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  Business   Market  29 Nov 2019  Immediate support for Nifty around 12070

Immediate support for Nifty around 12070

THE ASIAN AGE. | ASHWIN J PUNNEN
Published : Nov 29, 2019, 2:52 am IST
Updated : Nov 29, 2019, 2:52 am IST

The Sensex rose to an all-time intra-day high of 41,163.79 before setting at 41,130 up 109.56 points or 0.27 per cent.

The NSE Nifty closed at a fresh life-time high of 12,151.15, up by 50.45 points or 0.42 per cent over the previous close.
 The NSE Nifty closed at a fresh life-time high of 12,151.15, up by 50.45 points or 0.42 per cent over the previous close.

The market continued its record-breaking run for the second day on Thursday, helped by gains in index heavyweights ICICI Bank and Reliance Industries.

The Sensex rose to an all-time intra-day high of 41,163.79 before setting at 41,130 up 109.56 points or 0.27 per cent.

The NSE Nifty closed at a fresh life-time high of 12,151.15, up by 50.45 points or 0.42 per cent over the previous close.

Buying was seen in broad market with Smallcap and Midcap indices closed higher.

Sustained inflow of foreign investment and short-covering amid the expiry of November derivatives contracts also contributed to the rally, traders said.

For the month of November so far, foreign inflows in the cash segment have totalled $2 billion, while FII positioning in index futures has turned to net long after a gap of six months.

The market capitalisation of the BSE-listed companies went up by Rs 1,87,370.56 crore to Rs 1,55,57,484.15 crore.

Broader BSE midcap and smallcap indices rose up to 0.97 per cent.

BSE telecom, metal, realty, teck and capital goods indices rose up to 3.49 per cent. BSE auto index ended in the red.

Technical View
“In this month, the index first consolidated within a range and is now all set to end the month on a high note. Traders are advised to continue to trade with a positive bias as we continue with our positive view for the targets of 12180-12200 first and then towards 12290.The immediate supports for the index are now placed around 12070 and 12000,” Ruchit Jain Equity Technical Analyst, Angel Broking said.

The government's efforts to maintain fiscal prudence and stimulus measures may help to extend the breadth of the rally, analysts said.

“We’re eyeing 12,300 in Nifty and reiterate our preference for banking, metal and pharma counters for long trades. Upcoming macroeconomic data and global cues may result in the marginal profit taking or consolidation. Traders should utilise such opportunities to accumulate quality stocks on dips,” said Ajit Mishra, VP - Research, Religare Broking Ltd.

Market View
Vinod Nair, Head of Research at Geojit Financial Services, said, "Market stayed positive despite expiry led volatility & the announ-cement of GDP data tomorrow as investors got a sense that increasing global liquidity will provide support in every consolidation."

Tags: nifty