Markets Daily - Nov 17, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian Benchmark indices ended higher for the third consecutive session on Nov 17 and ended at record highs. Nifty opened gap up following bullish Asian markets but sold off in the first few minutes of trade. It made a bottom at 1115 am and then rose gradually through the day. At close, the Nifty was up 93.90 points or 0.73% at 12,874.20.

Volumes on the NSE were significantly higher than recent average. Among sectors, Nifty Metal and Nifty Bank indices rose over 2 percent each with Realty and Auto stocks also rising, while the energy, pharma and IT stocks ended weak.

Asian stocks held gains and moved further into record territory on Tuesday, after U.S. benchmarks were pepped up by news of another promising coronavirus vaccine. European stock markets drifted lower Tuesday, amid caution over the economic outlook post the restrictions to combat the Covid-19 surge despite the latest positive Covid-19 vaccine news.

Nifty fell after opening with a gap up, but recovered most of the lost ground. Volumes remain at a high level suggesting enough participation from institutions and traders. A hammer-like formation at the top however suggest some caution as all indicators are extremely overbought. On rises 12934 could offer resistance while 12828 could offer support in the near term.

Source : Equity Bulls

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