Stock Market Today: BSE Sensex, NSE Nifty battle back in last 30 min, claw back losses | Tata Motors, Phoenix Mills, Pfizer are stocks in the news

The Nifty witnessed a tough battle between the bulls & the bears. As a result, the index continues to hover around the recent high of 13145. The level of 13145, being the high point of a bearish outside bar & an Engulfing Bear candle on the daily chart, is acting as a crucial barrier for the last couple of sessions. The index can continue to consolidate in the short term unless the high gets taken out on a closing basis. On the downside, 13000 will act as a key support below which the Nifty can take a dip towards 12800.

Stock Market Today: BSE Sensex, NSE Nifty battle back in last 30 min, claw back losses | Tata Motors, Phoenix Mills, Pfizer are stocks in the news
The index can continue to consolidate in the short term unless the high gets taken out on a closing basis. On the downside, 13000 will act as a key support below which the Nifty can take a dip towards 12800: Zee Business
Reported By: ZeeBiz WebTeam
Written By: Rahul Kamdar
Edited By: Harish Dugh
Updated: Wed, Dec 02, 2020
08:57 pm
Mumbai, ZeeBiz WebDesk
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HDFC Securities highlights that the next upside levels to be watched around 15430 in the next 2-3 sessions on Nifty HDFC Securities highlights that the next upside levels to be watched around 15430 in the next 2-3 sessions on Nifty

Stock Market Today: The benchmark indices trimmed their losses to end flat today, led by gains in metal, auto and IT sectors. The markets staged a smart recovery in the last half hour of the session to end flat. The BSE Sensex fell by 37 points to 44618 while the NSE Nifty rose by 5 points to 13114. The market breadth was in favour of advances with an advance-decline ratio of 3:2.

The Nifty witnessed a tough battle between the bulls & the bears. As a result, the index continues to hover around the recent high of 13145. The level of 13145, being the high point of a bearish outside bar & an Engulfing Bear candle on the daily chart, is acting as a crucial barrier for the last couple of sessions. The index can continue to consolidate in the short term unless the high gets taken out on a closing basis. On the downside, 13000 will act as a key support below which the Nifty can take a dip towards 12800.

Other technical observations:

On the daily chart, the Nifty is above the 20-day moving average (DMA) and the 40-DEMA, i.e. 12739 and 12373 respectively. The momentum indicator is bearish on the daily chart. On the hourly chart, the Nifty is above the 20-hour moving average (HMA) and the 40-HEMA, i.e. 13048 and 13003 respectively. The hourly momentum indicator is bearish. The market breadth was positive with 1093 advances and 749 declines on the National Stock Exchange

Major headlines:

Rolls-Royce and Infosys announced a strategic partnership for Aerospace Engineering in India.
L&T signed an agreement to Divest UK Unit Servowatch Systems to Rolls-Royce.

Following are the stocks/sectors which were in news today:

Tata Motors rose by 2% to Rs 183.5, after the company's November sales also grew to 49,650 vehicles from 41,124 units in the year-ago period.
Phoenix Mills Ltd rallied by 11% to Rs 765, after the company signed a non-binding term sheet with GIC Private Equity (PE) for the formation of a retail-led mixed-use platform.
Pfizer jumped by 2.4% to Rs 5230, on reports that the United Kingdom (UK) had authorised the Pfizer-BioNTech COVID-19 vaccine for use.

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Global signals:

European Stock markets dipped slightly on December 02, tracking mixed sentiment in their US and Asia-Pacific counterparts.
Asian markets edged lower on December 02, as some investors booked profits on a stellar run to record highs.
 

 

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