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After The Bell: Nifty back above 13,100, here is what investors should do on Wednesday

Experts are of the view that the trend remains on the upside and the next resistance level is placed at 13,200, while support is seen at 12,790.

December 02, 2020 / 01:35 AM IST

Improved GDP data for the September quarter, GST revenue and strong global cues helped the bulls push the benchmark indices above crucial resistance levels on December 1. the S&P BSE Sensex rose 505 points to 44,655, while the Nifty50 ended with gains of 140 points at 13,109.

Sectorally, action was seen in realty, telecom, IT, oil & gas, metals, healthcare as well as energy stocks.

Experts are of the view that the trend remains on the upside and the next resistance level for the Nifty is placed at 13,200 while on the flipside, support is seen at 12,790.

“The up move in the index was largely in reaction to the better than expected GDP numbers and consistency in GST revenue figures. Now, all eyes would be on RBI’s monetary policy meet,” Ajit Mishra, VP-Research, Religare Broking Ltd told Moneycontrol.

“Considering the impending event, we reiterate our positive yet cautious approach and suggest maintaining focus on the selection of stocks.”


Here is what experts think that investors should do on December 2:

Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities

Positive global cues and strong buying interest from FIIs helped the markets maintain upward momentum. The dollar index is weakening and it is now at the lowest point in two years, which is positive for emerging markets and especially for India.

It has attracted the highest inflows for Indian equities among emerging markets. The most important part is that the broader market is improving, which is extremely positive for retail investors who are used to investing in mid and small-cap companies.

The market has formed a bullish continuation formation and based on the daily chart, it is heading for 13,200-300 levels in the near term.

We need to be more and more selective in trading stocks. On the flip side, 12,790 will be crucial support for the market.

Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas

For the Nifty, the bounce that started from 12,790 continued on the upside on December 1. Going ahead, the recent high of 13,145, which is the high point of a bearish outside bar & an Engulfing Bear candle, will be the key hurdle to watch out for.


We need to closely monitor the price action near the high as it will decide further course of action for the index.  A failure to sustain near the high would push the index back into the consolidation mode. The near-term support is placed at 13,000.

Ashis Biswas, Head of Technical Research, CapitalVia Global Research Limited

After a few lacklustre days, we witnessed a positive trend in market activity on December 1.

The expected levels of the market are likely to be in the 13,050-13,220 range and it will be crucial for the short-term market scenario that the index stays above 13,050.

We have observed that momentum indicators like RSI and MACD support the upside move, indicating a potential upside from the current level.

Chandan Taparia, Vice President, Analyst-Derivatives at Motilal Oswal Financial Services Limited

The Nifty formed a bullish candle on the daily scale with a long lower shadow, which indicates small declines are being bought in.

The index has given the highest daily close above 13,100 and is 36 points away from a lifetime high of 13,145.

Now, it has to continue to hold above 12,950 to witness an upmove towards 13,250 while on the downside major support exists at 12,800 zones.

Disclaimer: The views and investment tips expressed by experts on are their own and not those of the website or its management. advises users to check with certified experts before taking any investment decisions.

Kshitij Anand is the Editor Markets at Moneycontrol.