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Taking Stock | Bulls back in action as Nifty ends above 13,000 for the first time

Adani Ports, Eicher Motors, Axis Bank, Hindalco and M&M were among major gainers on the Nifty, while losers were Titan Company, HDFC, BPCL, Bharti Airtel and Shree Cements.

November 24, 2020 / 04:38 PM IST

The record rally continued on the Dalal Street on November 24 with benchmark indices ending at record high and Nifty ending above 13,000 for the first time. The BSE Sensex was up 445.87 points, or 1.01%, at 44,523.02, and the Nifty up 128.70 points, or 1%, at 13,055.20.

"Market is inching higher with more confidence that COVID-19 vaccine will be available in India soon. It can provide an advantage to India compared to the rest of the world. While, foreign inflows have already broken to a new high on a monthly basis, due to risk on strategy on healthier EMs like India," said Vinod Nair, Head of Research at Geojit Financial services.

"Recently, broader market, including Mid & Small caps indices, started to perform better which may continue in the short-term as large caps look expensive post the solid rally from COVID-low," he added.

Among sectors, the Nifty Bank Index jumped 2.4 percent and auto, metal and pharma indices rose 1 percent each.

Broader markets underperformed the benchmarks - BSE midcap rose 0.6 percent and smallcap index gained 0.9 percent.

Close

Adani Ports, Eicher Motors, Axis Bank, Hindalco and M&M were among major gainers on the Nifty, while losers were Titan Company, HDFC, BPCL, Bharti Airtel and Shree Cements.

Also Read - Gainers & Losers: 10 stocks that moved the most on November 24

Stocks & sectors

All the sectoral indices ended in the green. BSE Bank index rose 2.3 percent and auto, metal, realty, FMCG and healthcare indices gained 1 percent each.

A volume spike of more than 100 percent was seen in RBL Bank, Canara Bank and BHEL.

Long buildup was seen in RBL Bank, Tata Power and Page Industries while short buildup was seen in TVS Motor, BHEL and Pidilite Industries.

More than 100 stocks hit a fresh 52-week high on the BSE, including Adani Green, Chambal Fertilisers and DHFL.

Technical View

Despite new life time highs, at this juncture momentum is clearly favouring bulls, as Nifty50 managed a close above psychological resistance point of 13k levels.

"This itself may become the reason for further upmove for next couple of trading sessions which may initially expand the rally towards 13200 levels," said Mazhar Mohammad, Chief Strategist–Technical Research & Trading Advisory at Chartviewindia.in.

"Traders are advised to remain cautious as this rally may get choked at any point in time as revealed by some of the momentum oscillators which failed to make new swing highs along with price chart thereby displaying some sort of negative divergence with a lower top," he added.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Rakesh Patil
first published: Nov 24, 2020 04:30 pm

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