Sharekhans view on 13000 as key Nifty short term target | Gainers and Losers today
The current leg of the rally that started from the beginning of November achieved its equality target (12850) on the upside. Structurally, there is scope for extension on the upside, which means the index can continue to stretch higher. Going ahead, 13000 and 13350 will be the key short-term targets to watch out for. On the flip side, 12750-12700 will act as a near term support zone for Nifty.
The Nifty had a gap up opening on November 17. Though it couldn’t build upon the early gains, it maintained its positive stance. The current leg of the rally that started from the beginning of November achieved its equality target (12850) on the upside. Structurally, there is scope for extension on the upside, which means the index can continue to stretch higher. Going ahead, 13000 and 13350 will be the key short-term targets to watch out for. On the flip side, 12750-12700 will act as a near term support zone for Nifty.
Other technical observations On the daily chart, the Nifty is above the 20-day moving average (DMA) and the 40-DEMA, i.e. 12158 and 11985 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. 12756 and 12648 respectively. The hourly momentum indicator is bullish. The market breadth was positive with 1062 advances and 804 declines on the National Stock Exchange.
Today, NSE Nifty closed at 12874 up 94 points while BSE Sensex closed at 43953 up 315 points. Bank Nifty closed at 29181 up over 2% while BSE Metal Index also closed up over 2% at 9662. BSE Midcap Index closed at 16147 up over 1% while BSE Smallcap closed at 15910 up 139 points. The Nifty Auto Index closed at 8423 up nearly 1%. The BSE Oil & Gas sector was weak over 1% and closed at 13006 while the BSE Healthcare sector closed at 19792 down 0.7%.
Tata Group stocks (Tata Steel and Tata Motors) were up over 6% on Nifty, followed by HDFC Life and SBI were up nearly 5%. HDFC Bank, Axis Bank and Bajaj Finance were up over 2.5% to 3%.
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BPCL was the top loser on Nifty as it was down by over 4%, while Hero Motocorp was down nearly 3%.
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