Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS:
For the past one week, Nifty has been consolidating between the 13400-13600 band. Today, the index has slipped below the midpoint of this band, primarily weighted by weakness among banking, FMCG, and energy stocks.
Most of the sectoral indices are showing signs of fatigue following strong price gains over the past several weeks. While the overall trajectory continues to be bullish, a minor, short-term correction seems overdue before the next up-leg commences.
For the next 4-5 sessions, 13400 is an important support to keep an eye on. If this support level breaks, we could see a much needed correction in the index towards 13000-12900 zone.
December 15, 2020 / 04:20 PM IST
Ajit Mishra, VP - Research, Religare Broking:
Markets ended almost unchanged in a volatile trading session, in continuation to prevailing consolidation bias. The benchmark opened in the red and inched further lower in early trades however recovery in global indices towards the latter half of the session helped the Nifty to settle on a flat note around 13,568 levels. Amongst the sectors, a mixed trend was witnessed as FMCG, Oil & Gas and IT ended with losses whereas Consumer Durables and Auto ended with gains. The broader indices also traded subdued wherein the midcap index managed to end marginally higher with gains of 0.4% while smallcap ended flat.
We’re seeing consolidation in the index on the expected lines but the bias is still on the positive side. A decisive break above 13,600 in Nifty could further fuel the rally however on the flip side, the breakdown below 13,400 may induce the participants to reduce positions. Meanwhile, we reiterate our view to focus more on the selection of stocks and limiting leveraged positions. Also, keep a close eye on global markets for cues.
December 15, 2020 / 04:16 PM IST
Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking:
Sustained portfolio inflows, visible progress on the vaccine roll-out globally and weakness in greenback are the drivers which are pushing the rupee on the upwards trajectory. Value erosion in dollar and excessive liquidity is driving FIIs to load up on emerging markets equities, specially Indian equities in a big way, pushing them to a record high. We are also witnessing a strong recovery in demand in the economy, which is leading to strength in the rupee as the year draws to a close.
The local unit looks to march further on the higher side towards 73.20-73 mark, from where we might see some retracement. Markets would now be looking forward to further guidance from the US Fed in its last policy meeting of the year, which will further steer the rupee.
December 15, 2020 / 04:15 PM IST
Vinod Nair, Head of Research at Geojit Financial Services:
Indian market opened with a negative trend following the weak sentiments of the Asian market, but a strong recovery happened as European market opened positively ahead of policy meetings. The liquidity-driven rally, which has been heavily depending on foreign funds, will bet a lot on the ongoing FOMC policy meeting and a final decision will be announced tomorrow, and the US stimulus package to be finalized this week. The outcome of these events are expected to be positive, triggering further positively in the market.
December 15, 2020 / 04:08 PM IST
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:
The Index once again went to test the lower end of the current range of 13400-13700 and bounced back to close above 13500. We have spent quite a bit of time within this range and a decisive move can be expected only post a break of 13400 or a conquer of 13700. Until then any dip can be utilised to accumulate long positions but it must be with strict stop loss limits.
December 15, 2020 / 03:53 PM IST
Rohit Singre, Senior Technical Analyst at LKP Securities:
Index showed a strong recovery from day low and managed to close a day on positive note with minimal gains and formed a doji candle for fourth consecutive session hinting uncertainty. Index has formed a good base near 13500 zone and holding above said levels we may see index to march towards its immediate resistance zone of 13600 and if managed to sustain above 13600 then we may see quick move towards 13700 zone. Nifty bank close a day at 30683 and formed a dragonfly doji candle pattern on daily chart, support for Nifty Bank is coming near 30500-30350 zone and resistance is coming near 30850-31000 zone.
December 15, 2020 / 03:38 PM IST
Rupee Close: Indian rupee ended lower at 73.64 per dollar, amid volatile trade seen in the domestic equity market. It opened lower at 73.64 per dollar on Tuesday against previous close of 73.57 and remained in the range of 73.59-73.67.
December 15, 2020 / 03:33 PM IST
Market Close: Benchmark indices recovered from the lows and ended flat in the highly volatile session on December 15.
At clsoe, the Sensex was up 9.71 points or 0.02% at 46,263.17, and the Nifty was up 9.70 points or 0.07% at 13,567.90. About 1389 shares have advanced, 1333 shares declined, and 128 shares are unchanged.
Nestle, HUL, BPCL, Axis Bank and ICICI Bank were among major losers on the Nifty, while gainers were Bajaj Finance, Bajaj Finserv, Eicher Motors, Shree Cements and JSW Steel.
Except auto and metal other sectoral indices ended in the red with Nifty PSU and FMCG indices fell 1 percent each.
December 15, 2020 / 03:28 PM IST
BPCL board meeting on Dec 17:
BPCL on December 17 would consider a proposal for acquisition of 36.62% of equity shares in Bharat Oman Refineries from OQ S.A.O.C. and to consider merger of Bharat Gas Resources with BPCL.
December 15, 2020 / 03:25 PM IST
Bharti Airtel launches customer advisory board:
Airtel Business, the B2B unit of Bharti Airtel announced the launch of its Customer Advisory Board with the objective of making its customers equal stakeholders in its product development journey. The board will have representation from Airtel's top enterprise customers cutting across a diverse set of industries/sectors
December 15, 2020 / 03:23 PM IST
Cyient signs MoU with Decipher:
Cyient signed an MoU with Decipher, a Perth-based company that provides a cloud monitoring and governance platform for tailing storage facilities. As per the MoU, Cyient will support Decipher with the global rollout of their cloud mining platform for tailings and rehabilitation monitoring.