10090-10300 CONTINUES TO BE IMMEDIATE RANGE

10090-10300 CONTINUES TO BE IMMEDIATE RANGE

WORLD MARKETS                             

Dow gained 0.2% but S & P 500 fell 0.1% and Nasdaq tumbled 1% as technology stocks fell.

WTI crude fell 88 cents or 1.5% to $57.48 and Brent slipped $1.30 or 2% to $62.43 on signs of rising US production.

European markets climbed 0.5%-1.5%. the meeting between British Prime Minister Theresa May and European Commission President Jean-Claude Juncker failed to yield an agreement on the terms for Brexit between the U.K. and the European Union.

AT HOME

Benchmark indices ended marginally higher after a rangebound but choppy trade, breaking four-day losing streak. Sensex settled at 32870, up 37 points while Nifty added 6 points to finish at 10128. BSE mid-cap and small-cap indices however lost 0.1% and 0.5% respectively. BSE IT and Teck indices climbed 1.4% and 1.1% respectively, becoming top gainers among sectoral indices while Telecom and Energy indices were the top losers, down 0.7% and 0.5% respectively.

FIIs net sold stocks worth Rs 334 cr but net bought index futures and stock futures worth Rs 150 cr and 149 cr respectively. DIIs were net buyers to the tune of Rs 776 cr.

Rupee appreciated 9 paise to end at 64.37/$.

OUTLOOK

Today morning, Shanghai is marginally in the green while Hang Seng and Shanghai are down 0.1% and 0.6% respectively. SGX Nifty is suggesting about 25 points lower start for our market.

After today's gap down opening, Nifty would be back in the vicinity of 10090 support, which is the 50% retracement level of the entire 9687-10490 upmove and also the bottom made in mid-November.

9950, the two-third retracement level of the aforementioned upmove, would be the next downside target if 10090 gives way.

10300 continues to be immediate hurdle, a crossover of which is required for taking a positive view on Nifty.