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Sensex, Nifty recover from deep in red to end with gains; where are stock markets headed now?

by The Outlooker Web Desk
November 26, 2020
in Business
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Nifty closes above 13,000 for first time in history: Where is it headed now? Should you buy or wait?
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Among the top gainers on Sensex were Tata Steel, up 5.16%, followed by Bajaj Finance, Bajaj Auto, and HDFC.

Sensex and Nifty recouped all intraday losses to close Thursday’s trading session with gains. The Nifty ended at 12,987 while the 30-stock BSE Sensex 44,259. Among the top gainers on Sensex were Tata Steel, up 5.16%, followed by Bajaj Finance, Bajaj Auto, and HDFC. Only five of the 30 Sensex constituents closed with losses. These included Maruti Suzuki India, ONGC, IndusInd Bank, Tech Mahindra, and Infosys. India VIX or the fear gauge of domestic markets fell 13.42% to close at 20.02.

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Indian benchmark equity indices rebounded from the previous session sell-off on Nov 26, post a sharp rally in the final half hour of trade. Asian stocks ended largely up while European stocks traded around the flatline on Thursday as investors paused for breath after a global rally in recent sessions. An extension of coronavirus restrictions in Germany and grim economic growth forecasts (GDP growth negative 11.3% in 2020) for the United Kingdom dented sentiments. Nifty once again recovered after falling for a day. This helps traders’ sentiments. 12833-13079 could be the band for the coming session. Markets are in no mood to correct significantly unless there is a negative trigger causing global meltdown.”

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

“Two major events, short covering ahead of November 2020 F&O expiry and rebalancing of MSCI portfolios, helped the Indian market to recover sharply from lower levels. The Nifty 50 index regained 13000 levels and is exhibiting remarkable strength. Technically, for the next two days, 13070 and 13150 levels would be major hurdles for the index. If the Nifty 50 index crosses 13150, it could jump to 13350 levels. However,  below 12930, the index would invite worries in the near term.”

S Ranganathan, Head of Research at LKP Securities –

“Indices were powered on expiry day by Metals & BFSI as the broader market too gained ground after positive guidance from Siemens. PSU banks were sought after in afternoon trade as even profit taking got absorbed on sustained buying.”

Vinod Nair, Head of Research at Geojit Financial services –

“Today, the market regained its momentum during the second trading half, on the monthly derivative expiry day, led by bounce in the banking sector. Investors are awaiting the release of Q2 GDP data tomorrow, the market expects contraction on a YoY basis but improvement on a QoQ basis, reflecting recovery in economic activity. The recovery is expected to further rise in Q3, and the market optimism is also high with the news that the vaccine will be available in early 2021.”

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments –

“The support of 12800 worked very well and the Nifty bounced swiftly to close above 12900. If we can get past 13050, we will be on our way to hit 13200. As long as 12800 does not break we could utilise all dips to buy into this strong upside rally.”

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The Outlooker Web Desk

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