Today’s Market Summarised
Another day of green in the market with positivity continuing.
NIFTY opened the day at 17,319 with a big gap-up again. From there it kept on moving up and found resistance at 17,440. Towards closing time, even this level was broken and NIFTY closed the day at 17,470, up by 293 points or 1.71%.
BANK NIFTY opened the day at 37,055 with a gap-up and took support at 36,900. From here, there was power seen in the market. BANK NIFTY closed the day at 37,284, up 666 points or 1.82%.
All sectoral indices closed in the green once again. Nifty Media(+2.5%), PSU Bank(+2.5%) and Auto(+2.3%) closed above 2% in the green.
All major Asian markets closed in the green today. All European markets are trading flat currently.
News Picks
Bajaj Finance(+3.6%) and Bajaj Finserv(+3%) closed among the top-gainers of NIFTY 50. Both stocks are reaching their 50-day moving averages.
SBI(+3.1%) and ICICI Bank(+2.5%) also moved up from the financials sector.
Maruti(+3.4%) shot up after reports that the company is preparing a strong hybrid and EV portfolio for the coming years.
Hindalco(+3.3%) once again moved up after yesterday’s report of import duty on aluminium being increased. National Aluminium(+1.7%) also moved up. Other metal stocks including Jindal Steel(+3.6%), Tata Steel(+2.1%) and SAIL(+2.2%) also moved up.
Pharma stocks looked bullish across the day. Biocon(+6.2%), Granule(+4.8%) and AuroPharma(+4.2%) are in the green today.
MCX(+4.9%) moved up after reports that FIIs will soon be allowed to trade in the commodities F&O market. Other market-linked stocks including IEX(+2.8%), BSE(+5.7%) and CDSL(+1.5%) also moved up.
Markets Ahead
Markets moved up once again with good forecasts from the RBI today. In today’s meeting, the GDP growth forecast for Q3 is set at 6.6%. They also said various parts of the economy have already crossed pre-pandemic levels of output.
European markets look like they have cooled back down after multiple days of a 2% + rally. Auto stocks are also seeing a power along with NIFTY IT. Both indices are at breakouts.
One interesting thing to note is that Maruti had no certain EV and Hybrid Car plans yet. If it does announce one such plan in the coming days, the current lead by Tata Motors in the EV business could easily be covered. Maruti stock is also at the 50-day moving average line. If it gives a breakout, we can expect more moves from the stock!
FIIs continued to be net sellers in the week heavily. Domestic Investors are looking strong, continuing to buy up for thousands of crores. We can see how this shapes up by the beginning of the next calendar year.
For now, you can watch for a closing above 17,600 for NIFTY to see a continuation of strength by the bulls. It was the high made on the last week of November!
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