NIFTY SET TO ACHIEVE 10285 TARGET; 10140 IS THE IMMEDIATE SUPPORT

NIFTY SET TO ACHIEVE 10285 TARGET; 10140 IS THE IMMEDIATE SUPPORT

WORLD MARKETS                             

US indices gained 0.4%-0.6% with the Dow and S & P 500 closing at fresh record high after the release of a stronger-than-expected jobs report.

The U.S. economy added 228,000 jobs last month, the expected figure being 200,000. The unemployment rate held steady at 4.1%. Average hourly earnings rose 0.2% for November and 2.5% for the year.

European markets gained 0.3%-1.4%, reacting to progress in Brexit negotiations and a long-sought deal regarding global banking regulations.

For the week, Dow and S & P 500 gained 0.4% each but Nasdaq fell 0.1%. European markets gained 1.3%-2.6%. In Asia, Shanghai and Hang Seng fell 0.8% and 1.5% respectively while Nikkei was flat.

AT HOME

Benchmark indices soared nearly a percent, extending the winning streak to second straight day. Sensex climbed 301 points to settle at 33250 while Nifty finished at 10266, up 99 points. BSE mid-cap and small-cap indices rose 0.9% and 1% respectively. All the BSE sectoral indices ended in green with FMCG and Metal indices leading the tally, up 2.2% and 1.4% respectively.

FIIs net sold stocks and index futures worth Rs 675 cr and 745 cr respectively but net bought stock futures worth Rs 219 cr. DIIs were net buyers to the tune of Rs 1243 cr.

Rupee appreciated 11 paise to end at 64.46/$.

For the week, Sensex and Nifty gained 1.3% and 1.4% respectively.

66.75% voter turnout was recorded in the phase 1 of the Gujarat assembly elections held for 89 of the state's 182 constituencies. Next phase will be held on 14^th.

OUTLOOK

Today morning, Asian markets are trading flat to modestly higher and SGX Nifty is suggesting about 15 points higher start for our market.

After Nifty took out the immediate hurdle of 10160 on Thursday we had given the upside target of 10285 on Friday.

Nifty soared 99 points to settle at 10266 and is set to open higher today which will nearly achieve 10285 target.

10285 is the two-third retracement level of the recent 10410-10033 fall and 34-DMA is placed around 10290, making this and immediate resistance zone. Once 10290 is taken out, Nifty would move towards 10370 where a trendline adjoining recent tops on the daily chart presents a resistance.

Meanwhile, immediate support on the hourly chart has moved up to 10140, with the stop-loss of which, trading longs should be held on to.