NSE Nifty Touches Another Lifetime High: Epic Research Report
Indian Market Stock Index NSE Nifty touched another lifetime high today. The markets are ruling strong and sentiment is positive. This year has been positive for Indian equities. Global cues are strong and markets can remain strong for the rest of the year. Market outlook by Epic Research follows.....
Nifty breaks out to new all-time record close of 12221.65 as positive cues from the global market and easing concerns fueling momentum with liquidity. The Santa Claus effect is seen developing in global markets ahead of Christmas. There was some divergence as bank Nifty underperformed Nifty on a relative basis but managed to make a new all-time high. It was heavyweights like HDFC Bank, M&M and Reliance post Lunch added further strength.
The Tata Sons Cyrus Mystry being reinstated did pull down the entire Tata group stocks and also the strength for Index but the derivatives pointed to much higher levels. The strength in Metals and Pharma also added to positive sentiment.
This is a low volatility environment with momentum picking up which usually supports the trend in shape. We expect this trend to continue with minor corrections. 12150 is now a strong base for this upside move which should act as a point of support for bulls.
The Derivative data point to long addition on 12300 - 12400 while lower strikes at 12100 - 12200 witnessed some selling due to weekly expiry. The range-bound movement can be seen due to weekly options expiry while the overall trend remains bullish. It is advised to be on the long side on any dips towards lower levels of 12150 - 12200.
Markets would be reacting to any changes in GST Meet today while we may witness lower volumes due to Holidays and Year book closing in Western markets.