NIFTY ACHIEVES 8275 TARGET; TRAIL STOP-LOSS TO 8200

NIFTY ACHIEVES 8275 TARGET; TRAIL STOP-LOSS TO 8200

WORLD MARKETS                             

Dow and S & P 500 lost 0.2% and 0.1% respectively while Nasdaq gained 0.2% to close at new all time-high.

Data from ADP showed private employers added 153,000 jobs last month, considerably below thee expected 170,000. Weekly jobless claims came in at 235,000, below a consensus estimate of 260,000. December IHS Markit services PMI came in at 53.99, below November's print of 54.6. The ISM nonmanufacturing index hit 57.2, above a consensus estimate of 56.6.

U.S. Treasuries rose with the benchmark 10-year note yield falling to 2.366%, while the short-term two-year note yield slipped to 1.178%. Dollar index fell more than a percent to 101.40 from 102.52, marking the lowest finish since December 13.

European markets ended with modest gains.

Earlier data showed China's Caixin services PMI for December hit its highest reading since July 2015 at 53.4 compared to 53.1 in November

AT HOME

After taking rest for three days, bulls were back to work as benchmark indices soared nearly a percent to close at the highest level since 11th November. Sensex soared 245 points to settle at 26878 while Nifty finished at 8274, up 83 points. BSE Mid-cap and small-cap indices added 1.3% and 1% respectively. Except a 0.8% and 0.3% cut in IT and Teck indices respectively, all the BSE sectoral indices ended in green with Metal and Basic Material indices leading the tally, up 3% and 2% respectively.

FIIs net sold stocks worth Rs 87 cr but net bought index futures and stock futures worth Rs 1674 cr and 348 cr respectively. DIIs were net buyers to the tune of Rs 449 cr.

Rupee appreciated 8 paise to end at 67.96/$.

OUTLOOK

Today morning, except a 0.3% lower Nikkei, other Asian markets are trading with gains of upto half a percent and SGX Nifty is suggesting about 20 points higher start for our market.

Nifty yesterday touched a high of 8282 and closed at 8274, achieving the 8275 target we have been working after 8180 target was met.

Next major hurdle would come around 8400, where trendline adjoining major tops on weekly chart as well as 34-week moving average are placed.

Meanwhile immediate support on the hourly chart has moved up to 8200, with the stop-loss of which trading longs can be held on to.

In the US, December employment report will be released today and is expected to show an addition of 178000 jobs.