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Momentum could continue towards 13,800.


Gaurav Bora,(Market Expert)

Momentum could continue in coming week. Nifty gained 1.9% and Sensex gained 2.3% in last week. While Midcap & Smallcap index outperformed gained 1.2% and 1.9% respectively. The performance of Midcap and Smallcap will also be closely watched in the coming week as both indices outperformed benchmark indices after underperformance. Energy, Metal and PSU Bank indices gainers in past week while selling was seen in the Pharma, IT and Auto stocks. US FDA approved Pfizer Covid 19 vaccine and first vaccine to be administrated in 24 hours, which is positive for equity market. India has recorded 97,67,371 confirmed COVID- 19 cases which includes 141,772 deaths. A total of 92,53,306 patients have recovered, however there are 372,293 active cases in the country. FIIs were net buyers during entire week bought equities worth 16721 crore whereas DIIs sold equities worth 12,535 crore, FIIs interest in India continues due to fast recovery in economy.

WPI & CPI data will be announced on Monday, December 14. Burger King IPO will get listed on exchange on Monday, December 14. IPO of Mrs Bectors Food Specialties one of the leading companies in the premium bakery segment and a supplier to fast-food chains, will open for subscription on December 15 with the price band fixed at Rs 286-288 per share.

Key factors for the week:

• WPI & CPI data will be announced on Monday, December 14.

• Burger King IPO listing on December 14.

• IPO of Mrs Bectors Food Specialties will open for subscription on December 15

Technical View:

Short to medium term trend remains positive but on the weekly front the index continues its upward trend and has been forming higher highs from the last six weeks with consecutive positive close. If Nifty sustains 13,500 levels then we may see rally towards 13,700 and 13,800. The maximum Put open interest shifted to 13,500 strike and is also likely to act as a major support in the coming week. Maximum call open interest at 13,600 followed by 14,000 and maximum put open interest at 13,500 followed by 13,000. Nifty could trade in the range between 13,300-13,800. Move above 13,500 could pull Nifty towards 13,800. India VIX reached to 18.79 levels during the last week, which is positive sign for the market.

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