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Updated on: Thursday, December 02, 2021, 04:44 PM IST

Markets shrug off weak global cues as bull momentum continues amid widespread rally

Adani Ports, HDFC, Power Grid Corp, Tata Steel and Sun Pharma were among the major Nifty gainers. |

Adani Ports, HDFC, Power Grid Corp, Tata Steel and Sun Pharma were among the major Nifty gainers. |

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The benchmark indices closed higher on December 2. After a positive opening, the benchmark index continued the upward move throughout the day and gained more than 1 percent to close at 17401.70 levels while Banknifty has settled at 36508.25 with a gain of 0.35 percent in a day. All the indices closed at green note led by Nifty IT with 2 percent gains, BSE Smallcap and Midcap index has also gained by 1 percent in a day.

Sensex was up 776.50 points or 1.35 percent at 58,461.29. The Nifty was up 234.80 points or 1.37 percent at 17,401.70. About 2,139 shares have advanced, 1040 shares declined, and 139 shares are unchanged.

Stocks like Adani Ports, HDFC, PowerGrid, Tata Steel were the top gainers while Cipla, ICICI Bank, Axis Bank were the prime laggards.

Gaurav Udani, CEO & Founder, ThincRedBlu Securities, "Nifty closed above its resistance range of 17,250-17,350 at 17410 , up by 240 points since yesterdays close with good volumes. We may see Nifty heading towards its next resistance zone of 17,600-17,670 in the next few trading sessions. Traders can consider buy on dips with a strict stoploss. Any closing below 17,250 may reverse the trend."

Sachin Gupta, AVP, Research, Choice Broking said, "Technically, the Nifty index rebounded after taking support at Lower Bollinger Band formation. On an hourly chart, the index has formed a rounding pattern and settled above 50-SMA. A momentum indicator RSI and Stochastic has turned upward from the oversold zone with positive crossover, which suggests a further bounce-back in the index. At present, the Index has support at 17,250/17,100 levels while resistance comes at 17,600 levels. On the other hand, BankNifty has support at 35,300 levels while resistance at 37,000/37,900 levels."

Mohit Nigam, Head - PMS, Hem Securities said, "All sectoral indices closed in green. Strong buying was seen in the IT, Metal and oil and gas sector. Indian benchmark indices witnessed strong gains amid weak global cues. Rising crude prices, firm dollar amid omicron fears can limit the upside for the market in the short term. Indian vix index was down by 7.04 percent. On the technical front 17,175 and 17,550 are immediate support and resistance levels for Nifty50 and for Bank Nifty immediate support and resistance levels are 35,900 and 37,250."

Deepak Jasani, Head of Retail Research, HDFC Securities, "Nifty ended higher for the second consecutive session on December 2. Nifty opened slightly lower and then started to rise through the day. At close, Nifty was up 1.37 percent or 234.75 points at 17401.7. In the process the Nifty recorded the largest single day gain in a month. On a day when the volumes on the NSE were higher than the previous day but lower than recent average, Power, Oil & Gas and IT indices rose the most. BSE Smallcap and Midcap indices rose 1.0-1.1 percent."

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Published on: Thursday, December 02, 2021, 04:27 PM IST
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