NIFTY TAKES OUT 10138 HURDLE; STAY LONG WITH THE STOP-LOSS OF 10040

NIFTY TAKES OUT 10138 HURDLE; STAY LONG WITH THE STOP-LOSS OF 10040

WORLD MARKETS                             

US indices gained 0.1%-0.3% with the Dow and S & P 500 hitting a fresh record intraday and closing high ahead of the beginning of two-day Fed meeting.

The benchmark 10-year yield rose to 2.23% and two-year yield, which is more sensitive to changes in monetary policy, traded at 1.397%.

Shares of Orbital ATK rose about 20% after announcing it is being bought by defense giant Northrop Grumman.

European markets climbed 0.3%-0.6%. Portugal's PSI 20 index surged 1.5% after rating agency Standard & Poor's upgraded Portugal to investment grade status on Friday.

AT HOME

Sensex and Nifty climbed 0.5% and 0.7% today with Nifty scaling a fresh intraday as well closing all-time-high. Sensex added 151 points to settle at 32424 while Nifty finished at 10153, up 68 points. BSE mid-cap and small-cap indices gained 0.7% and 0.9% respectively. Except a 0.1% lower Oil & Gas index, all the BSE sectoral indices ended in green with Telecom and Capital Goods indices leading the tally, up 1.9% and 1.5% respectively.

FIIs net sold stocks and index futures worth Rs 97 cr and 198 cr respectively but net bought stock futures worth Rs 84 cr. DIIs were net buyers to the tune of Rs 776 cr.

Rupee depreciated 6 paise to end at 64.13/$.

SEBI yesterday amended norms governing real estate investments trusts (REITs) and infrastructure investment trusts (InvITs), allowing them to raise funds through debt securities and also permitting single-asset REITs in a bid to boost the financial instruments.

OUTLOOK

Today morning, Nikkei, which was shut yesterday, is trading with gains of more than a percent while other Asian markets are trading with modest gains. SGX Nifty is suggesting a flattish start for our market. Nifty yesterday climbed 68 points to end at 10153, taking out the 10138 top made on 2nd August. Next immediate target on the way up is around 10225 above which 10600 would be next major target to eye.

10040, the bottom made Friday is the immediate support below which 20-DMA, placed around 9950, would be the next important support to eye.

Traders are advised to hold on to long positions with the stop-loss of 10040.

Prime Minister Narendra Modi will interact with Finance Minister Arun Jaitley and other top officials today to take stock of the situation and discuss remedial measures to bolster growth.

US President Donald Trump addresses world leaders at the United Nations.