business

22k in sight for nifty? Kotak MF’s Harsha Upadhyaya on the bull run | PSU banks, Zee in focus

Indian equity market recorded sharp upmove for second consecutive session and moved closer to 21,500 mark on December 15. Experts believe the momentum indicator RSI (relative strength index) is showing positive bias, but has reached th overbought stage, hence, some kind of consolidation can't be ruled out in coming days. Immediate support on the Nifty is seen in the 21,300-21,200 zone, before it can resume its upward journey above the 21,500 mark. On December 15, the BSE Sensex surged 970 points to 71,484, while the Nifty50 rose 274 points to 21,457. The broader markets gained but underperformed benchmark indices. The Nifty Midcap 100 index was up 0.11 percent and Smallcap 100 index gained 0.7 percent, while the India VIX, the fear index jumped above 13 mark, rising 6.55 percent to 13.13 levels, which is a bit of concern for bulls. This morning global cues are mixed with Asian markets edging lower ahead of BoJ rate decision and China loan prime rates later this week. Wall Street clocked in a seventh straight week of gains with Dow hitting a fresh high in intra-day trade. The GIFT Nifty is hinting a muted start for Indian market. Also among stocks in focus today, we put the spotlight on Zee Entertainment, JSW Group, J Kumar Infratech & PB Fintech among others. Catch Nandita Khemka in conversation with Harsha Upadhyaya, Chief Investment Officer - Equity, Kotak MF and Rajesh Palviya, Senior Vice President Research Head-Technical & Derivatives at Axis Securities.

first published: Dec 18, 2023 08:31 am