Mr. Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities
Nifty broke a two-day losing streak on Dec 8th , aided by optimism about China's major shift in its tough zero-COVID policy and on "as expected" outcome of state assembly elections. At the close, Nifty was up 0.26% or 49 points at 18609. Bank Nifty gained 1.16% to close at all time high levels. Among sectors, PSU Banks, Private banks and Media indices rose the most while Pharma and reality fell the most. Broad market indices outperformed the Nifty with advance decline ratio on BSE ended at 1.15:1.
Nifty managed to hold its level above 20 simple DMA on Thursday, placed at 18500 odd levels. Any level above 18700 would confirm the breakout from the bullish "Flag" pattern. 10 DMA and 20 DMA for Nifty are in rising mode, which indicates positional uptrend. Bank Nifty has surpassed the crucial resistance of 43400 to close at fresh all time high levels and continue to outperform the Nifty.