The Indian benchmarks ended the day on a positive note on November 25, 2013. Strong INR and slide in crude brought a big round of rally in markets largely in Banks. Bank Nifty had managed to hold its 50DMA in last week’s sell-off from where it showed sharp rally which halted at 20DMA. Bank Nifty posted the biggest single day return in a month. Bank Nifty is squeezed between 20 & 50DMA since last two weeks. Besides Banks, other Beta sectors like Cap Goods & Realty saw strong buying. LT rallied back to four month’s high. Oil stocks rallied sharply after crude corrected on Iran deal. All defensive sectors were laggards viz Pharma, IT & FMCG. IT showed biggest underperformance in a month. BSE IT is taking resistance at 20DMA since last few days. BSE FMCG is still negotiating with its 200DMA since past few days. ITC is trading below 200DMA while Hind Unilever is managing to hold since past two days. The 30-share BSE benchmark snapped three-day losing streak, rising 387.69 points or 1.92 percent to close at 20,605.08 on broad based buying. The Nifty rallied 119.90 points or 2 percent to 6,115.35.BSE Midcap had taken support at 20DMA on Friday from where it rallied sharply.
Further, the market breadth closed positive as seven stocks were seen advancing against five declining stocks.
Further, the market breadth closed positive as seven stocks were seen advancing against five declining stocks.
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