The benchmark indices on 14th December 2020, formed a new lifetime high in intraday and end the day in the green.
The Sensex ended 154.45 points (0.34 per cent) higher at 46,253.46 while Nifty rose 44.30 points (0.0.33 per cent) and closed at 13,558.20. The BSE Midcap & Smallcap rose 0.8 per cent each.
On the sectoral front, except auto other sectoral indices ended in the green. The Metal and PSU Bank sector outperformed the benchmark indices.
On Nifty 50 index ONGC (4.86 per cent), Larsen (4.63 per cent), Cipla (4.43 per cent) and Coal India (3.69 per cent) were the top gainers for the day, while Eicher Motors (-2.85 per cent), Hero Motocorp (-2.25 per cent), M&M (-2.18 per cent) and HDFC Life (-1.32 per cent) were the top losers for the day.
The Burger King Factor:
Burger King makes a strong debut today, as it lists at a 92 per cent premium over the issue price. After listing the scrip was trading close to 138 which is 131 per cent above the issue price. Investors can continue to hold the stock, while traders should maintain a stop loss at 100.
Author’s View: The range-bound trade continues in Nifty. The range of 13,400 – 13,600 remains intact. If market gains momentum from the current level, we can see a further upside till 13,730 level.
Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking), notes, "Our markets started the week marginally higher following the positive global cues. However, the index consolidated within a range for the most part of the day and managed to close with gains of one-third of a per cent.".
Jain further adds, "The markets continued its momentum at the open and almost tested the 13,600-mark. However, it panned out to be a day of consolidation as the indices then traded within a narrow range for the most part of the day. The broader trend continues to be positive and there are no signs of reversal yet. However, the broader market index is trading at its important juncture and hence, the next few sessions would be important to determine whether there would be any pause to the on-going up move. The Nifty index has formed back to back ‘Doji’ candles in the last couple of sessions. The immediate supports for Nifty are placed around 13,470 and 13,400. Any breach below this support would signal the possibility of an immediate profit booking. Until then, once should continue to look for stock-specific trading opportunities. On the flip side, the immediate resistances for the index are 13,600 and 13,670.”
Disclaimer: The view/s expressed above are only for educational/awareness purpose. Mumbailive.com or the author of the post bears no liability for any losses suffered by following any advice posted on the website. You are solely responsible for making your own investment decisions.
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