|NIFTY BANK||31,264.05||▼ -39 (-0.12%)|
|SENSEX||47751.33||▲ 5.11 (+0.01%)|
Indian equity markets ended 2020 in style by closing at record levels.Nifty continued its positive momentum by surpassing psychological 14,000 mark and cheered the monthly expiry by touching a fresh life high of 14025 intraday but finally closed the day on flattish note at 13,982. Sensex too remained flat (+5 points) at 47,751. The broader market outperformed with Nifty Midcap 100/Nifty Smallcap 100 gaining +0.5%/+0.3%. The sectoral picture was broadly divided between gainer and losers. Realty (+1.2%, Media (1.0%), Metal (+0.7%), Pharma (+0.7%) were among the gainers while FMCG (-0.4%), IT (-0.3%) and Banking (-0.1%) and were the laggards.For the Year 2020, Nifty gained 15% the best since 2017. Stocks have rebounded sharply after giving up about a third of their value in March when global markets tanked on pandemic fears. The strong comeback was on the back of sustained FII inflows, support provided by both the government and RBI, progress on the vaccine front, a consistent decline in COVID-19 cases, improving economic data points and rising hope for strong earnings growth in the coming year. As we enter 2021, the market is sitting at all-time high and is showing resilience on the back of abundant liquidity, positive developments on the vaccine front and signs of economic recovery. More importantly, COVID-19 cases have seen a meaningful decline. Improved corporate earnings have also buoyed the market sentiments. We expect Nifty earnings to remain flattish in FY21 while expecting a sharp rebound in FY22.
Nifty future closed flat to positive with gains of 0.04% at 13983 levels. We witnessed positive setup in SAIL, BEL, Jublfood, Mothersumi, UBL,
Havells, Pidilitind, HDFC, Divislabs, Asian Paint, Titan and SRF whilevweakness seen in TCS, Amararaja Battery and ITC. India VIX marginally
fallen by 0.07% from 21.11 to 21.09 levels. Rising volatility needs to be cool down below 20-19 zones to support the bullish market setup with
higher market base. Since, it is the beginning of new series Option data is scattered at different strikes. On option front, Maximum Put OI is at
13000 followed by 13500 strike while maximum Call OI is at 14000 followed by 14500 strike. Option data suggests a wider trading range in
between 13500 to 14500 zones.
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- London stocks fell in thin trade on Thursday as the United Kingdom widened restrictions to stem a new variant of the coronavirus that is raging across the country, and as it exits the European Union’s orbit for an uncertain Brexit future.
- Asian stocks rose for a fourth day, led by Hong Kong as investors continued to chase beaten-down Chinese internet stocks. That offset the sentiment drag from fading prospects for bigger government aid checks in the U.S.
- US Initial Jobless Claims – Bloomberg expectation 835k (Prior 803k).
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Nifty Technical Commentary
Nifty index opened flattish but continued its positive momentum by surpassing psychological 14000 marks and cheered the expiry move by making a fresh life time high of 14024 levels. It moved in a range of 90 points throughout the session but finally closed the day on flattish note. It continued its winning streak for the seven consecutive session. It formed a Doji candle on daily scale but continues making higher lows from last six sessions as supports are gradually shifting higher. Now it has to continue to hold above 13850 zones to witness a fresh rally towards 14200 then 14500 zones while on the downside major support exists at 13777 and 13700 levels.
Intraday Trading Support is marked in the above image so you can plan your trade accordingly. If it opens at a flat note I will prefer to buy Nifty with a SL below 13950 and with the target of below all time high and with subsequent trailing SL and higher targets.
I don’t think there are any big move will be happening tomorrow market me be range bound tomorrow as well.
Best Stock To Trade For Tomorrow
Infosys traded in a range bound manner and closes near a breakout with increasing volumes which indicates it can be performer for tomorrow. So Infosys will be my best pick for tomorrow but it should gives breakout at the opening. If it should opens above or near 1256-1258 with good momentum and volume I will suggest my clients to initiate a long position with a immediate target of 1279 and 1300.
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