Taking Stock | Market rebounds! Nifty tests 13K, Sensex jumps 430 points

Broader markets performed in line with the benchmarks, as BSE midcap added nearly 1 percent and smallcap index closed 0.7 percent higher.

November 26, 2020 / 04:43 PM IST

The market bounced back from the previous session's sell-off and ended near the day's high on November 26. The Nifty50 ended the November F&O series near 13,000, supported by metal and financial stocks.

The BSE Sensex jumped 431.64 points, or 0.98 percent, to end at 44,259.74, and the Nifty was up 128.60 points, or 1 percent, at 12,987.

"The support of 12,800 worked very well and the Nifty bounced swiftly to close above 12,900. If we can get past 13,050, we will be on our way to hit 13,200. As long as 12,800 does not break, we can utilise all dips to buy into this strong upside rally," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Among sectors, the Nifty metal index rose nearly 4 percent, while pharma and bank indices rose more than a  percent each.

Broader markets performed in line with the benchmarks, with BSE midcap adding nearly 1 percent and smallcap index rising 0.7 percent.

Close

JSW Steel, Tata Steel, Grasim Industries, Hindalco and Shree Cements were among major gainers on the Nifty, while losers included Eicher Motors, BPCL, Maruti Suzuki, ONGC and HDFC Life.

Also Read - Gainers & Losers: 10 stocks that moved the most on November 26

Stocks & sectors

Except BSE oil & gas all other sectoral indices ended in the green. BSE metal index rose 4 percent and healthcare and bank indices rose 1 percent each.

A volume spike of more than 100 percent was seen in Adani Enterprises, Federal Bank and NALCO.

Long buildup was seen in SBI Life, HUL and Bata India, while short buildup was seen in HDFC Life, IGL and Tech Mahindra.

More than 100 stocks hit a fresh 52-week high on the BSE, including CG Power, EID Parry, Tata Steel and Tata Chemicals.

Technical View

"Unless the Nifty closes above 13,145 in the next session, the trend shall continue to remain sideways in the above-mentioned trading range. In case the Nifty gets past 13,145 on a closing basis, then traders should play on the long side for a possible target of 13,500 levels," said Mazhar Mohammad, Chief Strategist–Technical Research & Trading Advisory at Chartviewindia.in.

"Considering strong appetite of the bulls at lower levels, it is advisable to refrain from shorting but before going long it looks prudent to wait and watch one more trading session of price action," 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 26, 2020 04:35 pm

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