Sensex, Nifty close near all-time highs; here’s what experts make of today’s market movement

By: |
November 17, 2020 4:17 PM

Domestic equity markets ended in the green yet again after setting new all-time highs during the day’s trading session.

RIL, bharti airtelOverhangs on the sector’s performance now seem to have reduced and with the preliminary recovery in economic indicators the outlook is now better than where it was a few months back.

Domestic equity markets ended in the green yet again after setting new all-time highs during the day’s trading session. S&P BSE Sensex closed at 43,952 points while the 50-stock NSE Nifty ended at 12,874 levels. Tata Steel, SBI, and HDFC Bank were among the top Sensex gainers while NTPC, HCL Technologies, and ONGC were the drags. Broader markets continued their strong run and closed above the benchmark indices. 

Vinod Nair, Head of Research at Geojit Financial services

“The market hit the all-time high, factoring yesterday’s trading holiday, led by banking stocks and investors rejoicing about the news of another vaccine to end the pandemic. This week, global markets started well, however today, it experienced mixed sentiments owing to an increase in virus cases and tighter restrictions in the western world. Optimism over the development of vaccines is still outweighing concerns over the next wave of Covid. We recommend investors to start considering partial profit booking, on a short-term basis, due to high gaps developing between the actual performance of the economy and the market.”

Ajit Mishra, VP – Research, Religare Broking –

“The benchmark started the week on a buoyant note following global peers as positive developments on the vaccine front lifted sentiments globally. The upbeat global markets combined with the news of successful vaccine trials is helping the benchmark to inch higher with every passing day. However, given the sharp up move recently, markets may see some consolidation however the bias would remain on the positive side. Further, with earnings season largely over, we expect global cues to dictate the market trend ahead. Amid all, the broader markets are attracting noticeable traction so traders should plan their positions accordingly.”

S Ranganathan, Head of Research at LKP Securities

“Optimism on Vaccine lifted Indices to new highs today led by Financials & Metals. The broader market too exhibited buoyancy with demand for Insurers and a host of small & midcaps across sectors.”

Nagaraj Shetti, Technical Research Analyst, HDFC Securities –

“After opening on a positive note, the market shifted into a narrow high low range for the whole session. Minor intraday dips were used to move up slightly and a new all time high was registered on Tuesday at 12934 levels. A small negative candle was formed at the highs with lower shadow, which signal buy on dips in the market amidst a range movement. The short term trend of Nifty continues to be positive. The market is now placed at the make or break area of 12850-12900 levels in the short term. Inability to generate further strength in the upside momentum could result in a minor weakness from the highs in the next 1-2 sessions. A decisive move above this hurdle could open the next upside target of 13500 for the next couple of weeks.”

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

“The Nifty took a bit of a breather post-opening but clawed its way back to almost the high of the day. It is really a matter of time before we see the 13000 level on the index. While a strong support lies at 12550-12600, the overall trend is bullish and the momentum is fierce. A buy on dips approach would be the best way to enter into long positions.”

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