Bulls went on a rampage today at the start of the week which promises everything right from Bihar Election results to Factory Output. A 200 point salute to the Nifty also brought about positive vibes across a host of Small & Midcap stocks in the broader markets. Markets started the week on robust note and made a new record high, taking cues from the global indices. The reaction was mainly in response to the news of Joe Biden winning the US presidential elections. Besides, noticeable buying in index majors especially from the banking pack further boosted the sentiment. Consequently, the Nifty index closed at 12461 levels, up by 1.6%.
Markets have seen decent
run up and reached to the record highs as well, driven by better than expected
earnings so far, supportive global cues and improving macro data. Further, the
on-going corporate earnings, domestic economic data (IIP and CPI) and Bihar
election outcome will be in focus. Meanwhile, markets would continue to mirror
global indices. We suggest maintaining “buy on dips” approach and keeping extra
caution in selection of stocks. For nifty Strong
support lies at 12100 and if the Nifty crosses 12500 we can expect it to climb
towards 12650.
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Resistance: 12500, 12600,
12700
Support: 12400, 12300, 12100
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