Mumbai (Maharashtra) [India], December 12 (ANI): The stock market continued its upward run for the second straight session on Friday with the Nifty 50 rising 0.57% to 26,046.95, while the BSE Sensex moved 0.53% to 85,267.66. The BSE Midcap and Smallcap indices rose 1.14% and 0.65%, respectively.
On a weekly basis, the indexes logged 0.5% fall as investors booked profits near record highs.
Among the sectors, Nifty Metal ended as top gainer with a rise of 2.63%. Nifty Realty, Consumer Durables, Oil and Gas also registered a hike and Nifty Bank also rose by 0.30%.
“During the week, after a short-term correction, the market eventually took support near 25,700/84100 and bounced back sharply. On daily charts, it has formed a promising reversal pattern near the 50-day SMA (Simple Moving Average), which supports a further uptrend from the current levels,” said Amol Athawale, VP Technical Research, Kotak Securities.
“We are of the view that 25,850/84500 and 25,700/84100 would act as key support levels for positional traders. As long as the market is trading above these levels, the positive sentiment is likely to continue.”
Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities said, “Strong buying interest across broader market pockets has improved its short-term structure, indicating rotational strength shifting toward midcaps. Sustained trade above key moving averages may keep the momentum favorable in the near term.”
“Bank Nifty saw a choppy session and formed a thin-body candle with wicks on both sides, highlighting indecision. The index has been consolidating within the 59,440-58,800 band for the last three trading sessions. Although it attempted an intraday breakout above this range today, it failed to sustain and closed back inside the range, suggesting the need for stronger conviction before a directional move emerges.”
In the global space, risk appetite improved after the US Fed rate cut, boosting liquidity optimism and lifting domestic equities. Japan’s Nikkei notched with Nikkei 225 Index gained 1.4% to close at 50,836.55. (ANI)
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