Technical View - Dec 30, 2020 - Mr. Subash Gangadharan, Technical and Derivative Analyst, HDFC Securities

Carrying on from the previous session, markets surged higher on Wednesday to close with healthy gains. It was the sixth consecutive session of gains for the Nifty after the sell off seen on last Monday. The Nifty finally gained 49.35 points or 0.35% to close at 13,981.95.

Broad market indices like the BSE Mid Cap and Small Cap indices gained more, thereby out performing the Sensex/Nifty. Market breadth was positive on the BSE/NSE.

Sectorally, the top gainers were the BSE Auto, Realty, Metal and CD indices. The top losers were the BSE Telecom, IT and Healthcare indices.

Technically, with the Nifty surging higher to new life highs, the short term trend remains up. We expect the index to make further new life highs in the coming sessions. Short term supports to watch are now at 13864.

Conclusion: The short term trend remains up. The intermediate uptrend too is still intact and we are likely to see new life highs in the coming sessions. It is important that the supports of 13864-13842 are not broken for the uptrend to sustain.

Source : Equity Bulls

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