Nifty – lifetime High!

Nifty 50 up by 0.99 percent during the week and closed at 18696.

Nifty 50 up by 0.99 percent during the week.

NSE Nifty 50 opened in green on Monday at 563 points and on Friday closed in red but on a weekly basis closed in green by 0.99 percent at 18696.

Similarly, Nifty Bank also opened at high at 020 points on Monday and closed in red on Friday, however on a weekly basis closed in green by 0.28 percent at 43104.

The prospect of smaller U.S. rate hikes benefited the stock markets this week. However, most Asian stock markets fell in cautious trade on Friday ahead of key U.S. payrolls data. On Friday, the Indian equity markets fell after 8 days of rally but closed the week with modest gains.

During the week, while the Fed indicated it may raise, the interest rates more slowly in the near term, however, it also warned that rates could peak at higher levels if inflation remains high. Therefore, now there is more probability of 50 bps hike by US Fed on Dec 14, instead of 75 bps hike, which was expected earlier.

Market breadth and Volatility

During the week, the market breadth was favourable, with a weekly advance-decline ratio of 1.32. Further, it is higher and better than the previous week’s figure of 1.08. The volatility index India Vix further increased during the week and closed at 13.45.

Top Gainers and Losers of the Week

The top gainers in the Nifty 50 were Britannia (+5.95%), Tata Steel (+5.66%), IOC (+5.48%), UltraTech Cement (+5.28%) and BPCL (+5.25%).

The top losers in the Nifty 50 were Eicher Motors (-2.40%), Maruti (-2.26%), Coal India (-1.73%), Bajaj Finance (-1.07%) and ITC (-0.88%).

Nifty Sectors and Broader Indices

NIFTY SECTORS – WEEKLY ACTION
Metal +3.71%
Media +4.18%
Oil and Gas +1.80%
IT +2.37%
Auto +0.68%
FMCG +2.38%
Consumer Durables +1.10%
Realty +4.15%

Weekly Pivots

As per the above pivots data, 18410 to 18940 is the Nifty 50 trading range for the next week and based on this week’s action and upcoming holiday season, the bias is positive.

Read our earlier blogs here.
Stocks sink over Fed uncertainty
Buy, Sell or Hold?
Is this the beginning of a new economic cycle?

This article is only for educational purposes and is not an investment advice. Please consult with your investment advisor before investing.