STAY LONG WITH THE STOP LOSS OF 8650

STAY LONG WITH THE STOP LOSS OF 8650
WORLD MARKETS                             
While Dow gained 0.04%, Nasdaq and S & P 500 gained 0.3% and 0.25% respectively yesterday as investors mulled results from Greek elections and winter weather on the East Coast.
In Greece, the anti-austerity Syriza party won 149 out of a 300 possible seats in Parliament.
Nymex crude fell 44 cents or 1% to $45.15 a barrel while Brent eased 1.3% to $48.16; gold shed $13 or 1% to $1279 an ounce.
European markets gained between 0.3%-1.4%, shrugging off Syriza win in the Greece. Greek stocks tumbled 5% earlier in the day, but ended around 3% lower. Greek bank stocks took deep hits, amid concern about the impact of Syriza’s win. Syriza’s leader, Alexis Tsipras, is opposed to the austerity measures that were part of Greece’s financial bailout agreed with international lenders and has said he will try to renegotiate Greece’s debt agreements.
Germany’s Ifo business climate index for January came in at 106.7, which was better than market expectations and December’s figure of 105.5.
AT HOME
After a gap up opening, benchmark indices saw a choppy trade and finally ended higher by about nine tenth of a percent, extending the gains to seventh straight day and ending at fresh record high. Sensex climbed 273 points to settle at 29279 while Nifty finished at 8836, up 74 points. BSE mid-cap and small-cap indices however underperformed yet again, losing 0.1% and 0.7% respectively. Except a 0.2% cut in BSE Consumer Durable index, all other sectoral indices ended in green with Auto and Realty indices leading the tally, putting on 1.5% each.
FIIs net bought stocks and index futures worth Rs 2020 cr and 1372 cr respectively but net sold stock futures worth Rs 220 cr. DIIs were net sellers to the tune of Rs 1300 cr.
Rupee appreciated 27 paise to end at 61.42/$.
UltraTech Cement reported 1.7% y-o-y dip in December quarter net profit at Rs 364 cr. Net sales rose 15% to Rs 5490 cr.
OUTLOOK
Today morning, Nikkei is up nearly a percent and half, other Asian markets, except a modestly lower HangSeng are trading are trading flat to modestly higher  and SGX Nifty is suggesting about 10 points higher opening for our market.
As you would remember, we have been working with a target of 9000 ever since Nifty broke out on daily chart by closing above 8446 on 15th January. The benchmark has since then surged to 8836, rapidly moving towards 9000 target.
“Stay long with a trailing stop loss” continues to be the advice. Immediate support on the hourly chart has moved up to 8650, with the stop loss of which trading longs should be held on to.

Maruti and Idea Cellular will report their quarterly earnings today.
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