Index heavyweights such as HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank contributed the most to the indices' gainShare Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading higher on Tuesday, taking cues from their global peers. Sensex jumped 250 points or 0.57 per cent at 44,327, while the broader Nifty 50 index crossed 13,000 level. Index heavyweights such as HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank contributed the most to the indices’ gain today. On the flip side, Bajaj-Auto, Nestle India, Housing Development Finance Corporation (HDFC) and UltraTech Cement were among index drags. In overnight trade, US stocks ended up in a choppy session on Monday. The Dow Jones Industrial Average rose 1.12 per cent, the S&P 500 gained or 0.56 per cent while the Nasdaq Composite added only 0.22 per cent.
Serum Institute of India (SII) CEO Adar Poonawalla on Monday expressed happiness at pharma major AstraZeneca’s announcement that its COVID-19 vaccine candidate has been found to be 70 per cent effective on average. According to a PTI report, AstraZeneca said one dosing regimen showed vaccine efficacy of 90 per cent when the vaccine was given as a half-dose followed by a full dose at least one month apart, while another dosing regimen showed 62 per cent efficacy when given as two full doses at least one month apart.
Highlights
Markets have moved up tremendously in the last few weeks due to which majority of the stocks are in overbought territory. Even though both Nifty & Nifty Bank look strong, 13110 & 29800 should act as strong resistance levels respectively. 12745 & 28885 will act as major support levels for both Nifty & Bank Nifty in the coming days. Traders should avoid carrying long positions overnight at such overbought levels: Abhijeet Ramachandran, Independent Analyst/ Co-Founder and trainer at Tips2trade
NIFTY50 has crossed its multiple bands of resistance and trading higher above 13000 levels, the breakout and short covering in 13000 call strikes would extend the up move to 13,300 levels. On the downside breakdown of 12,730 would push the markets lower being the trend reversal levels in the short term: Vikas Jain, Senior Research Analyst at Reliance Securities
We finally achieved the 13000 levels. It is heartening to see that the Nifty is maintaining above it. The markets would attempt 13100-13200 in this rally up which would be a significant resistance zone. We have good support at 12700 so any dip can be utilized to accumulate positions for a target of 13100-13200: Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments
Brokerage firm ICICI Direct has picked two stocks that could outperform in the next three months, using its three-factor model to filter stocks. ICICI Direct picks stocks from the F&O universe, filtering them based on delivery pick up in the preceding two weeks supported by Z-score of the stock. Further the stocks are filtered based on their 30D and 60D historic volatility and finally through a filter that checks if the historical stock returns have similarity with uniform distribution patterns before picking the stocks.
Read full story
If the markets are able to comprehensively move past the 13000 level, it can post some incremental gains of 150-200 points from here. However, it would be very premature to tell this as the derivative data suggests otherwise. The strike of 13000 still continues to hold maximum Call OI concentration. With the markets in uncharted territory if it sustains above 13k mark, putting exact resistance levels will be of no use but we can expect an incremental push of 150-200 points as said above. In my opinion, one should wait for "close" above the 13k mark to bet more on the current rally as the NIFTY is presently in overbought zone and is moving higher with decelerating momentum as indicated by the narrowing slope of the Histogram: Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst, Gemstone Equity Research & Advisory Services
Rupee has crucial support near 73.80 levels and the resistance for the rupee shall be around 74.50 levels. If the pair breaks 73.80, it can move near 73.20-73.50 levels. On the other side, buying pressure can take pair towards 74.30-74.50 levels. As the pair has remained resilient, for the immediate exposures, it is advisable to sell on upticks close to 74.50, and for buying one can buy near 73.80-74.00 or hedge via at the money call option to keep the downside open: Amit Pabari, managing director, CR Forex Advisors
Despite the risk-on mode, reaction of Asian currencies remained muted to negative; possibly due to slight pick-up in the dollar index given by decline in EUR from 1.19 highs. However, global trend doesn’t seem in sync with the rupee off late as the pair has been following the tune of its own music played by RBI. Witnessing the intervention by RBI against rupee appreciation, considerable profit taking and dollar buying pressure has been seen around 74.00 levels. This reassures that on an immediate basis the strength can be capped at 73.80-74.00 levels. However, one must not get complacent, as if RBI changes its stance and goes slow in absorbing the foreign inflows as it did in late August, rupee might swiftly shift to 73.50 levels. Hence until the pair remains within 73.00-75.00 broad range, a safe play would be selling on upticks between 74.50-74.80 and buying on dips between 73.00-73.50 levels: Amit Pabari, managing director, CR Forex Advisors
The market is ready to swing higher. It is in uncharted territory so the higher side is logically unlimited. But from the trading perspective, one should remain invested with trailing stop loss below 12800 for expected upside till 13090-13220 levels. As markets are trading in overbought territory any new buying should be recommended on sell-off. At the current levels, buying will provide a lower risk to reward ratio: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd
As expected the Midcap Index has appreciated 13% so far this month. This is a global trend since the large-caps are richly valued. In the US Russel 2000 - the smallcap index- touched record highs yesterday. In India there is more room for the broader market to go up. Private banks are likely to slowdown since they have appreciated quite a bit during the last one month: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The way indices are behaving since the last 5-6 trading sessions, it's a sign of time-wise correction and hence, it's better not to focus more on index specific trades for a while. But still for a compulsive trader, try to buy on declines around supports and vice versa. For the coming session, the support is seen at 12850 - 12800; whereas on the higher side, 12970 - 13100 are the levels to watch out for: Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking)
"As expected the Midcap Index has appreciated 13% so far this month. This is a global trend since the large-caps are richly valued. In the US Russel 2000 - the smallcap index- touched record highs yesterday. In India there is more room for the broader market to go up. Private banks are likely to slowdown since they have appreciated quite a bit during the last one month," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Nifty Open Interest Put Call ratio remained constant at 1.57 level. Amongst the Nifty options (26-Nov Expiry), Call writing was seen 13000 - 13300 levels, Indicating 13000 level will act as a strong resistance going forward (near the strike price). On the lower side, support is seen around 12800 levels (near strike price) where we have maximum outstanding OI in Puts.
To Sum It Up, Marginal long build up in the Nifty and Marginal Short build up in the Bank Nifty Futures, Indicates that one should be cautious for the markets on higher levels.
Therefore, our advise is to be bullish and use any down move to build fresh long positions with the stoploss of 12800 levels. On the higher side resistance is seen around 13000 levels where maximum Calls have been written. In the Bank Nifty, our advice is to be bullish, if Bank Nifty trades and sustains above 29400 level with the stop loss of 29000 levels. ~ HDFC Securities
The short term trend of Nifty is range-bound with positive bias. A sustainable move above 13000 levels is expected to bring sharp upside momentum back into action, which could later pull Nifty towards 13500-13600 levels in the near term. Inability to show upside breakout of 13K mark could result in further consolidation or minor weakness from the highs. Immediate support is placed at 12800-12750: Nagaraj Shetti, Technical Research Analyst, HDFC Securities
"Nifty seems to be inching towards the 13200-13300 mark over the next few sessions as the street continues to get excited by vaccine news. Repeated intraday recovery from the lows comforts the traders and investors," said Deepak Jasani, Head of Retail Research, HDFC Securities. The 50-stock Nifty has breached 13,000 for the first time in history.
The trend among Nifty sectoral indices was positive today. Nifty Bank index was top gainer, up 1.26 per cent led by gains in RBL Bank, HDFC Bank, Axis Bank, Federal Bank, ICICI Bank and State Bank of India. Nifty Auto index too rose one per cent today.
Bajaj-Auto, Nestle India, Housing Development Finance Corporation (HDFC) and UltraTech Cement were among index drags
Index heavyweights such as HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank contributed the most to the indices' gain.
Sensex jumped 250 points or 0.57 per cent at 44,327, while the broader Nifty 50 index crossed 13,000 level on Tuesday.
Check live Sensex, Nifty levels
Gold tanked on the second day as COVID-19 vaccine developments and upbeat U.S. manufacturing data bolstered investors' hopes of a swift economic recovery. The dollar rebounded as President-elect Joe Biden looks to recommend former Fed Chair Janet Yellen as Treasury Secretary and investors welcomed this move as her experience in previous governments might help to tap the pandemic. Moreover President Donald Trump has promised to cooperate in transition hence political drama too seems to get over. On the other side, if US FDA approves emergency access to Covid-19 vaccine during 7th & 8th December meet, the US will likely to get first dose on 12th December. Huge negative for the yellow metal: Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers
Sensex jumped 150 points or 0.34 per cent at 44,226, while the broader Nifty 50 index reclaimed 13,000 in pre-opening on Tuesday.
Check live Sensex, Nifty levels
Nifty Open Interest Put Call ratio remained constant at 1.57 level. Amongst the Nifty options (26-Nov Expiry), Call writing was seen 13000 - 13300 levels, Indicating 13000 level will act as a strong resistance going forward (near the strike price). On the lower side, support is seen around 12800 levels (near strike price) where we have maximum outstanding OI in Puts: HDFC Securities
Indian markets could open flat to mildly higher following largely positive Asian markets today and following the positive Dow Jones index in US markets on Monday. Nifty seems to be inching towards the 13200-13300 mark over the next few sessions as the street continues to get excited by vaccine news. Repeated intraday recovery from the lows comforts the traders and investors: HDFC Securities
Nifty futures were trading flat with positive bias in early trade on Tuesday at 12,959 on Singaporean Exchange. Trends on SGX Nifty suggested a flat opening for BSE Sensex and Nifty 50. A host of factors such as rising COVID-19 cases, developments around coronavirus vaccine, oil and rupee movement and other global cues will keep the investors busy today.
Read full story
On Monday, foreign institutional investors (FIIs) bought shares worth Rs 4,738.44 crore, whereas domestic institutional investors (DIIs) sold shares worth Rs 2,944.05 crore in the Indian equity market on net basis, according to the provisional data available on the NSE.
Going ahead, the market is likely to be volatile as sentiments oscillate between fear of rising covid cases globally and optimism over vaccine progress. Investors would also closely watch out the development over the US stimulus talks where the hopes are fading. However the overall structure of the market remains positive, as the economic activity continues to improve and covid cases continue to decline domestically, except for few regions: Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Balkrishna Industries’ (BIL’s) key export markets continue to witness strong demand (Oct’20 industry exports grew 17% y-o-y). The industry growth momentum remains higher than our H2FY21 constant currency growth expectations for BIL of ~7% y-o-y. The latest industry export data (Oct’20) continues to be driven by agri (Ag) demand (up ~33%), while OTR witnessed a cool off with ~5% decline.
ICICI Securities
Domestic equity benchmarks scaled new all-time highs on Monday and managed to close with gains yet again. S&P BSE Sensex now sits at 44,077 points while the Nifty 50 index is at 12,926 levels. Technically, the equity markets are still trading with a positive bias and chartists expect the 50-stock Nifty to achieve 13,000 soon. “The short term trend of Nifty is range bound with positive bias. A sustainable move above 13000 levels is expected to bring sharp upside momentum back into action, which could later pull Nifty towards 13500-13600 levels in the near term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Read full story
Post its merger, Bharti Infratel has reconstituted its board, but remains a telco-controlled towerco. While leverage levels have gone up, capital structure remains sub-optimal. While we see limited synergies, the merger is EPS/ROE accretive. While the extraordinary dividend of Rs 18/sh and VIL’s potential fundraise should support the stock, we see limited upsides. We revise our estimates to factor in the merger and maintain Hold with revised PT of Rs 220.
Jefferies