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Early on D-Street | Nifty likely to hit fresh record highs soon

Traders can create fresh long positions with a stop loss below 11,919 levels on a closing basis and look for a bigger target of 12300 levels, suggest experts.

November 26, 2019 / 07:27 AM IST

A historic day for Indian markets as Sensex scales fresh record highs while the Nifty50 closed above 12050 levels on Monday.

Investor wealth rose Rs 1.81 lakh crore on November 25 driven by a strong rally in the broader market where the BSE benchmark surged 530 points to hit a fresh closing high of 40,889.23.

She 30-share BSE Sensex closed 529.82 points higher or 1.31 per cent at 40,889.23. During the trade, it zoomed 572.3 points to 40,931.71, its record intra-day high.

On the BSE, 1,413 scrips advanced, while 1,086 declined and 208 remained unchanged. From the 30-share pack, 28 stocks closed the day with gains led by Bharti Airtel, Tata Steel, IndusInd Bank and Axis Bank.

Close

Sectorally, the action was seen in the Telecom, Metal, Realty, and Auto indices. In the broader markets, the S&P BSE Mid-cap index rose 1.1 percent while the Small-cap index rose 0.81 percent higher.

Positive global cues, MSCI rejig, consistent buying by foreign investors as well as some bit of short coverings ahead of F&O expiry helped Sensex to touch fresh record highs.

The Indian rupee on November 25 slipped 3 paise to close at 71.74 against the US dollar due to fag-end dollar buying by banks and importers.

On the institutional front, FPIs were net buyers in Indian markets for Rs 960 cr, while the DIIs were net sellers to the tune of Rs 213 cr, provisional data showed.

Big News:

Morgan Stanley Capital International (MSCI) has announced a semi-annual rebalancing in its Global Standard Index on November 7.

A total of 78 stocks have witnessed changes in the latest rejig. SBI Life is amongst three largest additions to the MSCI Emerging Markets Index. MSCI added seven stocks and deleted four from MSCI Global Standard Index.

The additions included Berger Paints, Colgate, DLF, HDFC AMC, ICICI Prudential Life, SBI Life, and Siemens. Meanwhile, the deletions from the global index include Glenmark, Indiabulls Housing, Vodafone Idea, and Yes Bank.

The additions include: Berger Paints, DLF, HDFC AMC, ICICI Prudential Life Insurance Company, Indraprastha Gas, Info Edge, SBI Life, Siemens India

Those deleted from the index include: BHEL, Glenmark, Indiabulls Housing, L&T Finance, Vodafone Idea, Yes Bank

Changes to MSCI India Index will come into effect after close of trade on November 26.

Also read: MSCI rejigs indices: SBI Life, DLF, ICICI Pru key inclusions; BHEL, Yes Bank excluded

Technical Views:

The Nifty50 formed a strong bullish candle on the daily charts, negating the impact of a Bearish Belt Hold pattern formed on Friday.

The index closed above 5-Days EMA placed at 11,982 which acted as a stiff resistance in the previous session

The deck is now cleared for the index to hit fresh record highs soon

Three levels to track on Tuesday – 11,919, 12,084, 12103-12200

Traders can create fresh long positions with a stop below 11919 levels on a closing basis and look for a bigger target of 12300 levels, suggest experts.

Technical Recommendations:

We spoke to Religare Broking and here’s what they have to recommend:

Bank of Baroda: Buy| Target: Rs 107| Stop-Loss: Rs 98| Upside 5.9%

Dabur India Ltd: Buy| Target: Rs 495| Stop-Loss: Rs 454| Upside 5.3%

L&T Finance Holdings Ltd: Buy|Target: Rs 112| Stop-Loss: Rs 99|Upside 7.7%

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Moneycontrol News
first published: Nov 26, 2019 07:27 am

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