• Home
  • Opinion
  • Politics
  • World
  • Business
  • Science & Tech
Tuesday, January 31, 2023
No Result
View All Result
SUBSCRIBE
The Outlooker
27 °c
Delhi
  • Home
  • Opinion
  • Politics
  • World
  • Business
  • Science & Tech
  • Home
  • Opinion
  • Politics
  • World
  • Business
  • Science & Tech
No Result
View All Result
The Outlooker
No Result
View All Result
  • National
  • Politics
  • Opinion
  • Business
  • Science
  • World
  • Health
Home Business

Sensex, Nifty at their highest ever closing levels; is there more steam in this rally?

by The Outlooker Web Desk
December 7, 2020
in Business
0
Stocks in focus: Maruti Suzuki, Hero MotoCorp, Bajaj Auto, ICICI Lombard, Glenmark Pharma, bank stocks
1.8k
SHARES
12.9k
VIEWS
Share on FacebookShare on Twitter

On the charts, Nifty has closed at its resistance level of 13,355.

Dalal Street saw yet another record breaking run by the benchmark indices on Monday which helped them scale to new all-time highs. S&P BSE Sensex gained 347 points to end at 45,426 while the 50-stock NSE Nifty ended at 13,355 — their highest ever closing levels. With broader markets yet to reach their record highs, they were seen outperforming once again. Among the top gainers were Bharti Airtel, up 3%, followed by Hindustan Unilever and HDFC. 11 Sensex stocks closed in the red on Monday. Volatility closed flat with a negative bias.

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Indian benchmark equity indices began a new week on a positive note continuing their upward momentum and ending at fresh record closing highs on December 7. World shares fell on Monday as growing risks of a no-deal Brexit that hit the pound hard and fresh Sino-U.S. tensions led traders to take profits from higher levels in early trade. Asian equities recorded their biggest foreign inflow in at least 12 years in November ($17.5 bn), as promising developments related to COVID-19 vaccines bolstered expectations of a faster regional recovery from the pandemic.”

Shrikant Chouhan,  Executive Vice President (Equity Technical Research), Kotak Securities –

“The Nifty closed exactly at the resistance level of 13355. However, the formation of negative reversal or profit-taking was missing that could trigger further activity if Nifty trades above the level of 13360. The next levels to watch out for would be 13450 and 13500. Nifty has formed back to back second big bullish candle, however, the Bank Nifty failed to sustain at higher levels and closed at 30180. While looking at the sectoral performance, technically, Nifty Pharma should quote at 13500 levels in the near term, currently, it is at 12500 levels. Tuesday would be an interesting day for the markets, as close above the level of 13360 would see Nifty rallying further. Above 13360 levels, Nifty would rally to 13500 levels. Buying is advisable only if Nifty falls to 13150/13100 levels.  Pharmaceuticals stocks should be in the focus list.  Technology stocks are also due for a short term up move.”

Vinod Nair, Head of Research at Geojit financial services –

“The market started this week continuing its winning streak, much of the momentum was from pharma and small caps stocks, the broader market is outperforming the main indices. European stocks have turned focus to the on-going post Brexit trade deal between the UK and EU, trading a bit cautiously. We expect the domestic market to remain strong backed by vaccine progress, economic recovery and strong FII inflows. However, it is advisable for investors to consider partial profit booking in pockets trading very expensive like highly valued large caps and trade vigilantly on small & micro caps though the momentum is expected to remain positive in the short to medium-term.”

S Ranganathan, Head of Research at LKP Securities –

“Bears today got a taste of what a broad based market rally means as Bulls took complete control with market breadth improving dramatically as we witnessed more advances than declines. The rally was widespread across market capitalisation and across sectors.”

Ajit Mishra, VP – Research, Religare Broking –

“Markets started the week on a positive note amid supportive global cues. Further, news of progress in the Covid vaccine and healthy inflows by FII helped markets to continue its upward trend. We are seeing buying interest emerging on every dip, thanks to rotational participants across the sectors. Technically, Nifty could face a hurdle around 13,450. The stock-specific trading approach is yielding decent returns so far and we suggest continuing with the same. Also, keep a close watch on global markets and upcoming domestic macro data for cues.”

Manish Shah, Founder, Niftytriggers –

“ROC momentum indicators are now approaching an overbought zone, though the overall trending indicators are not showing any signs of slowing down.  If we draw a trend channel from March Low to the September low it is now apparent that and place return line August highs Nifty is within striking distance of hitting this return line. RSI on the weekly time frame is also overbought. Overbought could mean that the current move is extended and there could be a correction around the corner. Projected resistance for nifty is around 13600-13750. There is still some steam left but it is time to get cautious and know that history repeats. What goes up must come down and vice versa. For the time being the bells toll for the bulls and bears are still searching for their fangs.”

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

The Outlooker is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

The Outlooker Web Desk

The Outlooker Web Desk

Next Post
Police, BJP Workers Clash In Bengal’s Siliguri, One Allegedly Killed

Police, BJP Workers Clash In Bengal's Siliguri, One Allegedly Killed

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

UP Woman Beats Man In Park Over Dispute, Investigation Underway: Cops
National

Maharashtra Woman Beaten, Paraded With Garland Of Shoes For Questioning Husband’s Death

January 31, 2023
Padma Awardee Author Sudha Murty’s 4-Point Advice To Son-In-Law Rishi Sunak
National

Padma Awardee Author Sudha Murty’s 4-Point Advice To Son-In-Law Rishi Sunak

January 31, 2023
Nitish Kumar’s Sulking Aide Upendra Kushwaha Recalls A 1994 Challenge To Lalu Yadav
National

Nitish Kumar’s Sulking Aide Upendra Kushwaha Recalls A 1994 Challenge To Lalu Yadav

January 31, 2023
Virat Kohli, Anushka Sharma’s Spiritual Break In Rishikesh Ahead of Australia Test Series
National

Virat Kohli, Anushka Sharma’s Spiritual Break In Rishikesh Ahead of Australia Test Series

January 31, 2023

Connect with us

No Result
View All Result

Archives

  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020

Category

  • Artistic
  • Business
  • Crypto
  • Design
  • Entertainment
  • Fashion
  • featured
  • Food
  • Gaming
  • Health
  • Human
  • Lifestyle
  • Movie
  • Music
  • National
  • Opinion
  • Politics
  • Science
  • Spaces
  • Sports
  • Tech
  • Travel
  • Uncategorized
  • World

Recent Posts

  • Maharashtra Woman Beaten, Paraded With Garland Of Shoes For Questioning Husband’s Death
  • Padma Awardee Author Sudha Murty’s 4-Point Advice To Son-In-Law Rishi Sunak
  • Nitish Kumar’s Sulking Aide Upendra Kushwaha Recalls A 1994 Challenge To Lalu Yadav

About Us

The Outlooker

The Outlooker is your source of authentic, hand-picked news, stories, analysis from India & the World.

  • Terms Of Service
  • Privacy Policy
  • About us
  • Submit your story
  • Contact

© 2019-2021 The Outlooker. All rights reserved.

No Result
View All Result
  • Home
  • Politics
  • World
  • Business
  • Science
  • National
  • Entertainment
  • Gaming
  • Movie
  • Music
  • Sports
  • Fashion
  • Lifestyle
  • Travel
  • Tech
  • Health
  • Food

© 2019-2021 The Outlooker. All rights reserved.