HDFC Securities sees further upside till 13500 on Nifty, if 13145-level is crossed
India’s PMI Manufacturing index for November fell to its lowest in three months, reflecting the slower increase in sales and production. The index eased to 56.3 in November from 58.9 in October, a decadal high. Although the slowest for three months, the rate of expansion in output was sharp and outpaced its long-run average. India’s GST collections for November remained above the Rs 1 lakh cr mark for the second consecutive month as consumption picked up amid the festive season after India lifted lockdown restrictions. GST revenue for October, collected in November, stood at Rs 1.05 lakh crore. That was largely unchanged compared to the previous month and 1.4% higher than that in Oct 2019.
Nifty is not very far from its recent all-time high of 13146 and going by the recent momentum it does not look tough for the Nifty to touch/breach it. On falls 12987 could provide support: Reuters