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Nov 20, 2020 03:59 PM IST | Source: Moneycontrol.com

Closing Bell: Sensex rebounds 282 points, Nifty ends above 12,850; Midcap, Smallcap outshine

The Nifty Midcap index was up 0.85 percent and Smallcap index gained 1.2 percent amid positive market breadth.

  • November 20, 2020 04:42 PM IST

    Nirali Shah, Senior Research Analyst, Samco Securities: Nifty50 index closed the week with a mild gain after making an all-time high of 12,963. But now the benchmark index has formed a bullish reversal pattern which opened with a gap near highs of the week and then gave up all the gains. The rally’s velocity has also been declining along with the volume participation. Infact, Nifty has started facing resistance at the rising channel visible on the weekly chart and might continue to struggle going ahead as it lacks participation from the top index movers like ICICI Bank, HDFC and banking stocks, who have also become a bit stretched on the upside in the short term. We suggest traders to keep an eye on the benchmark and go short unless it breaks the rising channel on the upside.

  • November 20, 2020 04:20 PM IST

    Shrikant Chouhan,  Executive Vice President (Equity Technical Research), Kotak Securities: Nifty rejected to sustain below the lowest level of the previous day 12,745 and the support level of 10-day SMA, which is an indication of the firm grip of bulls.  However, world cues are deteriorating that would impact at least in the short term trend of the market. In the coming week, it is mandatory for the market to cross the level of 12,970, in case Nifty fails to break 12,970 then it would result in a short term weakness.  Below 12,730 levels, Nifty could fall to 12,630 or 12,530 levels.  On the upside, above the level of 12,970 Nifty could rally to 13,100 or 13,200 levels.  Be stock specific for the time being. For the coming week, Nifty FMCG and Nifty Pharmaceutical should be in the watch list.

  • November 20, 2020 04:13 PM IST

    Ajit Mishra, VP - Research, Religare Broking: Market managed to end in the green amid volatility, taking a breather after yesterday’s slide. Initially, participants were in the profit-taking mood however recovery in the index majors not only pared the losses but also helped the index higher. Consequently, the Nifty index ended with healthy gains of 0.6 percent at 12,844 levels. The outperformance from broader markets continued as Midcap and Smallcap ended higher by 1.2 percent and 0.8 percent. On the sector front, all the indices ended with gains wherein Telecom, Consumer Durables, and Banking were the top gainers.
     
    We reiterate our view that the prevailing consolidation is healthy and traders should focus on a stock-specific trading approach. While we’re seeing noticeable interest in the rate-sensitive pack, we expect fresh traction in select counters from the defensive pack i.e. FMCG, IT and pharma after the recent consolidation so suggest planning the trades accordingly. In absence of any major trigger, COVID-related updates and global cues will remain on the radar.

  • November 20, 2020 04:06 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services: Although the market showed high volatility in the first half, a sharp recovery was seen in the market which was strongly supported by the banking sector. Banking indices are marching towards its pre-COVID valuations in spite of concerns over NPA recognitions. Global markets are moving cautiously amid a rise in the covid related cases and conflicting views over US fiscal stimulus. The overall market momentum going forward will depend on the progress associated with the effectiveness of vaccine distribution, a major factor determining economic recovery.

  • November 20, 2020 03:58 PM IST

    Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments: After respecting the short term support of 12,750, the Nifty clawed back from negative territory in a jiffy. We notice inclining volumes when markets are rising which is testament to a strong upside momentum. There is every possibility that we will achieve 13100 next week.

  • November 20, 2020 03:57 PM IST

    S Ranganathan, Head of Research at LKP Securities: In a volatile session, financials led by Kotak Mahindra Bank and Bajaj twins helped the bulls to wrest control with able support provided by few heavy weights across sectors. The broader market saw buying interest in insurers and defence stocks.

  • November 20, 2020 03:41 PM IST

    The Nifty50 closed at 12,859, up 87.30 points and the BSE Sensex jumped 282.29 points to 43,882.25, driven by banking & financials, FMCG and IT stocks.

  • November 20, 2020 03:33 PM IST

    Market Closing

    The market rebounded sharply, though could not recoup all its previous day's losses. The benchmark indices as well as broader markets participated in today's run up.

    The Nifty50 closed at 12,859, up 87.30 points and the BSE Sensex jumped 282.29 points to 43,882.25, driven by banking & financials, FMCG and IT stocks.

    The Nifty Midcap index was up 0.85 percent and Smallcap index gained 1.2 percent amid positive market breadth.

  • November 20, 2020 03:30 PM IST

    Nifty May Remain Rangebound in Short Term

    "We witnessed some swift recovery from its short-term support around the Nifty50 Index level of 12,750-12,730 in the market. The expected level should range between 12,750 and 12,950 and it’s going to be crucial for the short-term market scenario. Though, technical evidence is not supporting any bullish movement, however, the market may play in this range, eying on the possibilities for another round of stimulus in the US economy," Ashis Biswas, Head of Technical Research at CapitalVia Global Research said.

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