NIFTY TAKES OUT 10200 HURDLE; TRAIL STOP-LOSS TO 10100 FOR TARGET OF 10600

NIFTY TAKES OUT 10200 HURDLE; TRAIL STOP-LOSS TO 10100 FOR TARGET OF 10600

WORLD MARKETS                             

US indices gained 0.2%-0.4% to hit fresh record highs.

Telecommunications and financials lead advancers. Healthcare stocks slipped on Trump's comment that Trump prescription drug prices are "out of control.

Netflix reported earnings and revenues that beat expectations.

Commodities gained on the back of better-than-expected China producer prices. Copper cracked the $7,000 per ton level, reaching heights not seen since 2014.

Oil rose on reports that Iraqi forces had captured parts of Kirkuk, an oil-rich city controlled by Kurdish forces. Brent surged 1.1% to $57.82 and U.S. crude settled up 0.8% at $51.87.

European markets are trading mixed with modest changes. Spain fell 0.8% as political uncertainty drags on. Balance of trade data for the euro area showed a surplus of 16.1 billion euros in August from 17.5 billion last year.

AT HOME

Benchmark indices climbed six tenth of a percent, extending the winning streak to third straight day and hitting record intraday as well as closing highs. Sensex added 201 points to settle at 32664 while Nifty finished at 10231, up 63 points. BSE mid-cap and small-cap indices gained 0.5% and 0.3% respectively. Except 0.13% and 0.01% lower Power and Finance indices respectively, all the BSE sectoral indices ended in green with Telecom and Metal indices leading the tally, up 4.2% and 2% respectively.

FIIs net sold stocks and stock futrues worth Rs 30 cr and 175 cr respectively but net bought index futures worth Rs 2486 cr. DIIs were net buyers to the tune of Rs 273 cr.

Rupee appreciated 25 paise to end at 64.68/$.

India's wholesale inflation moderated to 2.60% in September from 3.24% in August.

OUTLOOK

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

Nifty yesterday soared 63 point to end at 10231, taking out the resistance presented by the trendline adjoining tops made in August and September. Next major target comes to around 10600.

Immediate support on the hourly chart has moved up to 10100, with the stop-loss of which trading longs should be held on to.

Axis Bank, ACC, Bajaj Auto and Wipro will report their quarterly earnings today.