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§ Nifty opened with a gap up once again on Thursday and rallied steadily for the remainder of the day to register an all-time high closing for the index. Nifty has now closed above the 6300 mark is only a few points off from the all-time intraday high of 6357. The momentum oscillators are strongly in bullish territory, the daily MACD has also triggered a buy crossover. Market wide breadth was strongly in favor of advances. Nifty stocks’ breadth was robust at 7:1. Nifty is trading in a rising trend channel and is expected to test 6500 initially and the channel height at 6600 thereafter. The index has entered a phase of strong equity seasonal trend which is likely to support the upside. Immediate support for the index is pegged at 6265 and 6235.
§ Banking, Metals and Auto stocks were the key drivers of the market on the upside. No sector was in the negative, but Cap Goods and Oil & Gas stocks underperformed the benchmark indices. The ongoing market rally is likely to be a broad based one from here with particular outperformance from the Financials, Cap Goods and Pharma shares.
Bullish Setups: ESOIL, TATA, LT, CHMB, HNDL.
Bearish Setups: HPCL, DABUR
§ Global markets have finally taken off from the two weeks of base building breaking above important resistance. This along with strong weekly close suggests a rally in till the end of the calendar year. SPX has close above the crucial 1220 mark with target of 1300 by year end. Short-term oscillators have rolled bullish across western equity indices aiding a rally. Gold is a whisker off the $1400 mark and short-term oscillator readings indicate further up move towards $1435.
§ Interesting chart setups: TATA, LT, ITC, HPCL, DABUR
§ The Key benchmark indices continued their uptrend, with the barometer index BSE Sensex hitting its highest level in nearly 34 months in mid afternoon trade as global stocks surged after US Federal Reserve's decision to buy $600 billion in government bonds to stimulate the US economy. Coal India made a fantastic listing on Indian bourses trading 35 % premium over the initial public offer price of Rs 245.
§ Sensex closed at 20893.57, up 427.83 points and the Nifty was at 6281.80, up 121.30 points.
§ Gainers were State Bank Of India (3.79%), Tata Motors (3.67%), Housing Development Finance Corporation (3.49%), Reliance Industries (3.48%), Hindalco Industries (3.21%), and Mahindra & Mahindra (2.26%).
§ Losers were Hero Honda Motors (1.61%), and Bharti Airtel (0.40%).
§ The Oil & Gas index was up by 2.40%. Major gainers were Reliance Industries (3.48%), Essar Oil (3.12%), Oil & Natural Gas Corporation (1.77%), Aban Offshore (1.51%) and G A I L (India) (1.33%).
§ The Metal index was up by 1.80%. Major gainers were Hindustan Zinc (5.41%), Hindalco Industries (3.21%), JSW Steel (1.47%), National Aluminium Company (0.96%) and Jindal Steel & Power (0.92%).
§ The Bankex index was up by 1.80%. Major gainers were Canara Bank(1.66%), Bank Of India (1.2%), H D F C Bank (1.13%), Bank Of Baroda (0.75%) and Federal Bank (0.05%).
§ The Consumer Durables index was down by 0.11%. Major losers were Rajesh Exports (1.93%), V I P Industries (1.91%), Blue Star (1.44%) and Titan Industries (0.38%).
§ Globally, Asian markets ended flat while Europe was trading in green.
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