Indian stocks were higher after the close on Wednesday, while gains in the Energy, Metals and Auto sectors propelled shares higher. At the close in NSE, the Nifty 50 gained 0.75% to hit a new all-time high, while the BSE Sensex 30 Index gained 0.67%. The biggest winners from the Nifty 50 session were Mahindra & Mahindra Ltd., which is up 3.86% or 48 points to trade at 1,305 at the close. Hindalco Industries Ltd. gained 3.38% or 14 points to end at 450 and Bajaj Auto Ltd was up 2.48% or 90 points to 3,750 in late trade . Among the biggest losers was IndusInd Bank Ltd. which was down 1.08% or 12 points to trade at 1167 in late trade. The State Bank of India fell 1.00% or 6 points to 602 and ITC Ltd fell 0.67% or 2 points to 340. RIL, TVS Motor Company and Infosys were the most traded contracts. Nifty December 2022 futures closed at 18,890, a premium of 131 points compared to the Nifty close of 18758 in the spot market. Turnover on the National Stock Exchanges Futures & Options (F&O) segment was Rs.157 lakhcrore compared to Rs.138 lakh crore reported in the previous session. In the cash market, the Nifty 50 index rose 140 points, to settle at 18758. The NSEs India VIX, a measure of market expectation Short-term volatility rose 1.41% to 13. Reliance Industries (RIL), TVS Motor Company and Infosys were the most traded single stock futures contracts in NSE's F&O segment. The December 2022 F&O contracts expire on December 29, 2022. Markets managed to continue the prevailing trend, gaining 1 %. After the initial surge, the Nifty index oscillated in a tight band for most of the session, but a sharp rise in index majors over the last half-hour helped the index clear the 18,700 hurdle and around the daily high of 18760.to close . Meanwhile, a mixed trend on the sector front kept participants busy, with metals, real estate and autos trading on the bullish side, while banks and IT continued to consolidate. The broader indices also participated in the movement, gaining between 0.7 and 1.3%. Rotational buying across sectors is fueling the recent rally while global markets fail to provide a clear signal. Now have my sights set on a new milestone of 18800-19000 on Nifty. Participants should keep a close eye on themes/sectors that are gaining momentum and place their bets accordingly.
Resistance: 17350, 17450, 17550
Support: 17250,
17150, 17050
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