10360 IS THE IMMEDIATE HURDLE; 10230 SUPPORT

10360 IS THE IMMEDIATE HURDLE; 10230 SUPPORT

WORLD MARKETS                             

Nasdaq gained 0.1% but S & P 500 and Dow fell 0.1% and 0.3% respectively.

Minutes from the Federal Reserve showed the central bank's officials have started to worry that market prices are getting out of hand and are posing a danger to the economy. Policymakers were largely positive about the economy, even though some officials had concerns about inflation.  Still, the notes reflected that Fed members thought gradual interest rate hikes were likely

U.S. durable goods orders for October dipped 1.2%, below the 0.3 percent increase expected.

U.K. cut its growth forecasts for 2017 from 2% to 1.5%. Ahead, growth is expected to fall to 1.3% in 2019 and 2020.

In Europe, FTSE rose 0.1% but DAX and CAC fell 1.2% and 0.25% respectively.

AT HOME

Benchmark indices ended with modest gains after rangebound but choppy trade, extending the winning streak to fifth straight day. Sensex gained 83 points to settle at 33562 while Nifty finished at 10342, up 15 points. BSE mid-cap index ended marginally in the red while small-cap index rose 0.2%. BSE Industrial and Consumer Discretionary Goods & Services indices gained 0.5% and 0.4% respectively, becoming top gainers among the sectoral indices while Telecom and Metal indices were the top losers, down 1.2% and 0.7% respectively.

FIIs net sold stock and stock futures worth Rs 441 cr and 231 cr respectively but net bought index futures worth Rs 142 cr. DIIs were net buyers to the tune of Rs 837 cr.

Rupee depreciated 4 paise to end at 64.93/$.

OUTLOOK

Today morning, Shanghai is down 0.2% while other Asian markets are trading with modest gains. SGX Nifty is suggesting a flattish start for our market.

In yesterday's report we had said that 10340-10360 is the immediate resistance zone with 10340 being 61.8% and 10360 being two third retracement level of recent 10490-10094 fall.

Nifty yesterday rose 15 points to finish at 10342 and is set to open flat today.

10360 continues to be immediate hurdle, upon crossover of which, 10490 would be the next target.

Immediate support on the hourly chart is placed around 10230, with the stop-loss of which, existing longs should be held on to.

U.S. markets will also be closed for Thanksgiving Day on Thursday.