Bulls maintain upper hand: Indices post healthy recovery, Sensex close at record high of 44,180
The overall structure shows that the bulls are maintaining the dominant position & that is leading to an extension on the upside. Going ahead, 13000 is the key psychological hurdle with potential to stretch to 13350, which is the short-term target. Near term support zone, on the other hand, shifts higher to 12800-12820.
Indian markets ended at a fresh record high on November 18, for the third straight session. The Nifty had a muted first half on November 18. On the downside, however, the 20-hour moving average induced buying interest. As a result, the index scaled higher in the second half of the session & went on to cross Tuesday’s high of 12934. The overall structure shows that the bulls are maintaining the dominant position & that is leading to an extension on the upside. Going ahead, 13000 is the key psychological hurdle with potential to stretch to 13350, which is the short-term target. Near term support zone, on the other hand, shifts higher to 12800-12820.
Other technical observations on the daily chart indicate that the Nifty is above the 20-day moving average (DMA) and the 40-DEMA, i.e. 12207 and 12033 respectively. The momentum indicator is bullish on the daily chart. On the hourly chart, the Nifty is above the 20-hour moving average (HMA) and the 40-HEMA, i.e. 12826 and 12718 respectively. The hourly momentum indicator is bullish. The market breadth was positive with 1096 advances and 764 declines on the National Stock Exchange.
1) Cipla signed a licensing agreement with MultiG for COVID-19 rapid antibody test kit.
2) Sadbhav Engineering received a letter of acceptance from NHAI for the 2 EPC road projects worth Rs 1572.3 cr.
Benchmark indices recovered their losses in the last part of the session on November 18, and ended at record high led by banks, financial, auto stocks. The Sensex rose by 0.52% or 227.34 to 44,180.05. The
Nifty surged by 0.50% or 64.05 to 12,938.25.
Heavyweights like L&T, M&M, ICICI Bank, Kotak Bank and Bajaj Finance also contributed to the indices.
Indian rupee ended a 74.20/$ Vs November 17 close of 74.49/$.
Following are the stocks/sectors which were in news today:
Lakshmi Vilas Bank (LVB) hits lower circuit of 20% to Rs. 12.40, after the Finance Ministry put the bank under moratorium, with effect from November 17, 6 pm till December 16, 2020.
Larsen & Toubro (L&T) jumped by 6.15% to Rs. 1145.75, after the company's construction and mining equipment business has secured an order from Tata Steel to supply 46 units of Komatsu mining equipment.
IIFL Finance rallied by 10.53% to Rs. 124.35, after the Non-Banking Financial Company (NBFC) said that the board will consider a proposal to buy back shares in the next meet.
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European stock markets were muted on November 18, as a global market rally faltered following a spate of positive coronavirus vaccine news.
Asian stock markets ended in mixed on November 18, after Wall Street declined as worries about the long-term impact of the coronavirus pandemic tempered enthusiasm about possible vaccine development.
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