Sameet Chavan, Chief Technical and Derivatives Analyst, Angel Broking: The way the market ignores any unfavorable news flow and only focuses on the positive is a perfect feature of a ‘bull market’. But at the same time, as a trader, this euphoric situation is difficult to handle after a point, because sooner or later, a surprising downward movement (especially overnight) can catch you on the left foot.
The 13,400-13,500 level is the immediate levels in the upward direction; while on the underside, 13,292-13,242 should be seen as key supports. Any decisive move below 13,242 would result in an extended profit reserve in the market. These days, midcaps are enjoying their happy days and therefore breakout candidates are doing well. But going forward, the position size in mid-caps must also be downsized and a strict stop loss must be followed, because any day the profit reserve deepens, the breakout failure is imminent.
Canara Bank Shares Rise Over 12% In Two Days As It Releases Rs 2,000 Crore QIP
The state lender on Monday after it launched a Rs 2 billion Qualified Institutional Placement (QIP) to raise funds from institutional investors.
The stock gained as much as 7.7 percent at Rs 126.45 per share on the NSE. At 10:47 a.m. M., The shares were trading 6 percent higher at Rs 124.75. In fact, the stock has rallied more than 12 percent in the past two days. In the past month, the stock has outperformed the market by rising 36 percent, compared with a 9 percent gain on the S&P BSE Sensex.
The bank has set the minimum price for the QIP at Rs 103.50 per share. In its regulatory filing, the bank’s subcommittee – Capital Planning Process of the bank authorized the opening of the QIP issue and approved the floor price.
The lender said: “Subject to compliance with applicable laws, our Bank intends to use Net Income to (i) increase our Bank’s Tier I Capital to support growth plans and improve our Bank’s business; and / or, (ii)) general corporate requirements or any other purpose, as permitted by applicable law and approved by our Board of Directors or its duly constituted committee “.
Manish Hathiramani, Technical Analyst and Property Index Trader at Deen Dayal Investments: The market is moving stronger and stronger. One must be cautiously long in this market as we are in a resistance step. This range is between 13400-13700, so while we are likely to break through these selling pressure zones, traders should consider booking profits at regular intervals while continuing on the long side.
The rupee opens: The Indian rupee opened 8 paise higher at 73.82 to the dollar on Tuesday from a previous close of 73.90, amid purchases seen in the domestic stock market. On Dec. 7, the rupee closed lower at 73.90 per dollar compared to Friday’s close of 73.78.
Technical view | The market is moving stronger and stronger. One must be cautiously long in this market as we are in a resistance step. This range is between 13,400-13,700, so while we are likely to break through these selling pressure zones, traders should consider booking profits at regular intervals while continuing on the long side, he said. Manish Hathiramani, Technical Analyst and Owner Index Trader, Deen Dayal Investments.
Opening bell: Benchmark indices of Indian stocks opened higher Tuesday on the back of gains at PSU banks and auto stocks amid wariness in Asian markets.
At 9:15 am, the Sensex opened 0.31 percent, or 141.83 points, higher at 45,568.80, while the Nifty50 index opened at 13,393.85, up 38.10 points, or 0.29 percent.
The broader markets continue to outperform the benchmark indices with the Nifty Smallcap100 and Nifty Midcap100 indices rising 0.90 percent and 0.86 percent, respectively.
Among industry indices, Nifty PSU Bank, Nifty Auto, Nifty Media, Nifty FMCG and Nifty IT made the biggest gains, while Nifty Private Bak was the only one to trade under pressure.
UPL, GAIL India, UltraTech Cement, Bharti Airtel and HCL Technologies were the main winners of Nifty50, while Sun Pharmaceuticals, Adani Ports & SEZ, Coal India, Axis Bank and IndusInd Bank were the main losers of the index.
On the global front, Asian stocks came under pressure on Tuesday as investors struggled to balance hopes for more economic stimulus and vaccines with anxiety about a surge in COVID-19 infections, according to a Reuters report.
India Won’t Have To Wait Too Long For COVID-19 Vaccine: PM Narendra Modi
Prime Minister Narendra Modi said on December 7 that Indians will not have to wait for a COVID-19 vaccine for “too long,” but warned against laxity in preventing coronavirus infection. “One thing, which I will definitely remind you, is that the wait for a vaccine is underway, but in recent days, I have met scientists and I feel that the country will not have to wait too long,” the prime minister said when opening phase one of the construction of the Agra Metro project.
“However, there should be no laxity on our part when it comes to preventing infection. Masks and a distance of two meters is very necessary,” he said.
Raw update: Oil prices fell on Tuesday, adding to losses from the previous session that came as California tightened its pandemic lockdown over Christmas and coronavirus cases continued to rise in the United States and Europe.
Click here to read the 10 things you need to know before the opening bell.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities: The short-term trend of Nifty remains positive and the market gradually moves towards our upper trajectory of 13,500 to 13,600 levels gradually. Minor consolidation or intraday weakness is expected to be a buying opportunity on short-term declines. Immediate support is now at 13,250.
Click here to read the best actions to keep an eye on the day.
Here’s how the markets fared on Monday
India’s benchmark stock indices Sensex and Nifty closed higher on Monday led by gains in financial stocks, consumer goods and pharmaceuticals amid mixed global signals. The Sensex closed 347.42 points or 0.77 percent more at 45,426.97, while the Nifty gained 97.20 points or 0.73 percent to settle at 13,355.75.
The broader indices outperformed the benchmark indices, as the Nifty Smallcap100 and Nifty Midcap100 indices ended up with gains of more than one percent each. Among the sectors, Nifty PSU Bank, Nifty Pharma, Nifty FMCG and Nifty Media recovered the most, while Nifty Realty was the only one to finish in the red. Read more here
Welcome to our Market Live blog!
Hi, I’m Mousumi Paul from the CNBC-TV18 desktop team and I’ll walk you through all the updates during the day. For starters, expect the Indian market to open on a flat note Tuesday amid wariness in Asian markets. At 7:15 am, the SGX Nifty was trading 10.50 points or 0.08 percent lower at 13,410.50, indicating a flat start for the Sensex and Nifty50.
