NIFTY SET TO ACHIEVE 8520 TARGET; WINTER SESSION IN FOCUS

NIFTY SET TO ACHIEVE 8520 TARGET; WINTER SESSION IN FOCUS
WORLD MARKETS
US indices gained between 0.2%-0.6% on Friday, with the Dow and S & P 500 scaling fresh high, on the back of overseas central banks’ stimulus efforts and an encouraging domestic outlook.
In a surprise move after the close of the Shanghai exchange on Friday, Peoples Bank of China (PBOC) cut its benchmark interest rates for the first time in more than two years to lower borrowing costs and lift a cooling economy that is on track for its slackest annual growth in 24 years. One-year benchmark lending rate was cut by 40 bps to 5.6% and deposit rate was cut by 25 bps.
ECB President Draghi, speaking at a European banking conference in Frankfurt, reiterated that the central bank stands ready to act fast to combat low inflation. Later in the day, the ECB also announced that it has begun buying asset-backed securities.
European markets soared between 1%-4%.
The Euro fell more than 1% against the U.S. dollar to below $1.24. Nymex crude rose 66 cents to $76.51 a barrel; Gold gained $7 to $1198.
For the week, US indices gained between 0.5%-1.2%. European markets were up between 1.4%-5.2%.
                                                             
AT HOME
After a flattish start, benchmark indices saw a sudden surge in the morning trade to end higher by nearly a percent, marking a fresh record high. Sensex surged 267 points to settle at 28335 while Nifty finished at 8477, up 75 points. BSE mid-cap and small-cap indices however lost 0.1% each. BSE Bankex soared 2.4%, becoming top gainer among the sectoral indices, followed by 1.3% rise in Capital Goods index. IT and Teck indices lost 0.7% and 0.5% respectively.
FIIs net bought stocks and index futures worth Rs 122 cr and 226 cr respectively but net sold stock futures worth Rs 380 cr. DIIs were net buyers to the tune of
Rs 138 cr.
Rupee appreciated 18 paise to close at 61.76/$.
The Supreme Court on Friday cleared the hurdles for 165 big ticket infrastructure projects. These projects were cleared by the National Wildlife Board (NWB) in August and the apex court had imposed a stay on those clearances on the back of a Public Interest Litigation.
For the week, Sensex and Nifty gained 1% each.
OUTLOOK
Today morning, Asian markets are trading with gains ranging from 0.5%-2% and SGX Nifty is suggesting about 50 points higher opening for our market.
As readers would recall, we have been working with a target of 8520 ever since Nifty crossed a trendline resistance placed around 8130 on 30th October.
After bouncing back from our indicated 8340-8350 support area on Thursday, Nifty gained 75 points on Friday to close at 8477 and is set to open higher today, which will achieve the target mentioned above and vindicating our view.
Next target to eye would be about 8640. Immediate support on the hourly chart is placed at 8410 with the stop loss of trading longs should be held on to.

Winter Session of the Parliament will start today. Key bills to watch would be Insurance Bill, the Coal Ordinance and the Constitutional Amendment Bill on GST.
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