loader2
NRI

Open Free Trading Account Online with ICICIDIRECT

Incur '0' Brokerage upto ₹500

BLOG

Santa rally would drive market higher

ICICIdirect Research 29 Nov 2024 DISCLAIMER

Equity benchmark extended gains over second consecutive week fueled by state election outcome that coupled with firm global cues. Broader market remained outlier as Midcap, Smallcap gained 2.3% and 4.5%, respectively 

What to expect: Nifty to form a higher base while holding the key support zone of 23700-23500 which would set the stage for challenging immediate hurdle of 24500 in coming weeks.  
Bank Nifty : Six weeks corrective phase retraced back in just 2 weeks. Faster pace of retracement signifies structural improvement. Within the segment PSU banks outperformed, up 4%

December Seasonality: Past three decades historical data exhibit that seasonality favour bulls with 73% success rate wherein average returns have been to the tune of 3%

Breadth indicator: Significant improvement in market breadth data bodes well for extension of ongoing pullback as currently 35% stocks of Nifty 500 universe are trading above 50 days SMA compared to mid-Nov reading of 12%

US Dollar Index: After facing stiff resistance from 108 levels DXY drifted below 106. Further decline would result into risk on sentiment in equities tracking its inverse correlation

Sectorally, we remain positive on BFSI, IT, Pharma, Capital Goods while Oil & Gas, Metal offer bargain buy opportunity

Download App

Download Our App

Play Store App Store
market app