Business News›Traders' Diary: Nifty has key support at 12,850 and 12,750 levels
Economic Times | 25 Nov, 2020 | 07.27AM IST
Traders' Diary: Nifty has key support at 12,850 and 12,750 levels
Banks and RIL lead the market rally as 24 of 30 Sensex stocks end the day in the green
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Dow Jones hits 30,000 as Wall Street bets on 2021 bounce
Global stock markets sank in February and March as the novel coronavirus spread across Europe and the United States, abruptly halting a bull run that dates back to the aftermath of the 2008 financial crisis.
BSE-NSE bulk deals: Axis Trustee Services sells 54 lakh shares of Reliance Infrastructure
Axis Trustee Services sold 54.10 lakh shares of Reliance Infrastructure at Rs 21.45 per share.
After NSE, BSE declares Karvy Stock Broking as defaulter, terminates membership
The leading stock exchange said investors having any outstanding claims against the brokerage can file their claims with the exchange within 90 days from the date of issue of the notice (by February 22, 2021).
Ahead of Market: 12 things that will decide stock action on Wednesday
Going ahead, 13,100 is the immediate hurdle to watch out for. Beyond that, the index can march towards 13,350.
Tesla market value crosses $500 bn as shares surge six-fold this year
Shares of the electric-car maker have risen nearly 28% since the S&P Dow Jones Indices decided to add the company to the benchmark index from Dec. 21.
Dow Jones jumps on Biden transition; Tesla tops $500 bn in market cap
The Dow Jones Industrial Average rose 323.84 points, or 1.09%, at the open to 29,915.11. The S&P 500 opened higher by 22.48 points, or 0.63%, at 3,600.07, while the Nasdaq Composite was down 5.21 points, or 0.04%, to 11,875.42.
SBI raises Rs 2,500 crore from bonds
The committee of directors for capital raising at its meeting held on Tuesday accorded approval to allot 25,000 Basel-lll compliant non-convertible, taxable, perpetual, subordinated, unsecured, fully paid-up debt instruments in the nature of debentures qualifying as AT 1 capital of the bank to the subscribers, it said in a regulatory filing.
RBI rejects Muthoot Finance's proposal to acquire IDBI AMC
The activity of sponsoring a mutual fund or owning an asset management company is not in consonance with the activity of an operating NBFC," the regulator told the gold-loan company Monday.
Tech View: Bulls not in a mood to give in, eyeing 13,350 level now
The bulls are determined to drive the index higher, said Gaurav Ratnaparkhi, Senior Technical Analyst at Sharekhan.
F&O: Bulls hold tight grip; options suggest higher Nifty trading range
Nifty has to hold above the 12,900-12,950 zone to trigger a bounce towards 13,150 and 13,250 levels, while on the downside supports are seen at 12,850 and then 12,750 levels.
Market Movers: Lakshmi Vilas Bank tanks for 6th day, 30 stocks flash ‘Buy’ signal
The 30-share BSE Sensex gained around 445.87 points to 44,523, while the 50-share Nifty index advanced 128.70 points to 13,055.
Asian equities' bull run to continue throughout 2021: UBS
Underpinned by recovering economies, earnings should boom in 2021. We forecast 30% earning per share growth in Asia ex Japan, 5% ahead of the consensus, on the back of strong revenues and margins, the research said.
Bitcoin hits $19,000 for first time in three years
The world's most popular cryptocurrency has gained around 160% this year, fuelled by a demand for risk-on assets amid unprecedented fiscal and monetary stimulus, hunger for assets perceived as resistant to inflation, and expectations that cryptocurrencies would win mainstream acceptance.
This is how the 30-pack Sensex moved in today's session. It touched a high of 44,601.63 and a low of 44,247.12 to finally settle at 44,523.02
CLOSING BELL: Sensex breaches 44,500, ends 446 pts higher; Nifty at new high of 13,055; Axis Bank, M&M rise 3% each
- Banks and RIL lead the market rally
- 24 of 30 Sensex stocks end the day in the green
- Index contributors: HDFC Bank, ICICI Bank, RIL, Axis Bank, ITC
- Top Index gainers: Axis Bank (4.01%), HDFC Bank (3.47%), M&M (3.15%)
- Top Index losers: Titan (1.36%), HDFC (1.31%), Nestle (0.71%)
- All BSE sectoral indices except telecom end the day in the green
- S&P BSE BANKEX biggest sectoral gainer, up 2.37%
- S&P BSE Telecom biggest sectoral loser, down 0.23%
- Volume toppers: HDFC, RIL, Bajaj Finance, HDFC Bank, Bajaj Finserv
Elon Musk overtakes Bill Gates to grab world’s second-richest ranking
The 49-year-old entrepreneur’s net worth soared $7.2 billion to $127.9 billion, driven by yet another surge in Tesla’s share price.
Here are the top gainers in the pharma space
Price as on 24 Nov, 2020 02:50 PM, Click on company names for their live prices.
All BSE sectoral indices trading in the green. S&P BSE REALTY biggest sectoral gainer, up 2.29%. Check how the realty stocks are faring
Here are the top stocks contributing to Sensex rally
Sensex rises over 1%, up over 450 points; Nifty conquers Mt 13k; Axis Bank and HDFC Bank gain 3% each
This is how the 30-pack Sensex stocks are faring
Nifty tops 13,000: Key factors behind stock market rally
Broader market indices saw buying outperforming their headline peers in morning trade.
Here are the top gainers and losers in the tourism and hospitality sector
Price as on 24 Nov, 2020 01:55 PM, Click on company names for their live prices.
Brent hits highest since March, spurred by coronavirus vaccine hopes
Brent crude prices hit their highest levels since March as news of a third promising coronavirus vaccine candidate spurred hopes of a quicker recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his leadership transition. Brent crude futures rose 45 cents, or 1%, to $46.51 a barrel by 0744 GMT, while U.S. West Texas Intermediate crude added 46 cents, or 1.1%, to $43.52.
The overall sentiments are strong and the market outlook is positive going forward. If the foreign fund inflows continue we can see higher levels on Nifty in coming days/weeks. Nifty can possibly touch 13200-13400 levels also. But it also depends on the sustainability of the economic growth over the next few months post festive season. Hence at the current market levels it is advisable to partially book profits and sit on 15-20% Cash in the portfolio. Any corrections in the market can be used to deploy funds at lower levels.
- Hemang Jani, Head - Equity Strategy, Broking & Distribution, Motilal Oswal Financial Services
German economy grew by 8.5% in third quarter
Germany’s gross domestic product grew by a record 8.5% in the third quarter as Europe’s largest economy partly recovered from an unprecedented plunge caused by the first wave of the COVID-19 pandemic in spring, the statistics office said on Tuesday.
Broader markets catching up will be a reality because there are many stocks which people have not touched at all and considering the liquidity in the market, a few positive triggers of buying can take those stocks up substantially. Making another 15-20% in most of the largecaps is going to be really tough. Nifty will have to surpass 15000 and valuations will need to be 33-35 times and that is tough.
- Sandip Sabharwal
NSE declares Karvy Stock Broking as defaulter, expels from membership
The National Stock Exchange (NSE) has declared Karvy Stock Broking as a defaulter for non-compliance with the regulatory provisions of the bourse. In addition, Karvy Stock Broking has been expelled from the membership of the exchange, the NSE said in a circular. The move effective from November 23, was taken as the broker failed to comply with NSE guidelines, it added.
Lakshmi Vilas Bank stock tanks over 53% in 6 days
Shares of Lakshmi Vilas Bank continued to face selling pressure for the sixth consecutive day and have tanked over 53 per cent during the period amid negative reports around the company. On Tuesday, the stock plunged 9.88 per cent to Rs 7.30 -- its lower circuit limit as well as one year low -- on BSE. At NSE, it plummeted 9.88 per cent to Rs 7.30 -- its lowest trading permissible limit for the day.
Bitcoin at $100,000 in 2021?
Bitcoin investors, which include top hedge funds and money managers, are betting the virtual currency could more than quintuple to as high as $100,000 in a year.
It's a wager that has drawn eye-rolls from skeptics who believe the volatile cryptocurrency is a speculative asset rather than a store of value like gold. Since January, bitcoin has gained 160%, bolstered by strong institutional demand as well as scarcity as payment companies such as Square and Paypal buy it on behalf of customers.
It's a wager that has drawn eye-rolls from skeptics who believe the volatile cryptocurrency is a speculative asset rather than a store of value like gold. Since January, bitcoin has gained 160%, bolstered by strong institutional demand as well as scarcity as payment companies such as Square and Paypal buy it on behalf of customers.
Barring BSE Energy, all sectors trade in the green
- RIL, BPCL, Adani Gas among top index drags
- Index trades half a per cent down
- 11 stocks in the green, 9 in the red
Sensex off day's high, trades 250 points up
Nifty has surpassed last week's high as well as the psychological 13,000. The rally today has been broad-based, led by gains among auto, banking, and IT stocks. While short-term oscillators continue pointing at overbought conditions, the momentum is strongly skewed to the upside, with every minor dip being bought. With 12,963 and 13,000 surpassed, we could see the index heading towards 13,390-13,530 in the days ahead. On the downside, key support now lies at 12,770-12,730.
- Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS
Top gainers from the real estate segment
Price as on 24 Nov, 2020 10:55 AM, Click on company names for their live prices.
JK Tyre rises 4% on deal with Kia Motors
Shares of JK Tyre advanced 4 per cent in Tuesday's trade after the company said it will supply radial tyres to Korean automaker Kia Motors India for the compact SUV Seltos. Under the supply contract, JK Tyre will provide its UX Royale 215/60 R17 radial tyre to Kia, the company said in a release. Following the development, the stock rose 3.71 per cent to hit a high of Rs 83.70 on BSE.
We finally achieved the 13,000 level. It is heartening to see that the Nifty is maintaining above it. The markets would attempt 13,100-13,200 in this rally up which would be a significant resistance zone. We have a good support at 12,700 so any dip can be utilised to accumulate positions for a target of 13,100-13,200.
- Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments
Gold prices slip to Rs 49,000 level as business outlook improves
Gold and silver futures slipped in the morning trade on Tuesday as data suggested business outlook has improved significantly. Meanwhile, progress on the vaccine front also put pressure on prices. Gold futures on MCX were down 0.83 per cent or Rs 410 at Rs 49,070 per 10 grams. Silver futures dipped 0.98 per cent or Rs 595 to Rs 59,930 per kg.
Bank, IT stocks among top Sensex contributors
Voda Idea, IDFC, YES Bank among most active stocks on NSE
Price as on 24 Nov, 2020 09:24 AM, Click on company names for their live prices.
OPENING BELL: Sensex gains 220 points, Nifty breaches 13,000 level for first time; IDFC surges 9%, J&K Bank 7%
Pre-open session: Sensex up 260 points, Nifty tops 13,000
SGX Nifty signals muted start
Nifty futures on the Singapore Exchange traded 9.5 points, or 0.07 per cent lower at 12,943.50, in signs that Dalal Street was headed for a muted start on Tuesday.
Tech View: Nifty forms Hanging Man candle
Nifty50 on Monday formed a ‘Hanging Man’ pattern on the daily chart. In the last nine sessions, the index appears to be struggling at the upper boundary of the 45-day-old ascending channel, which coincides with the psychological mark at 13,000 level. Analysts said the index has strong support at 12,800 level and a move above 13,000 level could bring in further upside.
Asian shares up on vaccine progress, Biden transition
Asian stocks opened higher on Tuesday as COVID-19 vaccine progress shored up global sentiment and US President-elect Joe Biden was given the go-ahead to begin his White House transition. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.27 per cent. That helped futures for the S&P 500 up 0.52 per cent in early Asian trade while Japan's Nikkei was 1.8 per cent higher and Australia's S&P/ASX 200 1.11 per cent stronger.
Biden to name Yellen as Treasury Secretary
President-elect Joe Biden is expected to nominate former Federal Reserve Chair Janet Yellen as U.S. Treasury secretary, breaking a 231-year gender barrier and putting a seasoned economist and labor market expert in charge of leading the country out of the steepest downturn since the Great Depression.
US stocks settle higher
Wall Street stocks advanced Monday following another upbeat announcement about a new coronavirus vaccine and President-elect Joe Biden's selection of Janet Yellen to be treasury secretary. The Dow Jones Industrial Average gained 1.1 per cent to 29,591.27. The broad-based S&P500 index advanced 0.6 per cent to 3,577.59, while the tech-rich Nasdaq Composite Index added 0.2 per cent at 11,880.63.
Rupee ends at 2-week high against dollar
The rupee appreciated by 5 paise to settle at more than two-week high of 74.11 against the US dollar on Monday tracking positive domestic equities and weak American currency. At the interbank forex market, the domestic unit traded in a narrow range as rising COVID-19 cases offset positive sentiments surrounding the progress on the vaccine front.
Sensex, Nifty on Monday
Equity benchmark Sensex jumped 195 points on Monday, tracking gains in index-heavyweights Reliance Industries, Infosys and TCS amid largely positive cues from global markets and sustained foreign fund inflows. After touching a record intra-day high of 44,271.15, the 30-share BSE index ended 194.90 points or 0.44 per cent higher at 44,077.15. Similarly, the broader NSE Nifty rose 67.40 points or 0.52 per cent to close at 12,926.45.
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