10700 CONTINUES TO BE IMMEDIATE TARGET; TRAIL STOP-LOSS TO 10510
Dow ended marginally in the red while S & P 500 and Nasdaq gained 0.2% and 0.3% respectively.
Dollar index rose 0.4% to touch one-week high.
In Europe, FTSE fell 0.4% while CAC, DAX and Italy gained 0.3%-0.4%.
After a positive start, benchmark indices saw a follow-up buying trough the session to end higher by six tenth of a percent, notching fresh record high. Sensex settled at 34353, up 199 points while Nifty added 65 points to finish at 10624. BSE mid-cap and small-cap indices climbed 1% each. Except a 2.6% lower Telecom index, all the BSE sectoral indices ended in green with IT index leading the tally, up 1.4%, followed by 1.2% higher Capital Goods and Healthcare indices.
FIIs net bought stocks and index futures worth Rs 693 cr and 205 cr respectively but net sold stock futures worth Rs 33 cr. DIIs were net buyers to the tune of Rs 206 cr.
Rupee depreciated 13 paise to end at 63.50/$.
Today morning, Asian markets are trading with gains of 0.1%-0.8% with Nikkei on the top and SGX Nifty is suggesting about 20 points higher start for our market.
Ever since Nifty took out 10490 hurdle, we have been working with next major target of 10950 with 10700 being immediate target.
Nifty yesterday touched a high of 10631 before closing at 10623 and is set to open higher today.
10700 continues to be immediate target. Immediate support on the hourly chart has moved up to 10510, with the stop-loss of which, trading longs should be held on to.