NIFTY ON TRACK TO ACHIEVE 8430 TARGET; TRAIL STOP-LOSS TO 8275

NIFTY ON TRACK TO ACHIEVE 8430 TARGET; TRAIL STOP-LOSS TO 8275
WORLD MARKETS                             
US indices ended with gains of 0.2%-0.5% after a choppy trade owing to Trump conference.
Unlike market expectation, Trump did not provide details on the policies like cut in corporate taxes, deregulation of certain sectors and fiscal stimulus. He however accused the pharmaceutical industry of “getting away with murder” after which drug stocks tumbled.
Dollar index, after touching an intraday high of 102.95, slipped to end at 101.73, the previous close being 102.04.
Oil rose with WTI rising 2.8% to $52.25 and Brent up 2.7% to $55.10 a barrel on dollar weakness and on news that Saudi Arabia cut exports to Asia.
European markets, except a 0.5% lower Spain, gained upto 0.5% with DAX on the top.
AT HOME
It was a totally Bull dominated day as benchmark indices, after opening about half a percent higher, added another half a percent through the session to end with mammoth gain of nearly a percent to close at fresh two-month high. Sensex soared 241 points to settle at 27140 while Nifty finished at 8381, up 92 points. BSE mid-cap and small-cap indices added 1.4% and 1% respectively.
BSE Metal index climbed 4.4%, becoming top gainer among the sectoral indices, followed by 2.4% higher Bankex. IT index was the sole loser, losing 0.02%.
FIIs net sold stocks worth Rs 627 cr but net bought index futures and stock futures worth Rs 744 cr and 1650 cr respectively. DIIs were net buyers to the tune of Rs 1116 cr.
Rupee depreciated 14 paise to end at 68.32/$.
OUTLOOK
Today morning Nikkei is down about 0.9% on account of Yen strength but other Asian markets are trading flat to modestly higher and SGX Nifty is suggesting about 30 points higher start for our market.
In yesterday’s report we had mentioned that having crossed the 8275 hurdle Nifty is now headed to 8430, where 20 as well as 34-week moving averages are placed.
The benchmark touched a high of 8389 before closing at 8381 and is set to open higher today, moving towards the 8430 mentioned above.
8275, the erstwhile hurdle, would now act as the immediate support, with the stop-loss of which trading longs should be held on to.
IIP for November and CPI for December will be released after market hours today. IIP is expected to show a growth of 1% as against a contraction of 1.9% in the previous month. December CPI is expected to show a print of 3.53%, down from November’s 3.63%.

TCS will report its quarterly earnings after market hours today. Dollar revenue growth is expected at 0.2% while in constant currency terms, growth is expected at 1-1.5%. EBIT margin is expected at 26% and PAT is likely to fall 1.5%.
Click here for reuse options!
Copyright 2017 einfoMet
Tweet about this on Twitter





Related News

RECORD HIGH ON CARDS; 10000 EMERGES AS NEXT BIG TARGET

RECORD HIGH ON CARDS; 10000 EMERGES AS NEXT BIG TARGETWORLD MARKETS                              Dow fell 0…

Click here for reuse options!
Copyright 2017 einfoMet

RECORD HIGH ON CARDS; 10000 EMERGES AS NEXT BIG TARGET

RECORD HIGH ON CARDS; 10000 EMERGES AS NEXT BIG TARGETWORLD MARKETS                              Dow fell 0…

Click here for reuse options!
Copyright 2017 einfoMet

  • 8970-8860 CONTINUES TO BE THE RANGE; US DATA, ASSEMBLY ELECTION RESULTS TO BE WATCHED
  • 8970-8860 CONTINUES TO BE THE RANGE; US DATA, ASSEMBLY ELECTION RESULTS TO BE WATCHED
  • 8970-8860 CONTINUES TO BE THE RANGE; US DATA, ASSEMBLY ELECTION RESULTS TO BE WATCHED
  • OIL TUMBLES, YIELDS RISE; EXIT POLLS IN FOCUS AT HOME
  • OIL TUMBLES, YIELDS RISE; EXIT POLLS IN FOCUS AT HOME
  • NIFTY FAILS TO CROSS 8970 HURDLE YET AGAIN; 8860 CONTINUES TO BE IMMEDIATE SUPPORT
  • NIFTY FAILS TO CROSS 8970 HURDLE YET AGAIN; 8860 CONTINUES TO BE IMMEDIATE SUPPORT
  • NIFTY FAILS TO CROSS 8970 HURDLE YET AGAIN; 8860 CONTINUES TO BE IMMEDIATE SUPPORT
  • Leave a Reply

    Your email address will not be published. Required fields are marked *

    CommentLuv badge

    Follow

    Get every new post delivered to your Inbox

    Join other followers: