Nifty rings massive gains, races towards its all-time-high. Bank Nifty scales fresh record highs.
RIL (+2.01%) leads from front. Nifty Mid-cap and Nifty Small-cap seen uninspired…
NIFTY (+140, 26192)
Sensex (+446, 85633)
Bank Nifty (+132, 59348)
Nifty powered higher, now just a breath away from its record high as optimism was buoyed by:
1) Strong Nvidia’s revenue which beat expectations along with stronger than forecast guidance.
2) Improving leads from Global stock markets.
3) Optimism surrounding a potential US–India trade agreement.
4) India’s retail inflation sliding to a record 0.25% in October, well below the RBI’s tolerance band — strengthening hopes for a December rate cut.
5) FIIs were net buyers in yesterday’s trade to the tune of Rs. 1581 Cr.
6) WTI crude oil futures tumbling towards $59.3 per barrel, after reports indicated the US is pushing to end the Russia-Ukraine war.
7) Investors celebrate and cheer NDA’s spectacular win in the Bihar elections – reaffirmation of political stability and policy continuity.
Our call of the day suggests Nifty’s bullish undertones shall persist — with traders keeping a sharp focus on Nifty’s all-time high of 26,277.35.
Bottom-line: Technically, the gyan mantra is to stay bullish as long as Nifty 26000 support is held.
Adv-Dec 32—17
INDIA VIX 12.13 (+1.34%)
NIFTY PCR (25th NOV) 1.51
USD/INR Futures (NOV) (+0.13%, 88.72)
SECTOR GAINERS:
NIFTY FINANCIAL SERVICES (+0.70%)
NIFTY OIL & GAS (+0.55%)
NIFTY AUTO (+0.44%)
SECTORS LOSERS
NIFTY MEDIA (-1.54%)
NIFTY PSUBANKS (-0.89%)
NIFTY CONSUMER DURABLES (-0.53%)
TODAY’S MARKET RE-CAP:
1) Nifty (+0.54%) zoomed higher as bulls took over the conga-line of a rising stock markets across globe. The positive takeaway is that Nifty scaled its 52-week high.
Nifty is still above its 21 DMA (25837), 50 DMA (25428) and its 100 DMA (25188). Nifty’s 200 DMA at 24501 mark.
2) Bank Nifty (+0.22%) did pretty well as bullish consolidation was the preferred theme all thru the trading session and most importantly, Bank Nifty scaled a new record all-time-high at 59440.10 mark.
3) The market breadth (34:15) was in favour of the Bulls.
4) Nifty Mid-cap (+0.01%) gained while Nifty Small-cap (-0.05%) too ended with sizeable gains.
STOCKS IN SPOTLIGHT:
1) MAN Industries (India) gained 4.29% after announcing the signing of an MoU with Aramco Asia India, a subsidiary of Saudi Aramco.
2) Texmaco Rail & Engineering slipped 0.19% despite securing a ₹6.39 crore order from Central Railway for modifying the OHE system as part of the island platform extension at Kalyan Station.
3) Gujarat Industries Power Company (GIPCL) advanced 1.89% after commissioning the fourth phase of its 600-MW solar power project at the 2,375-MW Renewable Energy Park in Khavda, Great Rann of Kutch.
4) NBCC gained amidst 2-new developments. First, the company was awarded a ₹2,966.1 crore work order by Nagpur Metropolitan Region Development Authority (NMRDA). Also, NBCC sold 609 residential units at Aspire Leisure Valley and Aspire Centurian Park at Noida (W), through an e-auction at a total sale value of approximately ₹1,069.43 crore.
BULLS OF THE DAY:
EICHERMOT (+3.31%)
BAJFINANCE (+2.3%)
BAJAJFINSV (+2.29%)
RELIANCE (+2.01%)
TECHM (+1.82%)
BEARS OF THE DAY:
ASIANPAINT (-1.16%)
HCLTECH (-1.09%)
TITAN (-0.84%)
HINDUNILVR (-0.54%)
ONGC (-0.52%)
OUR VIEW FOR FRIDAY’S TRADE
Technically speaking, cake is baked for a new high for Nifty
All eyes on today’s US Jobs Data releasing for September.
Bottom-line: Bulls are still in control
ALL ABOUT NIFTY:
Nifty (CMP: 26192)
Support: 26055/25899
Resistance: 26300/26500
Range: 26077-26278
21 DMA: 25837
50 DMA: 25428
200 DMA: 24501
Trend: Positive
BULLISH LOOKING STOCKS:
ASHOKLEY
JIOFIN
RELIANCE
BULLISH LOOKING STOCKS (LONG TERM):
SYRMA TECHNOLOGIES
HBL ENGINEERING
GRSE
BEARISH LOOKING STOCKS:
AUROPHARMA
BRITANNIA
HAL
STOCKS TO AVOID:
BHARATFORGE
INDIGO
CONCOR
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