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Taking Stock | Supported by auto and metal stocks, bulls take Nifty close to 14k

The BSE auto, metal and realty indices rose 1 percent each, while capital goods and FMCG indices ended in the green.

December 30, 2020 / 04:26 PM IST

The rally backed by auto and metal stocks helped the market to end at a record high on December 30, with the Nifty closing just a shade away from the 14,000-mark.

The Sensex was up 133.14 points, or 0.28 percent at 47,746.22 and the Nifty was up 49.40 points, or 0.35 percent, at 13,982.

"Once again the Nifty attempted to hit the 14000 level but was unable to. From a technical perspective, it is all set to achieve 14,100 as the next level of resistance. It is a matter of time that we see that magical level on our screens. We have a good support at 13,600 and any dip should be utilised to enter fresh long positions for higher targets," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

The Nifty auto and metal indices rose a percent each, while the infra index rose 0.6 percent. However, some selling was seen in the pharma and PSU banking names.

Broader markets outperformed the main indices, with the BSE midcap index closing 0.5 percent and the smallcap index 0.37 percent higher.

Close

UltraTech Cement, Shree Cements, Grasim, Bajaj Finance and UPL were among the major gainers on the Nifty, while the losers included IndusInd Bank, Sun Pharma, Axis Bank, Bharti Airtel and TCS.

Stocks & sectors

The BSE auto, metal and realty indices rose a percent each, while capital goods and FMCG indices ended in the green.

A volume spike of more than 100 percent was seen in Canara Bank, UltraTech Cement and GMR Infra.

Long buildup was seen in Canara Bank, GMR Infra and MRF, while short buildup was seen in Marico, ICICI Prudential and Bandhan Bank.

More than 250 stocks, including Bajaj Finance, Bajaj Auto, Suzlon Energy and 3i Infotech, hit a fresh 52-week high on the BSE.

Technical View

The Nifty formed a Doji candle on the daily scale with a long lower shadow, which indicates that every decline was being bought into.

The index continued its winning streak for the sixth consecutive session and was only 3 points away from the psychologically important 14K marks.

"Now it has to continue to hold above 13,850 zones to witness a fresh rally towards 14,200 then 14,500 zones while on the downside, major support exists at 13,777 and 13,700 levels," said Chandan Taparia of Motilal Oswal Financial Services.

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: Dec 30, 2020 04:26 pm

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