The market has achieved a significant milestone today by crossing the historic 70,000-mark. However, profit booking was evident at higher levels as traders await crucial data releases on inflation from the US and India, as well as the IIP, scheduled for tomorrow. These reports have the potential to drive the market in a new direction and it’s important to stay informed and vigilant in such times of uncertainty. Let’s keep a watchful eye on how the market reacts to these upcoming events.
On Monday (December 11), equity benchmark indices reached new milestones, boosted by positive global cues. The Sensex crossed 70,000 for the first time while the Nifty hit a new high of 21,026.10.
What Are The Experts Saying?
The market crossed 70,000 levels today, while traders booked profits at higher levels, anticipating inflation data from the US and India, as well as the IIP. Positive cues from the US markets suggest a “buy on dips” approach with a focus on stock selection. Strong domestic growth and the return of FIIs could drive the market higher, but central bank policy outcomes this week may cause consolidation. Investors should be cautious with the upcoming US and India inflation reports, as well as India’s manufacturing data set to be released tomorrow.
What Do The Nifty 50 Charts Indicate?
The Nifty50 traded mostly sideways today as traders stayed on the sidelines in anticipation of a data-packed week. Call writers actively building positions at the 21,000 resistance level may cause the market to consolidate within a broader range until a decisive breakthrough occurs. The positive chart pattern of Nifty remains intact, with a possibility of continuing its upward journey without any major breakdown in the near term. A decisive move above 21,000 could open the next upside target of 21550, while immediate support is placed at 20850 levels, according to Nagaraj Shetti of HDFC Securities.
Key support levels for Nifty Bank
Bank Nifty performed well today, with PSU banks leading the way. Kunal Shah, Senior Technical & Derivative analyst at LKP Securities, suggests adopting a buy-on-dip strategy and highlights the support level as a robust foundation. A significant breakthrough above the specified level could trigger additional upward momentum. Sheersham Gupta, Director and Senior Technical Analyst at Rupeezy, advises to look out for key support levels at 47,000-47,200 and observe resistance levels at 47,500-47,800 for Nifty Bank.
Wipro shares slip in trade
Wipro’s shares fell after the resignation of its chief growth officer, Stephanie Trautman. Morgan Stanley maintained its “Underweight” rating on Wipro, citing concerns over the numerous senior management exits in the last year. The CGO played a pivotal role in the large-deal team that scouted deals for the company via market advisers and various channels.
Here are the stocks to watch out for ahead of Tuesday’s session:
Infosys : Infosys has announced that Jayesh Sanghrajka will be appointed as the company’s Chief Financial Officer (CFO) starting April 1, 2024. Meanwhile, Nilanjan Roy is set to resign from his post as CFO effective March 31, 2024.
SpiceJet: SpiceJet’s Board meeting to discuss second-quarter results and raising of fresh funds has been postponed to December 12, 2023.
Mankind Pharma: Mankind Pharma may witness a change of hands up to 7.9% equity through a block deal worth ₹5,649 crore.
REC India: REC India has signed a €200m loan agreement with Germany’s KfW Development Bank.
Dixon Technologies: Dixon Technologies’ subsidiary, Padget Electronics, will manufacture IT hardware products under PLI 2.0 Scheme for Lenovo.
RVNL: RVNL-URC JV has emerged as the Lowest Bidder for a project worth ₹543 crore of Madhya Pradesh Metro Rail Corporation.
BLS International: BLS International has been awarded a contract for outsourcing Consular, Passport, and Visa services by the High Commission of India in Canada.
