Nifty closes above 13,000 for first time in history: Where is it headed now? Should you buy or wait?

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Updated: Nov 24, 2020 4:47 PM

Sensex closed at 44,523 points while the 50-stock NSE Nifty closed at 13,055, their highest ever closing levels.

Stock Market UpdateIn the past three years, PSU stocks have seen a correction of 38% and in the last one year a 16% correction has been recorded.

Domestic equity benchmarks once again shatters record and soared to set new all-time highs. S&P BSE Sensex closed at 44,523 points while the 50-stock NSE Nifty closed at 13,055, their highest ever closing levels. Among top Sensex gainers were Axis Bank, Mahindra & Mahindra, HDFC Bank, and ITC. Dragging the index were HDFC, Titan, Nestle India, and Bharti Airtel. Broader markets were seen inching higher along with the benchmarks. BSE Smallcap and BSE Midcap indices closed with gains but underperformed Sensex.

Vinod Nair, Head of Research at Geojit Financial services

“Market is inching higher with more confidence that Covid19 vaccine will be available in India soon. It can provide an advantage to India compared to the rest of the world. While, foreign inflows have already broken to a new high on a monthly basis, due to risk on strategy on healthier EMs like India. Recently the broad market, including Mid & Small caps, have started to perform better which may continue in the short-term as large caps look expensive post the solid rally from Covid low.”

Shrikant Chouhan, Executive Vice President (Equity Technical Research), Kotak Securities –

“Finally, the Nifty has broken the psychological mark of 13000 under the leadership of Financials and Automobiles that shows the confidence of market participants. Today, each and every sector closed in positive territory.  Nifty has formed a bullish candle above the crucial level of 13000 that would lift the market to 13180/13200 levels as per option statistics.  On the downside, 13000 and 12930 would be supports.  The dollar Index is consistently falling and currently it is nearer to the crucial support of 91.99.  In case, the dollar breaks the level of 91.99 then it would generate more buying flows for the emerging market.”

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments-

“The Nifty remained solid throughout the day keeping well above the 13000 levels. 13100-13200 can prove to be a resistance zone which could see some profit booking. Since the overall trend of the market continues to remain bullish, traders should focus more on the long side of the market than the short side.”

Rajesh Palviya, Head Technical & Derivatives, Axis Securities –

“Nifty managed to cross convincingly above the 13000 level and formed a bullish candle on the daily chart. We have witnessed PE writers were aggressive on the 12900-13000 strike which indicates that upward momentum is likely to continue further for the coming trading session . We expect that if Nifty continues to sustain above 13000 level then it may scale up towards 13150-13200 in the near term. However 13000 and 12900 are likely to act as good support levels for any minor corrective action . One should use any dips as a buying opportunity in the market till Nifty is trading above 12800 level.”

Ajit Mishra, VP – Research, Religare Broking –

Nifty touched another milestone today as it crossed 13,000 for the first time and settled around the day’s high as well. The bias was upbeat from the beginning, thanks to the news of the successful trial of another COVID vaccine with high efficacy. Markets are celebrating the successful vaccine trials, ignoring the recent spike in the cases. Indications are in the favour of the prevailing up move to extend further but the pace could be gradual. We reiterate our view to focus on the selection of sectors and stocks as we’re seeing rotational buying across the board.

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