THE UPSIDE RALLY CONTINUED; NIFTY RECORDED LIFETIME NEW HIGHS

NIFTY:

The NIFTY opened at 20194.10 with a gap up of 61 points. The index continued its prevailing up move and started moving higher from its opening tick. Prices recorded its intraday low at 20183.70, just below the opening tick, moved up, and found resistance in the afternoon. The index then started a consolidation process. That range-bound session lasted till the end and prices have recorded its intraday high at 20291.55. The index finally closed at 20267.90 near its day’s high with a gain of 134.75 points or 0.67% up. All the sectoral indices have rallied and closed higher except for AUTO which ended with a loss of 0.36%. MEDIA led the bulls and ended with a gain of 2.57% followed by FMCG and REALTY. 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. The index recorded lifetime new highs at 20291.55. Support is visible around 19850 while there is no visible resistance as the index is moving in uncharted territory.

BANK NIFTY:

The BANK NIFTY opened at 44580.15 with a gap up of 114 points. The index continued its early morning bullish momentum and saw a sharp rally. The index then found resistance and started a consolidation process. That range-bound session lasted till the end. Prices first recorded its intraday low at 44531.75, then its intraday high at 44951.10, and finally closed at 44815.70 with a gain of 349 points. PSU BANK has outperformed, saw a sharp upside move, and ended with a gain of 1.86%. PVT BANK has also moved up and ended with a gain of 0.61%. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while HDFC BANK contributed the lowest. The short-term trend is up. We have been tracking support around 43800 and resistance around 44800. The index crossed above the 43800 resistance but could not move further up and ended around the 44800 resistance.

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• Benchmark indices ended higher for the fourth consecutive session on December 1 with Nifty above 20,250. At close, the Sensex was up 492.75 points or 0.74 percent at 67,481.19, and the Nifty was up 134.70 points or 0.67 percent at 20,267.90. About 2041 shares advanced, 1566 shares declined, and 132 shares unchanged.

• The government’s Goods and Services Tax (GST) collections climbed 15 percent year-on-year in November to Rs 1.68 lakh crore, the Ministry of Finance said on December 1. At Rs 1.68 lakh crore, the November GST collections is 2 percent lower than the Rs 1.72 lakh crore collected in October.

• Oil prices slumped more than 2% on Friday on investor skepticism about the depth of OPEC+ supply cuts and concern about sluggish global manufacturing activity. Brent crude futures for February settled down $1.98, or 2.45%, at $78.88 a barrel.U.S. West Texas Intermediate crude futures (WTI) dropped $1.89, or 2.49%, to $74.07 a barrel.

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

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