Taking Stock | Market rallies in fifth staright session; financials outperform

Broader markets underperformed the main indices with BSE midcap ending flat while smallcap index was up 0.16 percent.

December 29, 2020 / 04:29 PM IST

The market rallied for the fifth consecutive session on December 29 with Nifty closing comfortably above the 13,900 mark helped by the financials.

The Sensex was up 259.33 points or 0.55% at 47,613.08, and the Nifty was up 59.40 points or 0.43% at 13,932.60.

"The markets were a tad shy of hitting the 14,000 level but that should be achieved sooner than later. The Nifty can climb towards 14,100 which should be the next level of resistance. The week's support is at 13,600 so traders can utilise intraday corrections to initiate long positions for higher targets," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

The Nifty Bank index added 1 percent, IT index rose 0.7 percent, while the Nifty Metal index shed 1 percent.

Broader markets underperformed the main indices with BSE midcap ending flat while smallcap index was up 0.16 percent.

Close

IndusInd Bank, Tech Mahindra, Axis Bank, ICICI Bank and HDFC were among major gainers on the Nifty, while losers included Hindalco, Nestle, Coal India, Tata Motors and NTPC.

Stocks & sectors

The BSE Bank index rose 1 percent, while Metal index declined 1.3 percent and BSE Power index fell 0.8 percent.

A volume spike of more than 100 percent was seen in Indraprastha Gas, Canara Bank, Marico.

Long buildup was seen in Indraprastha Gas, Marico and Godrej Consumer Products and short buildup was seen in Cipla, Nestle and Berger Paints.

Over 250 stocks including HDFC, Wipro, Mindtree hit a fresh 52-week high on the BSE.

Technical View

The Nifty formed a Bullish candle on the daily scale making higher lows from the last five sessions.

"Now it has to continue to hold above 13800 zones to witness a fresh rally towards 14000 then 14200 zones while on the downside major support exists at 13777 and 13700 levels," said Chandan Taparia of Motilal Oswal Financial Services told Moneycontrol.

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

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