NIFTY CLOSES ON ALL TIME HIGH FOR THE FOURTH SUCCESSIVE DAY

NIFTY:

The NIFTY opened with seventh consecutive gap at 20950.75 with a big gap up of 95 points. The index traded lower for the first half of trading but took support at 20850 and bounced back and Nifty eventually crossed the opening levels and made new lifetime high at 20961.95. Prices have finally closed at 20935.90 near its day’s high with a gain of 82 points or 0.4% up. MEDIA outperformed and led the bulls by closing over 2% followed by IT and FMCG. REALTY underperformed and ended with a loss of over half percent followed by PHARMA and PVT BANKS. The short-term trend is up and there is no doubt about it as prices are making a bullish pattern of higher highs and higher lows. Support is visible around 20300-20500 while there is no visible resistance as the index is moving in uncharted territory. We should look for buying only as far as prices are moving above 20300.

BANK NIFTY:

The BANK NIFTY opened at 47256.75 with a gap up of 287 points and made intraday high of 47259.85. The index initially moved down in the first half of trading and then started trading in a sideways range where it made intraday low at 46750.20. Prices finally closed at 4680 1.85 with a loss of 178points.PSU BANKs again managed to close higher with a gain of 0.63% whereas PVT BANKs closed with a loss of 0.33%. Within the index, in terms of points, IDFCFIRSTB contributed the highest on the upside while AUBANK contributed the lowest. The trend is very strong on the upside as the index has been recording lifetime new highs. Support is now visible around 46300 while there is no visible resistance as prices are trading in uncharted territory. We should look for buying only as far as prices are staying above 46300 support.

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• Benchmark indices ended on a positive note on December 6 with Nifty around 20,950. At close, the Sensex was up 357.59 points or 0.52 percent at 69,653.73, and the Nifty was up 82.60 points or 0.40 percent at 20,937.70. About 1659 shares advanced, 1592 shares declined, and 82 shares unchanged.

• Despite the sharp surge in shares after the Supreme Court observations on the Hindenburg case and the BJP win in three states, Adani Group’s market cap is about 23 percent below its previous record of around Rs 20 lakh crore, reached before the Hindenburg Research report published on January 24.

• Lenders to troubled domestic carrier Go First, founded by billionaire Nusli Wadia, may soon clear a proposal to liquidate the company, which has failed to meet multiple deadlines to resolve its ongoing debt crisis, people familiar with the development told Moneycontrol.

• India’s state-owned banks wrote off loans to the tune of Rs 3.66 lakh crore in the last three financial years, the Reserve Bank of India (RBI) said in response on November 5 to an RTI filed by Moneycontrol on October 5. At the same time, these banks recovered just Rs 1.9 lakh crore, data showed.

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

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