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Ahead of Market: 12 things that will decide stock action on Monday
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Now the Nifty50 needs to continue to hold above 13,350 to witness an upmove towards 13,750.
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Overall, the lower levels of volatility suggests that bulls are holding a tight grip and any small decline could be bought in the market.
Before ending the last week at 13,513.85, Nifty formed a Doji candle with a long lower shadow on Friday, indicating a lack of momentum in the rally. But this also signals that every dips are being bought into.
Chandan Taparia of Motilal Oswal Securities said, The index has continued its northward trend and has been forming higher highs from the last six weeks. Now the Nifty50 needs to continue to hold above 13,350 to witness an upmove towards 13,750. On the downside, key support exists at 13,300.
Market Movers: Snowman Logistics, SpiceJet gain over 6%; over 100 stocks hit 52-week high
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Zuari Management Services of Zuari Agro created a pledge of 45,00,000 on December 8. The stock settled 2.09% up at Rs 158.80.
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Some 11 stocks on the NSE flashed the ‘buy’ signal on the MACD indicator during Friday’s trade. They included Oriental Bell, Rane Brake, Sharda Motor, Jubilant Food and Subros, among others.
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Shares of SpiceJet got traction on Friday after the airline firm said it has partnered with Om Logistics and also signed a pact with Snowman Logistics for transportation of Covid-19 vaccine. In the broader market, smallcap indices managed to outpace midcaps.
Nifty formed a small bearish candle with a long lower shadow on the daily chart in Thursday s session. The 50-pack index negated the formation of higher highs and lows of the last nine sessions.
Defensive viz. FMCG, IT and pharma tend to do well during the corrective phase, but traders should maintain caution in the selection of the stocks as we’re seeing selective participation, said Ajit Mishra, VP - Research, Religare Broking.
He also added, Indications are in the favour of some consolidation in the index and it would be healthy for the markets. Nifty has critical support at 13,350 and its breakdown may result in further correction ahead. In the case of a rebound, the 13,550-13,600 zone would act as a hurdle.