10340-10215 CONTINUES TO BE IMMEDIATE RANGE
WORLD MARKETS
US indices gained 0.1%-0.3%.
In economic data, leading indicators rose 1.2% in October.
U.S. crude fell 0.8% or 46 cents to $56.09, while global
benchmark Brent was down 0.8$ or 50 cents at $62.22 a barrel.
Euro fell on news that German Chancellor Angela Merkel's
efforts to form a coalition government had failed, thus making the political
outlook for Europe's largest economy uncertain. Merkel later said that she
would prefer new elections to leading a minority government
European markets gained 0.1%-0.5%.
AT HOME
Benchmark indices ended with modest gains after a
rangebound trade, extending the winning streak to third straight day. Sensex
added 17 points to settle at 33360 while Nifty finished at 10299, up 15 points.
BSE mid-cap and small-cap indices outperformed, rising 0.6% and 0.8% respectively.
BSE Realty and Utilities indices climbed 2.2% and 1.4% respectively, becoming
top gainers among sectoral indices while IT and Teck indices were the top
losers, down 0.4% and 0.2% respectively.
FIIs net sold stocks and stock futures worth Rs 359 cr and
613 cr respectively but net bought index futures worth Rs 211 cr. DIIs were net
buyers to the tune of Rs 613 cr.
Rupee appreciated 3 paise to end at 64.99/$.
Cement stocks fell on reports that government is
considering banning import of pet coke — a cheap but a widely-polluting fuel
used by cement, paper, brick kiln, chemicals and textile industries.
OUTLOOK
Today morning, Shanghai is flat while Nikkei and Hang Seng
are up 1% and 0.7% respectively. SGX Nifty is suggesting a flattish start for
our market.
In Yesterday's report we had reiterated the view that
10340, the 61.8% retracement level of the 10490-10094 fall, is the immediate
hurdle, a crossover of which is required for a fresh upmove.
Nifty yesterday gained 15 points to finish at 10299 and is
set to open flat today.
10340 continues to be immediate hurdle, upon sustained
trading of which, 10490 would be the next major target to eye.
Meanwhile, 10215
continues to be immediate support, with the stop-loss of which, trading longs
should be held on to.
Indian market-
ReplyDeleteBenchmarks were high in afternoon by tracking weakness in European stocks due to German political uncertainty.
The Sensex increase by 127.24 points at 33,487.14 while Nifty up by 28.20 points to 10,327.
PSU Bank index declined while private banks secured high. ICICI Bank and HDFC Bank secured up to half percentage.
Global market -
Australian stocks jumped by 0.15 percent, South Korea’s KOSPI increase by 0.25 percent, and Japan’s Nikkei advanced by 1.25 percent.
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