Sensex ends flat amid weak global cues; Nifty may hit new record high soon, underlying trend positive | The Financial Express

Sensex ends flat amid weak global cues; Nifty may hit new record high soon, underlying trend positive

Sensex closed at 62,294, giving up the 63,000 level but ended 20 points higher.

Sensex ends flat amid weak global cues; Nifty may hit new record high soon, underlying trend positive
Nifty ended at 18,512, up 0.15%, while the Bank Nifty index lost 0.2% in trade today to close at 42,983. All sectors traded between gains and losses.

The domestic indices NSE Nifty 50 and BSE Sensex ended flat in trade on Friday. Sensex closed at 62,294, giving up the 63,000 level but ended 20 points higher. Nifty ended at 18,512, up 0.15%, while the Bank Nifty index lost 0.2% in trade today to close at 42,983. All sectors traded between gains and losses. Nifty Media index gained 2.52%, whereas Nifty Bank, Nifty FMCG, and Nifty Financial Services indices declined the most. “After clocking record highs in the previous session, domestic indices traded with volatility amidst mixed global cues and rising crude prices. While FIIs turning net buyers is a positive, the lack of fundamental triggers will limit the upside, keeping the market volatile in the short term. Rising COVID restrictions in China continue to negatively impact the global growth forecast,” said Vinod Nair, Head of Research, Geojit Financial Services.

Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities
Markets ended flat in a sluggish trading session, as investors stayed on the sidelines due to lack of cues from the US markets, which was shut on Thursday. While most of the Asian gauges ended in the red, local benchmarks managed to eke out modest gains amid thin volumes. Markets may react sharply on Monday taking cues from the overnight US markets close on Friday.

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Deepak Jasani, Head of Retail Research, HDFC Securities
The mid-cap index rose 0.77% even as the advance-decline ratio rose further to 1.71:1. Nifty gained 1.12% over the week rising in 5 out of the past 6 weeks. Global markets traded largely unchanged on Friday in thin trading conditions even as they gained for the week. Nifty could continue its up move and challenge the all time high of 18604 soon while the 18325-18403 band could provide support in the near term.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities
After witnessing a decisive upside breakout of the key hurdle at 18400 levels on Thursday, Nifty seems to have taken a breather with small range movement on Friday and closed the day higher by 28 points amidst range movement. After showing weakness in the opening trade on Friday, Nifty shifted into a gradual upside recovery in the early to mid part of the session. It later made an attempt to surge up towards the end but shifted into a consolidation.

A small negative candle was formed on the daily chart with a minor lower shadow. Technically, this pattern signals a breather movement in the market post the sharp up move of last session and this could be considered as an uptrend continuation pattern.

The underlying trend of Nifty continues to be positive. Having surpassed the crucial upper resistance in this week, the Nifty is expected to move into new all-time highs (above 18606 levels) by next week. A sustainable move above 18600 levels is likely to pull Nifty towards the new milestone of 18950 levels in the near term (which is 0.786% Fibonacci extension taken from the June 22 bottom, Sept 22 top and Sept 22 higher bottom, as per weekly chart).

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First published on: 25-11-2022 at 16:17 IST