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Benchmark indices ended in the green in the highly volatile session on December 21. At close, the Sensex was up 358.79 points or 0.51 percent at 70,865.10, and the Nifty was up 104.80 points or 0.50 percent at 21,255.
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: Sensex, Nifty back in business; investors grew richer by Rs 4 lakh crore
Investor wealth, reflected by the total market cap of BSE-listed companies, rose by Rs 4.18 lakh crore today taking the overall valuation to Rs 354.38 lakh crore… Read More
Nifty recently demonstrated resilience, rebounding strongly from a critical support level at 21000, affirming a bullish sentiment. The index closed above its 10-day moving average, signaling positive momentum. Key levels to monitor include 21000 as immediate support and 21300 as the initial resistance.
Demonstrating resilience, Bank Nifty robustly rebounded from a crucial support level at 47000, confirming a bullish trend. The index closed above the resistance at 47500, highlighting its strength. Having closed above the 10-day moving average, Bank Nifty finds immediate support at 47500, while 48000 acts as the intitial resistance.
Benchmark indices concluded the highly volatile session on December 21 in positive territory, gaining 104.9 points. A Bullish Piercing candlestick pattern has emerged on the daily chart, indicating potential bullish momentum. If the Nifty surpasses the 21,500 level, there is positional potential for an upward movement to 21,650 and 21,750 in the coming days.
Among sectors, Information Technology, banking, and FMCG each rose by 0.5 percent, while metal, pharma, realty, power, and oil & gas, as well as capital goods, posted gains of 1-2 percent each. On the downside, crucial support is positioned at 21,000–20,900, while resistance is situated at 21,500–21,600. Overall, the trend is positive, and the current dip should be viewed as a buying opportunity.
The Bank Nifty also recovered in the second half, closing at 47,852.7 with a gain of 394.85 points. On the downside, 46,900 is the crucial support, and as long as it holds, Bank Nifty is expected to resume its upward movement towards 48,200. The overall trend is positive, and declines towards 47,300–47,000 should be considered as buying opportunities.
After a subdued start, the market reversed from the day’s low amid buy-on-dips strategy. However, the overall trend is subdued, FIIs stayed muted ahead of festive break and global market traded on a negative note ahead of announcement of the US GDP data today.
Some consolidation is warranted in the near term due to peak valuation. A gradual rise in oil prices along with concern over high domestic food inflation may have a hindrance to the stretched rally of the last 2 months.
Markets took a breather after yesterday’s fall and gained nearly half a percent. After the initial downtick, Nifty recovered gradually as the day progressed and finally settled around the day’s high at 21,255.05 levels. Most sectors participated in the rebound wherein energy, metal and banking were among the top performers. The broader indices too witnessed respite and gained nearly 2% each.
We expect consolidation in the index now, however, there will be no shortage of trading opportunities on the stock-specific front. Participants should align their trades accordingly and prefer sectors, which are showing relatively higher strength. Apart from the domestic factors, the performance of the US markets would play a critical role in the next directional move so keep a close watch.
Markets witnessed a roller coaster ride, as key indices plunged in early trades only to recoup their lost ground and end sharply higher. Earlier, weak European and Asian indices weighed on sentiment but India’s strong growth story prospects gives investors the comfort to place long term bullish bets.
The bulls showed their presence with a swift recovery right from the beginning. In the presence of follow-through, the Index kept compounding its gains to settle the weekly expiry day at 21,255.05 with gains of 104.90 points. All the sectors ended the day in green with Media and Energy being the major outperformers. Market breadth was in favor of bulls as Mid and Smallcaps advanced by 1.69% & 1.94% and outperformed the Frontline Index.
On the daily chart, the Index has made a strong bullish candle with the support of a hidden bullish divergence in RSI (mentioned earlier) which helped the Index to recoup half of its previous session's losses.
In today's trade, the Index has virtually filled its bullish gap zone (20,950-21,074) that was formed on 14th December which indicates a strong support base has been placed while the immediate resistance is positioned at 21,340.
Indian rupee ended 10 paise lower at 83.27 per dollar versus previous close of 83.17.
: Benchmark indices ended in the green in the highly volatile session on December 21.
At close, the Sensex was up 358.79 points or 0.51 percent at 70,865.10, and the Nifty was up 104.80 points or 0.50 percent at 21,255. About 2419 shares advanced, 834 shares declined, and 72 shares unchanged.
Top gainers on the Nifty were BPCL, Power Grid Corporation, Britannia Industries, HDFC Bank and Hindalco Industries, while losers were Bajaj Auto, Bajaj Finance, Axis Bank, HCL Technologies and Cipla.
Among sectors, Information Technology, bank, FMCG up 0.5 percent each, while metal, pharma, realty, power and oil & gas, capital goods up 1-2 percent.
BSE Midcap and Smallcap indices up 1.5 percent each.
Shares of Delhivery surged over 6 percent on December 21, a day after the new-age logistics services provider operationalised its largest gateway in Bhiwandi, Maharashtra. Built over 1,200,000 sqft of land area, the Bhiwandi trucking terminal is one of India’s largest logistics facilities.
The terminal combines automated hub, sortation, returns, and freight operations with the capability to handle Delhivery’s parcel and part-truckload freight volume simultaneously, the company said in a statement. Read More
Happy Forgings IPO was subscribed 47 times on the final day of bidding on December 21 with bids for 39 crore shares against an issue size of 83.65 lakh shares.
Retail investors bought 13 times and high net-worth individuals picked 54 times the allotted quota, while qualified institutional buyers picked 102.5 times their reserved portion.
Banks Or IT: Which Stocks Should You Buy Now? | Sectors To Watch | IT Stocks | Stock Market
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Closing Bell: Nifty around 21,250, Sensex up 359 pts; all sectors in the green – Moneycontrol
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