Sensex, Nifty at their highest-ever closing levels; will bulls continue to dominate this week?

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December 28, 2020 4:15 PM

S&P BSE Sensex was now at 47,353 while the 50-stock Nifty was at 13,873. Broader markets outperformed benchmark indices on Monday.

Tata Motors Share Price Today, Tata Motors Stock PriceAnalysts say that Tata Motors' stock run up in past few trading sessions is on account of numerous fundamental triggers.

Domestic benchmark indices surged to fresh all-time highs on Monday and closed at their highest ever closing levels. S&P BSE Sensex was now at 47,353 while the 50-stock Nifty was at 13,873. Broader markets outperformed benchmark indices on Monday. India VIX or the volatility gauge zoomed 2.3% during the day to close at 20.43 levels. Among sectors, all except Nifty Pharma gained. The pharma index slipped 0.27%. Nifty PSU Bank index was the best performing sector index, gaining 2.69% during the day.

Ajit Mishra, VP – Research, Religare Broking –

“Markets started the week on a buoyant note and posted decent gains led by positive global cues. The optimism over the news that the US President has signed the stimulus package triggered healthy buying in the equity markets. Besides, participants also took note of the beginning of the vaccine drive in various parts of the world. We’re mirroring the global markets and indications are in favour of prevailing up move to continue and Nifty can test another milestone of 14,000 mark soon. On the domestic front, Auto sales numbers and PMI data would be actively tracked by participants ahead. Meanwhile, we suggest maintaining a positive yet cautious stance and avoiding contrarian trades.”

Vinod Nair, Head of Research at Geojit Financial services

“Indian market started on an upbeat note in the final week of the year owing to positive global cues. The global market cheered the news of the $2.3 trillion pandemic stimulus announced in the US and the historic post-Brexit trade deal struck between the UK and EU. The advancement of a rollout of COVID-19 vaccines in India too uplifted domestic sentiments, leading to positive momentum across all the sectors. We can expect the momentum to be maintained as investors are focusing more on the positive side of these events and are not worried about the peak valuations and lockdowns triggered by the new strain of virus.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index managed to hold its bullish stream and managed to close a day on a positive note for the fourth consecutive session. The index has decisively crossed 13800 zone which was a good hurdle and managed to close above the same hinting fresh doors are open for 14k mark on the higher side if managed to hold above 13800 zone, good support for the index is still placed at 13820-13770 zone and resistance is coming near 13900-14000 zone.”

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

“We are poised to hit 13900 and then 14000 but we might face some resistance around the present levels of the Nifty. There could be a bout of selling pressure between 13850-13950. We have good support at 13550-13600 and any corrective wave can be utilized to buy into this upward rally.”

Manish Shah, Founder Niftytriggers –

Nifty soared sharply following a breakout of previous minor swing high. Previous week’s doji gets ignored as the bull run in the index continues unabated. From a pattern recognition point of view Nifty has moved above the previous swing high and the pattern of higher highs and higher lows continues. Nifty has also moved above last Monday’s long red candle as the market negating the bearishness of the previous week. Nifty is now hitting the top end of the channel and if the channel breaks and nifty moves above it. The rally should continue. 13750-13800 was a major resistance zone once we apply advanced fibonacci applications. Nifty R1 Weekly Pivot is at 13975 and beyond this the resistance shifts to 14150-14200. The support for Nifty is at 13650-13675. As long as this level holds the rally should continue.

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