December 24, 2019
The global uncertainties continued to hover over the market initially
Traders can go long on these sectors with caution as the rally is limited to
market leaders and mid-caps and small-caps are still not matching the gains. The
market breadth was negative on the BSE and positive on the NSE. The market
breadth was negative on the BSE and positive on the NSE. The Sensex surged 553
points to close at 40,267, while the Nifty closed above the 12,000 levels for
the first time ever. Investors should avoid buying at this level," said Romesh
Tiwari, Head of Research, CapitalAim.
We have already seen a good recovery from
the lows and expect further upmove to unfold, which would eventually bring back
the cheer on many traders&ball bearings
Factory39;/investors' faces.The Nifty index ended 165.Market ViewOn the
sectoral front, IT continues to show outperformance and today, despite
unfavourable monthly Auto sales numbers, there were a smart recovery and a
follow up buying in most of the beaten down counters within this space.
Among the
sectors, top gainers were the BSE Auto, Consumer Durables, Metal and IT
indices.Monday's move was mainly initiated by heavyweights such as Autos, Metals
& FMCG counters. Crucial supports to watch for any weakness are at
11,920-11,859, analysts said..39 per cent higher at 12,088. The Nifty index
ended 165."As far as levels are concerned, we have closed near an intraday
hurdle of 12,100-12,130; but looking at Monday's late surge, a possibility of
surpassing and then extending this move towards 12,240 - 12,280 cannot be ruled
out.75 points or 1.55. Further upsides are likely once the immediate resistance
of 12,102 is taken out."Friday's correction was followed on Monday by a mildly
bullish # start amid mixed Asian cues. We expect volatile momentum to continue
ahead of RBI policy statement, to be issued on 6th of June, 2019.
The global
uncertainties continued to hover over the market initially but the market gained
momentum to witness a sharp rally & ended the day at an all-time high," said
Devang Shah, Technical Analyst, Angel Broking Ltd. Brent crude futures tumbled 1
per cent to $61."Today Auto, FMCG, IT and Realty pulled the market to a new
all-time high as they are trying to catch up the rally on the back of expected
rate cut by RBI and increase in demand from domestic sectors.According to
analysts, Indian markets were buoyed by the falling crude oil prices and the
inflows from FPIs, while traders kept building positions ahead of the RBI's
policy meet on June 06 and next month's Union Budget.
Traders should keep a tab
on this and on the flipside, 12,000 followed by 11,920 would now be seen as key
support levels," Shah added.39 per cent higher at 12,088.35 per barrel. Not to
forget, mid-cap universe has been showing resilience since past few days.75
points or 1.Technical ViewTechnically, with the Nifty surging higher to new life
highs, the underlying trend remains up. Auto stocks were in limelight on the
back of monthly sales data.55. The market surged higher on Monday to close at
new life highs as a steep slide in crude oil prices helped boost the
sentiments.The broad market like the BSE Mid-Cap and Small-Cap gained less,
thereby underperforming the Sensex/Nifty
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