Today’s Market Summarised
13,000 proved to be a cake walk for Nifty, as the index rose above resistances to create fresh highs. Nifty opened with a big gap-up at 13,002. The index tried to go down immediately, but took support and went up. 13,040-’45 was a good resistance zone, and this was broken after the European markets opened in bright green. Nifty closed the day at 13,055.15, up 128.70 points, or 1%.
Bank Nifty opened at 29,278 with a gap-up.The index went up slowly and consistently over the day backed by private banks. Bank Nifty made a fresh post-covid high and closed at 29,737.25 points, up 713.05 points or 2.46%.
Nifty Bank was clearly the top performer today, with private banks leading the way. Realty stocks also performed well, along with Auto and Financial Services. Every major sectoral indice closed in green today.
Asian markets have closed in the green today. European markets are currently trading with big gains.
News Picks
Reliance was underperforming Nifty the whole morning. The stock made a come-back after noon and closed at Rs 1,964.05, up 0.68%. NIFTY surely benefitted from this turnaround.
RBL Bank, Axis Bank, and HDFC Bank were top gainers in the bank index today. Bank Nifty reflected these movements and was the top-performing index today. Big banks also continued to rewrite their 52-week highs.
Adani Ports closed as the top-gainer in Nifty 50 today. The stock has been making consistent gains, and if you remember was mentioned in The Stock Market Show by us as a swing pick.
IDFC First Bank fell after yesterday’s big jump but closed flat for the day. This reversal from red was aided by the bullishness in Bank Nifty.
Markets Ahead
European countries including UK are planning for emergency approval of the Pfizer vaccine and Oxford vaccine, and it may arrive as early as December. It is apparently going to be presented to the public as a ‘Christmas gift’ to the world.
An update that flew under the radar today was the Prime Minister’s meeting with Chief Ministers. In this meeting, many topics including the vaccine were discussed. He also remarked that cold-chain storage is being readied for potential vaccine distribution.
Donald Trump has also came out and said that his office will begin the transition of power to Joe Biden soon. Even this confusion was a major holdback for global investors.
So yes, a vaccine is coming out very soon. Donald Trump is soon to be out of the White House. But how much more will NIFTY rally, as it continues its rally to create higher highs?
Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.