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NIFTY ON TRACK TO ACHIEVE 8373 TARGET

NIFTY ON TRACK TO ACHIEVE 8373 TARGET
WORLD MARKETS                             
US indices gained between 0.3%-0.9% with the Dow and S & P 500 closing at record high and rising for a fourth session.
Existing home sales fell 6.1% to 4.93 million in November.
Nymex oil plunged $1.87 or 3.3% to $55.26 a barrel after Saudi Arabia’s powerful oil minister said OPEC would not cut production at any price; Brent fell 2% to $60. Gold fell 1.4% to $1180 an ounce.
European markets ended with gains of upto 0.8%, with sentiment boosted by a rebound in the Russian ruble. However, earlier gains in the oil price reversed, pressuring energy stocks.
Ruble firmed to a 10-day high of 55.33 against the dollar as exporters sold foreign currency revenues.
An official flash estimate showed euro zone consumer confidence edge 0.6% higher for December.
AT HOME
Resuming the upmove to the third straight day, benchmark indices soared a percent and fifth yesterday to end at the highest level since 10th December. Sensex surged 330 points to settle at 27702 while Nifty finished at 8324, up 99 points. BSE mid-cap and small-cap indices gained 0.9% and 0.4% respectively. All the BSE sectoral indices ended in green with Power, Bankex and FMCG indices leading the tally, rising 1.5% each.
FIIs net sold stocks and stock futures worth Rs 335 cr and 63 cr respectively but net bought index futures worth Rs 106 cr. DIIs were net buyers to the tune of Rs 389 cr.
Rupee appreciated 5 paise to end at 63.24/$.
OUTLOOK
Today morning, Shanghai is down more than 2%, other Asian markets are modestly higher and SGX Nifty is suggesting about 20 points higher opening for our market.
In yesterday’s report we had mentioned that Nifty on Friday had crossed the 38.2% retracement level of the recent 8627-7961 fall placed at 8216 and had also generated a buy on the hourly chart which paves the way for the further upside to 50% and 61.8% retracement levels placed at 8294 and 8373 respectively.
The benchmark surged 99 points yesterday to end at 8324, achieving the first target mentioned above and moving towards the second.
8373 continues to be next target to eye. Also you have 34 DMA placed at 8380 which would make 8373-8380 a resistance are. Therefore traders are advised to book profit in long positions as these levels are reached.
Immediate support on the hourly chart has moved up to 8200 with the stop loss of which trading longs should be held on to.
Winter session of the Parliament is coming to an end today. Major legislations like the insurance and coal bills have been blocked by the Opposition in Rajya Sabha and there is high probability that the government will adopt the ordinance route to bails these bills out.

Counting of votes for assembly elections in Jammu & Kashmir and Jharkhand will be done today.

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