NIFTY ON TRACK TO ACHIEVE 8997 TARGET, TRAIL STOP LOSS OT 8800

NIFTY ON TRACK TO ACHIEVE 8997 TARGET, TRAIL STOP LOSS OT 8800
WORLD MARKETS                             
Dow and S & P 500 fell 0.2% and 0.1% respectively as lower oil prices and Germany’s rejection of a Greece loan extension plan weighed on the sentiment. Nasdaq however gained 0.4% as Apple stayed near records.
Germany rejected the new anti-austerity Greek government’s application for a six-month extension of its loan and a renegotiation of some its terms. The proposal will now be discussed at a Euro group meeting scheduled later on Friday.
Nymex crude fell 98 cents to $51.16 barrel after an American Petroleum Institute report showed that U.S. crude stocks rose by 14.3 million barrels last week. Brent fell 32 cents to $60.21.
Weekly jobless claims came in less than expected at 283,000. The latest Philly Fed index showed the lowest reading since February last year.
European markets, except a modestly lower FTSE, gained between 0.4%-1%.
AT HOME
After falling more than a percent from the high made in the initial trade, benchmark indices recouped all the losses in last hour or so to finally end higher by nearly four tenth of a percent, extending the rising streak to seventh straight day. Sensex settled at 29462, up 142 points while Nifty gained 26 points to finish at 8895. BSE mid-cap and small-cap indices however ended just marginally in the green. BSE Metal index soared 3.8%, becoming top gainer among the sectoral indices, followed by 1.4% rise in the Capital Goods index. FMCG index and Bankex were the top losers, giving away 0.9% and 0.6% respectively.
Jindal Steel skyrocketed 28.6% after the company won Gare Palma IV/2 &3 coal blocks at Rs 108 per tonnes in the ongoing auction.
FIIs net bought stocks and stock futures worth Rs 1543 cr and 47 cr respectively but net sold index futures worth Rs 503 cr. DIIs were net sellers to the tune of Rs 196 cr.
OUTLOOK
Markets in China, Hong Kong, South Korea, Singapore, Taiwan and Malaysia are closed. Nikkei is up about half a percent and SGX Nifty is suggesting about 20 points higher opening for our market.
Just to reiterate, ever since Nifty took out 8650-8700 resistance area, we have been advising holding on to trading longs with a trailing stop loss for the target of 8997.

That continues to be the view. Immediate support on the hourly chart has now moved up to 8800, which should serve as the new stop loss.
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