As long as the Nifty50 does not break below the lower end of the rising channel there are very good chances for reaching 13500, and not immediately but after a few minor retracements.
Global markets are moving cautiously amid a rise in the COVID-related cases and conflicting views over US fiscal stimulus. Be stock specific and keep a track of FII and DII activities, says Garg.
Expiry changes a lot of equations and is capable of a momentary upsetting a well-established order. Here are 4 possible distortions in the aftermath of an expiry day.
The Nifty rollovers stand at 71 percent which is higher than the 3-month average of 68 percent, but lower than November series rollover of 75 percent.
The Nifty rollover for December series stand at 48.62 percent so far, slightly lower than the 3-month average of 68 percent, ahead of expiry.
Vineet Bhatnagar of PhillipCapital says investors should use the current market weakness to buy stocks.
According to Siddarth Bhamre of Angel Broking although one could also see 8000-8050 levels on the Nifty at the start of December series, those levels should be used initiate fresh shorts.
In an interview to CNBC-TV18, Siddarth Bhamre of Angel Broking shares his outlook on how the expiry may pan out and cues for the January series.
“If a rate cut is not announced on December 2nd, then the market could see a mild negative reaction,†Vibhav Kapoor of IL&FS said.
In the upcoming December series, Siddarth Bhamre of Angel Broking will probably buy puts and sell futures. He has done some shorting of December futures at 8550-8570 odd levels. He explains that even though there is highest built up in 8000 put, 8400, 8300 put option of the December series are also seeing good amount of writing.
Hemant Thukral of Aditya Birla Money is bullish on the January series as well and recommends buying the index on dips.
Nifty upside might also be capped at 6,300 for December derivative series which ends on December 26, as highest open interest in call options is now held at 6,300 strike price compared with 6,500 earlier, say traders.
Pritesh Mehta of IIFL tells CNBC-TV18, one can turn more bullish on the market if Nifty manages to breach 6,212 today or on Monday.
Siddharth Bhamre of Angel Broking, in an interview to CNBC-TV18 shared his reading and outlook on the futures and options markets. He believes there is more upside left in this market.
In an interview to CNBC-TV18, Anil Manghnani, Modern Shares & Stock Brokers shared his observations on the market. “If you look at the last four months only, it has been one month up and then one month flat, so we have already had the November up and December flat. So if all goes well then January should actually go up,†he said
In an interview to CNBC-TV18 SP Tulsian of sptulsian.com said that he is keeping a positive stance on January series with target of 6150 on Nifty.
The December series is about to end and the market is likely to be governed by domestic as well as international cues, believes VK Sharma of HDFC Securities.Sharma feels, the Nifty might drift slightly slower for the settlement and move in the range of 5823 to 5838.
In an interview to CNBC-TV18 Hemant Thukral. Aditya Birla Money shared his reading and outlook on the Futures and Options market. He believes the downside to the market is limited because bullish sentiment still prevails.
Siddharth Bhamre of Angel Broking expects the Nifty to witness resistance around 6,000 levels.
The Indian market witnessed a spectacular rally on Tuesday. In an interview to CNBC-TV18, Sudarshan Sukhani, s2analytics.com says the target of 6,000 or thereabouts seems within the realm of possibility in December now. "Now, we are looking at a short-term uptrend that is having a strong momentum," he adds.
The market has been slowly but steadily gaining inch by inch over the past week, but Sudarshan Sukhani of s2analytics.com tells CNBC-TV18 that it is time for Indian equities to consolidate.
Experts tell CNBC-TV18 that there are not going to be fireworks going off in the market during the December rally.