Almost all Sensex stocks opened higher on Monday, so did the sectoral indices, as investors went all out to buy amid renewed hopes of an early economic stimulus package from the US and a vaccine by year-end.
In the last 12 sessions, bluechip indices have closed in the red for just one session, which outlines the one-way rally the market has seen. HDFC twins were the biggest positive contributors during the first hours of the day. PSU stocks also saw some buying and were among the top gainers.
“Nifty has a good support at 11,650 and until we do not break that, we are in a positive territory. The resistance on the upside is at 12,050. If we are unable to move past either levels convincingly, we would be range bound and trading in this zone should be avoided. Stocks that look interesting for an up move include Axis Bank, HDFC Bank and Tata Steel,” Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Global Market
MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.6 per cent for its second straight day of gains, paring back slightly following third-quarter gross domestic product data from China. Japan’s Nikkei and Australia’s benchmark index were each up 1.1 per cent. E-Mini futures for the S&P 500 jumped 0.6 per cent in Asian trading.
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