Once Again Record Closing Highs For The NIFTY

NIFTY:

The NIFTY opened at 18871.95 with a gap up of 113 points. The index initially consolidated for a brief time and eventually broke on the downside. Prices recorded its intraday high at 1887.60, saw a sharp dip, and then again formed a range that broke on the downside. The gap was filled and prices recorded its intraday low at 18778.20. The index has seen some recovery afterwards and then again consolidated. Prices have finally closed at 18812.50 with a gain of 54.15 points or 0.29% up. IT, MEDIA, METAL, and REALTY have outperformed today and closed higher by more than 1.50%, AUTO, FMCG, PHARMA, and OIL GAS underperformed today and closed with a loss. The short-term trend is up. The NIFTY again recorded lifetime new highs and ended on a record closing high. We now have a strong support zone inside 18300 – 18500. This zone is also a buy-on-dip opportunity. A close below 18500 may change the short-term trend to sideways. There is no visible resistance as prices are moving in uncharted territory. We will get a buying opportunity either on a dip towards 18500 or if prices formed a trading range. We should wait for the one and till then avoid trading the index for carrying forward trades.

BANK NIFTY:

The BANK NIFTY opened at 43512.10 with a gap up of 267 points. The index could not hold higher levels and started drifting downwards after recording its intraday high at 43515.05. The gap was filled, and then prices started a consolidation process, eventually breaking on the downside. The index recorded its intraday low at 43101.85 and then saw some recovery to finally close at 43219.75 with a loss of just 26 points. PSU BANKS have outperformed today and closed with a gain of 1.86%. PVT BANKS have underperformed today and ended on a flat note. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while ICICIBANK contributed the lowest. A gap-up opening did not sustain and the index has seen a sharp intraday decline today. The short-term trend is up as prices are trading near its lifetime highs. We have been tracking a narrow trading range inside the 42740 – 43340 zones. Prices have tried to break this range but failed to do so and closed inside these levels for six consecutive trading days. This narrow range suggests a sharp move is about to come. Strong Support is visible around 42000. A close below this support may change the short-term trend to sideways. We should look for a buying opportunity only as far as prices are trading above this support level.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark indices ended higher for the seventh consecutive session on December 1 with Nifty around 18800.At close, Sensex was up 184.54 points or 0.29% at 63,284.19, and the Nifty was up 54.20 points or 0.29% at 18,812.50. About 1985 shares have advanced, 1394 shares declined, and 141 shares are unchanged.

• Mahindra & Mahindra on Thursday reported a 56 per cent rise in domestic passenger vehicles sales at 30,392 units in November 2022.

• India collected Rs 1.46 lakh crore as Goods and Services Tax (GST) in November, the finance ministry said on December 1.

• Maruti Suzuki India, India’s largest carmaker in terms of market share, on December 1 released its sales figures for the month of November 2022. The company stated that its total sales during the month rose 14.4 percent year-on-year (YoY) to 1.59 lakh units compared to 1.39 lakh units in the same month last fiscal

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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