NIFTY ACHIEVES 10015 TARGET; 9900 IS THE IMMEDIATE SUPPORT

NIFTY ACHIEVES 10015 TARGET; 9900 IS THE IMMEDIATE SUPPORT

WORLD MARKETS                             

US indices fell 0.1%-0.2%, pausing for breath ahead of earnings season. Nasdaq snapped a nine-day winning streak.

European markets, except a 0.2% lower FTSE, gained 0.1%-0.5%. DAX hit a new all-time high after data showed German industrial output rose more than expected in August.

WTI crude rose 29 cents to $49.58 a barrel and Brent rose 22 cents to $55.84 after OPEC signaled possible extension to output cut.

AT HOME

Benchmark indices ended marginally in the green after trading in a narrow range through the session. Sensex settled at 31847, up 33 points while Nifty added 9 points to finish at 9989. BSE mid-cap index ended marginally in the red while small-cap index climbed 0.6%. BSE Realty index soared 2.2%, becoming top gainer among the sectoral indices, followed by 0.9% higher Consumer Durable index. Oil & Gas and Utilities indices were the top losers, down 1% and 0.7% respectively.

FIIs net sold stocks, index futures and stock futures worth Rs 475 cr, 30 cr and 219 cr respectively. DIIs were net buyers to the tune of Rs 55 cr.

Rupee 65.35/$, appreciating 3 paise compared to previous close.

OUTLOOK

Today morning, Asian markets are trading with modest gains and SGX Nifty is suggesting a marginally higher start for our market.

After Nifty took out 34-DMA hurdle placed at 9930, we had said that 10015, the two-third retracement level of the 10180-9687 fall, is the next target as well as the hurdle to eye.

Nifty yesterday touched a high of 10015 before closing at 9988, achieving this target and vindicating our view.

10015 continues to be immediate hurdle, a crossover of which is required for a fresh upmove. 10140, followed by 10180 would be next upside targets if that happens.

Meanwhile, immediate support on the hourly chart has moved up to 9900, with the stop-loss of which, trading longs should be held on to.