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Taking Stock | Sensex gains 477 points, Nifty above 17,200 on firm global cues

More than 350 stocks, including Sintex Industries, Tech Mahindra and Mindteck, hit a 52-week high on the BSE

December 28, 2021 / 04:41 PM IST

Indian equity benchmarks extended gains for the second straight session on December 28 on positive global cues and buying across sectors. At close, the Sensex was up 477.24 points, or 0.83 percent, at 57,897.48, and the Nifty was up 147 points or 0.86 percent at 17,233.30.

The market started on a strong note and remained in the green throughout the session to finish near the day's high.

"Indices remained positive and closed in the green today with most of the sectoral indices ending higher. Advance- decline ratio was very favourable as investors sought to accumulate high-quality midcap names across sectors as well as textile exporters in the afternoon trade," said S Ranganathan, Head of Research at LKP Securities.

The calendar year 2021 saw the Bank Nifty underperform the Nifty 500 by more than 15 percent despite earnings upgrades, as the street worried about the likely disruption by fintech companies, he said.

Broader indices outperformed the main indices. The BSE midcap index closed 0.9 percent higher and the smallcap gained 1.4 percent.

Close

Asian Paints, M&M, Titan Company, UltraTech Cement and Sun Pharma were among the top Nifty gainers. Losers included IndusInd Bank, Power Grid and ICICI Bank.

The Nifty auto, energy, and PSU bank indices gained a percent each.

Stocks and sectors

IndexPricesChangeChange%
Sensex60,098.82-656.04 -1.08%
Nifty 5017,938.40-174.65 -0.96%
Nifty Bank38,041.35-168.95 -0.44%
Nifty 50 17,938.40 -174.65 (-0.96%)
Wed, Jan 19, 2022
Biggest GainerPricesChangeChange%
ONGC170.256.40 +3.91%
Biggest LoserPricesChangeChange%
Infosys1,867.05-53.70 -2.80%
Best SectorPricesChangeChange%
Nifty PSU Bank2801.6560.45 +2.21%
Worst SectorPricesChangeChange%
Nifty IT37281.70-810.10 -2.13%

All the sectoral indices ended in the green with auto, capital goods and IT indices up 1 percent each.

Among individual stocks, a volume spike of more than 400 percent was seen in Atral, Mphasis and Siemens.

A long build-up was seen in TVS Motor, Godrej Consumer Products and Siemens, while there was a short build-up in Power Grid, Torrent Pharma and JK Cement.

More than 350 stocks, including Sintex Industries, Tech Mahindra and Mindteck, hit a 52-week high on the BSE.

Technical View

The Nifty formed a bullish candle on the daily scale with buying seen at support zones.

The Nifty has to hold above 17,200, for an up move towards 17,350 and 17,500, whereas support shifts higher to 17,150 and 17,000 zones, said Chandan Taparia, Analyst-Derivatives, Motilal Oswal Financial Services.

Outlook for December 29

Rohit Singre, Senior Technical Analyst, LKP Securities

A fresh base has been created at 17,200 and if the Nifty stays above it, the pullback can be expected to continue but if the index fails to hold the level, profit booking can be expected towards 17,100.

On the higher side, immediate hurdle is near 17,300-17,400. The overall structure seems positive as the index managed to hold above 17,000.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

While the Nifty managed to touch 17,250, it closed below it. For a bullish trend to emerge and sustain, the index has to stay above 17250. The index can move to 17,600 if it closes above 17,250. It has a good support at 16,800.

Shrikant Chouhan, Head, Equity Research (Retail), Kotak Securities

After a long time, the Nifty succeeded to close above the 20-day simple moving average (SMA), which is broadly positive.

The short-term texture is bullish but due to gains in recent sessions, the bulls may take a pause near 17,275-17,300 levels.

The trade setup suggests a quick intraday correction if the Nifty slips below 17,180.

On the other hand, above 17,200, the uptrend can continue to 17,300 and a further upside can take the index to 17,370.

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 making any investment decisions.
Rakesh Patil
first published: Dec 28, 2021 04:41 pm

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