Indian market closed November month on a blockbuster note - thanks to more than Rs 65,000 crore of liquidity in the cash segment of the Indian equity market. The big surprise came from the small & midcaps space.
The month of November turned out to be one of the best for the Indian equity market as the benchmark indices posted their best monthly return since April 2020.
The S&P BSE Sensex rose 11.4 percent while the Nifty50 rallied 11.39 percent but the big action was seen in the broader market space. The S&P BSE Midcap index rose 13.49 percent while the S&P BSE Smallcap index was up 13.3 percent in November.
Experts are of the view that small & midcaps are likely to hog the limelight in the month of December while on the Nifty50, the index could make its headway towards 13,400-13,500 levels, suggest experts, but at the same time, aggressive bets should be avoided.
The level of 13,040 - 13,146 remains to be an immediate resistance zone, whereas on the lower side, 12900 - 12868 - 12790 can be seen as a cluster of supports.
“Above 13150, next levels to watch out for would be 13250 - 13400 and the move will not be as swift as it has been in the recent past. The real action continues in the broader markets as we can see stellar moves in a lot of mid and small counters,” he said.
The Nifty 50 index is trading at rising channel resistance and has become overbought in the short term, so there might be a limited upside.
Umesh Mehta, Head of Research, Samco Group is of the view that the immediate support and resistance are now placed at 12750 and 13150, and a break below the support may lead to a retest of 12400, and a break above 13150 might open targets up to 13400.
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