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Benchmark indices ended at fresh record highs on December 4 with Nifty above 20,650. At close, the Sensex was up 1383.93 points or 2.05 percent at 68,865.12, and the Nifty was up 418.9 points or 2.07 percent at 20,686.80.
We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices/ for all the global market action.
Taking Stock: BJP’s Triple Sunday takes market to new highs, investors richer by Rs 5.77 lakh crore
The Sensex, Nifty gain 2 percent each, their biggest single-day gains since October 2022. Eicher Motors, Adani Enterprises, Adani Ports, BPCL and ICICI Bank were among the biggest gainers on the Nifty, while losers included HDFC Life, Britannia Industries, Wipro, Sun Pharma and Titan Company…. Read More
On December 4, benchmark indices reached new record highs, with the Nifty surpassing 20,650 and Banknifty achieving a record high, gaining 1617.20 points. The Nifty closed the day with a substantial gain of 418.9 points or 2.07 percent, settling at 20,686.80.
At the close, the Sensex experienced a significant surge, rising by 1383.93 points or 2.05 percent, reaching 68,865.12. This positive market momentum reflected an overall sense of optimism and confidence in the financial markets.
Bulls demonstrated strong dominance in today's trade, propelling the index higher right from the beginning. Except for the Media and Pharma sectors, all others concluded the day with gains, with Banking and Energy emerging as the top performers. However, mid and smallcap indices underperformed as buying was concentrated in index-based stocks.
On the daily chart, the Nifty sustained its upward momentum after a gap-up opening of 300 points, forming a robust bullish candle indicative of a strong uptrend. However, a closer examination of lower time frames, particularly the hourly charts, revealed an extremely overbought condition. A correction, either in terms of time or price, seems warranted, suggesting that one should consider entering positions on dips for a more favorable risk-reward profile.
The Nifty kicked off with a gap up, propelled by BJP's exceptional performance in the state election. Technically, the Nifty had already surged past the critical resistance level of 19850. Since then, there has been a significant shift in Put positions towards higher strike prices, foreseeing a robust upward rally in the near future. The overall sentiment appears highly bullish, until Nifty fall below 20400. On the higher end, the index might move towards 21000."
The Bank Nifty bulls made a strong comeback, surpassing the all-time high levels and dispelling the bearish sentiment. The momentum is anticipated to persist, with robust support identified at the 46000-45800 zone, serving as a cushion for the bulls. The ongoing momentum rally has the potential to propel the index higher towards the levels of 47000/48000.
The benchmark index hits at its all-time high following the landslide victory of BJP in elections in three states. It spurred a rally with an anticipation that the country will witness a stable government post the General election. All the sectors have broadly participated in the rally with an optimism that the FIIs will continue its value buying, indicating positive commentary on the Global inflation data and stable domestic Marco economics.
The rally was on expected lines as the ruling party's strong performance in state elections gave confidence to investors that culminated into a massive upsurge with key benchmarks scaling record highs.
India's strong growth prospects going ahead along with moderating inflation and return of foreign investors should augur well for domestic markets in the run up to the Union Budget in February.
Despite overbought technical conditions, the good news is that the short-term technical outlook for Nifty continues to be in favor of the bulls, with support placed at 20529-20321 levels and resistance at 20750-21051.
The Nifty opened with a huge gap up and after consolidating during the first half it witnessed a fresh round of buying interest which helped the Nifty close around the highs for the day. On the daily charts we can observe that after breaking and closing above the previous swing high of 20222, Nifty today has witnessed follow-through buying interest. The Nifty managed to hold on to the gains and also built upon it which indicates that there is more steam left in the rally.
On the upside we expect it to stretch higher till 21500. Daily momentum indicator has a positive crossover and thus in case of a dip/consolidation towards the support zone of 20550 – 20500, it should be used as a buying opportunity.
Bank Nifty was the leader in today’s upmove as it was up ~3.5% for the day. It has closed at an all-time high and we expect the momentum to continue. On the upside, 47000 – 47200 shall be the immediate short-term target and any dip towards 46200 – 46000 should be used as a buying opportunity.
Indian rupee ended lower at 83.37 per dollar on Monday against Friday's close of 83.29.
The market has delivered its verdict evident in today's closing trends. Following a substantial gap-up in Nifty, Bank Nifty ended even higher towards the end of the session. At the closing bell, Nifty concluded at 20,686.80, showcasing an impressive gain of 418.90 points or 2.07%. Simultaneously, Bank Nifty soared to 46,430.85, registering an ascent of 1,616.65 points or 3.61%.
With the exception of Nifty Pharma and Media, all other sectoral indices concluded in positive territory.
The surge in foreign investor inflows, a decline in US bond yields, robust GDP growth, and the optimistic anticipation of no further rate hikes, in addition to the outcomes of state elections, have collectively contributed to these gains. Given these developments, it is recommended to consider buying on dips.
Markets witnessed fireworks at the beginning of the week and gained two percent, in continuation of the prevailing uptrend. Upbeat domestic cues combined with robust global markets triggered a gap start in the Nifty, which further strengthened as the day progressed. It eventually ended around the day’s high at 20684.80 levels. All sectors participated in the move wherein banking majors contributed the maximum to the gains. The broader indices also rose over a percent each.
The buoyancy in the banking pack is leading from the front now while others are playing a supportive role and we feel the same trend could continue in the coming days. Besides, cues are favorable from the global front too, further adding to traders’ comfort. On the index front, Nifty may take a breather around the 20,750 zone and expect the 20,300-20,400 zone to act as a cushion in case of any profit taking. We recommend staying with the trend and utilizing a dip or consolidation as a buying opportunity.
Bulls have shown their strong dominance in today's trade and right from the beginning, the Index kept soaring higher and ended the session at a fresh high of 20,686.80 with gains of 418.90 points. Except for the Media and Pharma, all other sectors ended the day with gains where Banking and Energy were the top performers. Mid and smallcap indices underperformed as buying was seen in the index-based stocks only.
On the daily chart, the Index has posted a strong bullish candle which signifies a strong uptrend while looking at the lower time frame i.e. hourly charts, an extremely overbought condition was witnessed. Time or price-wise correction is warranted and one should enter on dips only.
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