 3-week high. Gold fell $11 to $1316 an ounce.
European markets, except a 0.25% lower FTSE, gained 0.8%-1.4%
AT HOME
After taking rest for couple of weeks, bulls staged a grand come back yesterday as benchmark indices soared more than a percent and half with Sensex and Nifty closing at the highest level since 23rd July 2015 and 15th April 2015 respectively and registering the biggest single day gain since 11th July 2016. Sensex added 440 points to settle at 28343 while Nifty finished at 8744, up 137 points. BSE mid-cap and small-cap indices gained 0.8% and 1% respectively. Except a 1.2% cut in Telecom index, all the BSE sectoral indices ended higher with Auto, IT and Consumer Discretionary Goods & Services indices leading the tally, up 1.8% each.
FIIs net bought stocks and index futures worth Rs 391 cr and 2066 cr respectively but net sold stock futures worth Rs 454 cr. DIIs were net buyers to the tune of Rs 485 cr.
Rupee appreciated 15 paise to end at 67.02/$.
OUTLOOK
Today morning, Nikkei, owing to weaker Yen, is up 0.7% but other Asian markets are trading mixed with modest changes and SGX Nifty is suggesting a flattish start for our market.
Nifty yesterday soared 137 points to close at 8744, breaking out of the four week long 8730-8540 consolidation phase in style.
While 8845, the top made in April 2015 is the immediate target, the logical target of this consolidation breakout is about 8915.
Immediate support on the hourly chart is placed at 8630, with the stop-loss of which long positions should be held on to.

Key data to watch out today would be the first quarter GDP of the new fiscal. The figure is expected at 7.6%, down from 7.9% growth registered in Jan-March quarter.
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