Ajit Mishra, VP – Technical Research, Religare Broking
Markets took a breather after Thursday’s surge and ended almost on a flat note. The Nifty index opened marginally lower and oscillated in a narrow range till the end to close at 18,512.75 levels. Meanwhile, selective buying in the index majors from across sectors combined with a recovery in the broader pack kept the participants busy.
With the benchmark at a record high, improvement in the broader participation would play a critical role in shaping the market trend. Besides, the performance of the global markets will continue to weigh on the sentiment. We recommend following the trend and focusing on identifying the themes which could unfold ahead along with the present leaders.
Apurva Sheth, Head of Market Perspectives, Samco Securities.
The Nifty50 on the daily chart is trading in a higher high higher bottom formation and the extended up move in the prices indicates a strong bullish trend. In the recent minor throwback prices have taken support near its 21-day exponential moving average and an instant rebound was seen post that.
Now the rule of polarity will be applied in Nifty where prior resistance will act as an immediate support for the market. The momentum oscillator RSI (14) on the daily chart has formed a bullish hidden divergence 55-60 levels and post that index started to move higher with further strength.
On the technical ground, the support for the index is placed near 18250 and any move below the same will extend the fall till 18100 levels. Similarly on the higher side 18650 will be the immediate resistance and followed by 18800 levels.
Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities
Markets ended flat in a sluggish trading session, as investors stayed on the sidelines due to lack of cues from the US markets, which was shut on Thursday.
While most of the Asian gauges ended in the red, local benchmarks managed to eke out modest gains amid thin volumes. Markets may react sharply on Monday taking cues from the overnight US markets close on Friday.
Vinod Nair, Head of Research at Geojit Financial Services
After clocking record highs in the previous session, domestic indices traded with volatility amidst mixed global cues and rising crude prices. While FIIs turning net buyers is a positive, the lack of fundamental triggers will limit the upside, keeping the market volatile in the short term. Rising COVID restrictions in China continue to negatively impact the global growth forecast.
Rupee Close:
Indian rupee closed marginally lower at 81.68 per dollar on Friday against previous close of 81.62.
Market Close: Benchmark indices ended on flat note on the first day of December series amid volatility.
At Close, the Sensex was up 20.96 points or 0.03% at 62,293.64, and the Nifty was up 28.70 points or 0.16% at 18,512.80. About 2029 shares have advanced, 1361 shares declined, and 126 shares are unchanged.
HDFC Life, Tata Motors, Hero MotoCorp, Reliance Industries, Coal India were among the top Nifty gainers, while losers included ICICI Bank, Nestle India, Kotak Mahindra Bank, Titan Company and Apollo Hospitals.
On the other sectoral front, realty index added 1 percent, and auto, metal and pharma indices up 0.5 percent each.
BSE Midcap and Smallcap indices rose 0.5 percent each.
Aggressive rollover suggests Nifty will likely reach close to 19,000 in December expiry
Aggressive rollover suggests Nifty will likely reach close to 19,000 in December expiry
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Nifty is currently trading close to its all-time high levels of 18,604. Since Sensex has hit a fresh high, Nifty will also likely do the same, say analysts.
Shrikant Chouhan, Head of Equities Research (Retail), Kotak Securities:
Both Nifty and Sensex gained between 0.9 to 0.95 percent in the past week. BSE Midcap Index gained 1.83 percent while BSE SmallCap Index gained 0.96 percent. A steady softening of global bond yields on expectations of ‘peak’ inflation and a decline in crude prices helped equity markets continue the momentum and helped the Nifty-50 Index log its new all-time high on a closing basis.
Most major sectors gained on a week-on-week basis with BSE IT, Bank Nifty, BSE Capital Goods and BSE FMCG gaining the most. FPIs were net sellers in the past five trading sessions, while DIIs were net buyers in the same period.
Going forward, D-street will focus on the macro trends. Markets going ahead may be dominated by global news flows and steps taken by different governments to tackle their economy.
Bernstein keeps Outperform rating on HDFC Bank, target Rs 2,200
-Outperform call, target at Rs 2,200 per share
-Company is valued at a significant discount ahead of HDFC merger
-Discount is unwarranted & set to reverse quickly
HDFC Bank was quoting at Rs 1,617.80, down Rs 8.10, or 0.50 percent on the BSE.
ITDC hits upper circuit after govt fixes Rs 7,409 crore indicative value for ‘The Ashok’ hotelGovernment has announced that it has fixed an indicative value for ‘The Ashok’ hotel at Rs 7,409 crore under the national monetisation programme. Presently, ITDC has a network of three Ashok Group of Hotels, one Joint Venture Hotel, 1 Restaurant, 5 ATT Units, 15 Duty Free Shops at Sea ports and one Sound & Light Show.
Jefferies keeps ‘Buy’ rating on Axis Bank, target Rs 1,110
-Buy rating, target at Rs 1,110 per share
-Investment in digital platforms is helping engage with customers across life-cycle
-It will be among top credit card platforms & is its deepening SME engagement
-Management is confident about asset quality, growth & RoA
-Any normalisation in NIMs can be made up via op efficiency
Axis Bank was quoting at Rs 888.35, up Rs 9.35, or 1.06 percent on the BSE.
