The market ended the month as well as week on a strong note, forming a robust bullish candle on the weekly and monthly scale. The recovery from 10,000 to 10,900 levels suggests that bulls have an upperhand on Dalal Street.
The Nifty 50 rallied 5 percent during the month and gained 3.3 percent in the last week of November, primarily driven by banks, auto and FMCG stocks, while the metal sector was the underperformer.
Experts expect some consolidation in the coming week and are of the view that 11,000 could be possible only in case of positive newsflow.
"Nifty index has been making higher highs - higher lows from last four trading sessions on daily scale and formed a big bullish candle on weekly scale which suggests that bulls are holding tight grip in the market," Chandan Taparia, Associate Vice President and Analyst-Derivatives, Motilal Oswal Financial Services told Moneycontrol.
The Nifty 50 gained 18.10 points to close at 10,876.80, forming 'Doji' kind of pattern on the daily charts on November 30, the first day of December series.
India VIX moved up 2.49 percent to 19.16 levels. However it has to cool down below 17-16 zones to get the smooth ride to surpass psychological 11,000
According to Pivot charts, the key support level is placed at 10,833.77, followed by 10,790.73. If the index starts moving upward, key resistance levels to watch out are 10,921.17 and then 10,965.53.
The Nifty Bank index closed at 26,862.95, down 76.65 points. The important Pivot level, which will act as crucial support for the index, is placed at 26,747.63, followed by 26,632.37. On the upside, key resistance levels are placed at 26,995.43, followed by 27,127.96.
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Buy Bata India with stop loss at Rs 1018 and target of Rs 1070Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.