Nifty Sustains 20,000 Level; Market Trades Positive Ahead Of GDP Growth Data

Indian equity markets sustained their 20,000 levels with a higher opening, and the benchmark indices continued their momentum towards new highs. The macro-economic cues remained intact, fueling the pace along with domestic factors. The National Stock Exchange (NSE) Nifty 50 index initiated a 0.

17 per cent gain to 20,130, while the S&P Bombay Stock Exchange (BSE) Sensex began with a 0. 15 per cent gain at 66,995. Among the Nifty50 index prime winners, auto stock Hero MotoCorp extended its winning streak, emerging as the top gainer with a 2.

09 per cent move, followed by Ultra Tech and SBI Life with gains of 1. 97 per cent and 1. 64 percent, respectively.

In the laggard segment, Adani Group stocks witnessed selling pressure after a massive rally. Adani Enterprises and Adani Ports shed 1. 32 per cent and 0.

78 per cent, respectively. Hindalco also lost 1. 02 percent, while Asian Paints slumped 0.

62 per cent during early trading sessions. In terms of sectoral performance, marginal gains were witnessed among indices, whereas Realty and Metals lost around half a percent. Trading Guide “According to the charts, Nifty may find support at 20,050, followed by 20,000 and 19,950.

On the higher side, 20,150 can be an immediate resistance, followed by 20,200 and 20,300. The charts of Bank Nifty indicate that it may get support at 44,200, followed by 44,000 and 43,900. If the index advances, 44,750 would be the initial key resistance level to watch out for, followed by 44,800 and 45,000,” said Deven Mehata, Research Analyst, Choice Broking.

Foreign institutional investors bought shares worth Rs 71. 91 crore, while domestic institutional investors purchased Rs 2,360. 81 crore worth of stocks on 29 November, provisional data from the National Stock Exchange showed.

Today, on the monthly expiry, we can expect the market to move flat to bullish, with the Nifty at 20,200 as resistance. If the Nifty rises above 20,200, we may see a rapid rise in the December series, with fresh all-time highs nearing 20,400 and higher, added Mehata. The more domestically focused indices mid-cap and small-cap rose 0.

13 per cent and 0. 43 per cent, respectively. Among Nifty 50 mid-cap stocks, Shriram Transport Finance gained 1.

02, followed by Trent and Aurobindo Pharma with gains of 0. 84 per cent and 1. 07 per cent, respectively.

Conversely, Container Corp and Torrent Power lost more than 1 per cent. Among individual stocks, Tata Power plunged 1. 34 per cent after brokerage firms Morgan Stanley and Citi recommended target prices of Rs 213 and Rs 179, respectively.

Morgan Stanley also maintained its ‘underweight’ rating after the firm reduced its profit after tax and capital expenditure guidance. Eicher Motors gained 1. 25 per cent to Rs 3860 after brokerage firm Jefferies increased the target price to Rs 4650.

Nykaa shares soared more than 3 per cent to Rs 179 after it’s accord with US-based sneaker retailer, Foot Locker, to serve as an exclusive e-commerce partner. In the IPO segment, the last session listed IREDA continued its rally and extended its gains to around 12 per cent at Rs 67; the stock was listed at Rs 50 versus the issue price of Rs 32. Additionally, investors await Tata Technologies, Gandhar Oil, and Fedbank Financial Services’ IPO debut on the bourses.

Investors will also keep an eye on India’s GDP growth data, which will be released late on Thursday by the National Statistics Organisation (NSO) and the Ministry of Statistics and Programme Implementation (MoSPI). .