NIFTY CROSSES 10360 HURDLE; STAY LONG WITH STOP-LOSS OF 10260

NIFTY CROSSES 10360 HURDLE; STAY LONG WITH STOP-LOSS OF 10260

WORLD MARKETS                             

US indices gained 0.1%-0.3% on Friday with retail stocks notching gains on signs of a strong holiday shopping season.

European markets, except a marginally lower FTSE, gained 0.1%-0.4%.  In Germany, Ifo survey rose to a record 117.5 level, compared to the 116.6 projected.

China's finance ministry announced it would cut import tariffs on some consumer products.

For the week, Dow and S & P 500 gained 0.9% each while Nasdaq surged 1.6%. European markets gained 0.4%-1.3%. In Asia, Hang Seng soared 2.3% and 0.7% respectively while Shanghai fell 0.9%. 

AT HOME

Sensex and Nifty gained 0.3% and 0.4% respectively, extending the rising streak to seventh straight day. Sensex rose 91 points to settle at 33679 while Nifty finished at 10390, up 41 points. BSE mid-cap and small-cap indices rose 0.6% and 0.5% respectively. BSE Consumer Durables and Utilities indices gained the most among the sectoral indices, putting on 2.8% and 0.9% respectively while BSE Metal and Basic Material indices lost the most, down 0.6% and 0.3%, respectively.

For the week, Sensex and Nifty gained 1% each, breaking two-week losing streak.

FIIs net sold stocks and stock futures worth Rs 416 cr and 236 cr respectively but net bought index futures worth Rs 349 cr. DIIs were net buyers to the tune of Rs 428 cr.

Rupee depreciated 13 paise to end at 64.70/$.

Standard & Poor’s (S&P) on Friday kept its sovereign rating for India unchanged at 'BBB', while keeping its outlook for the nation stable.

OUTLOOK

Today morning, Asian markets are trading with cuts of upto half a percent and SGX Nifty is suggesting about 25 points lower start for our market.

Nifty on Friday climbed 41 points to finish at 10390, crossing 10360, the two-third retracement level of the 10490-10094 fall, decisively. Next target to eye on the way up continues to be 10490.

10260, where 34-DMA as well as immediate previous bottom on the hourly chart is placed, is now the immediate support, with the stop-loss of which, trading longs should be held on to.