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Broader markets outperformed, with the Nifty Midcap100 and Smallcap100 indices rising 0.5% and 0.8%, respectively.
For the week, the market posted gains for the third consecutive week, with both Sensex and Nifty rising over 2% each—marking their biggest weekly gains in six months.
Most auto stocks closed higher, with Bajaj Auto and Tata Motors leading the gains, up 2-3% on Friday. Maruti Suzuki also rose by 2% after announcing a price hike of up to 4%, effective from January 2025. The company attributed the increase to rising input costs and operational expenses, with the price hike varying depending on the model.
With no major events on the horizon, market attention is expected to turn towards macroeconomic indicators like IIP and CPI inflation. On the domestic front, the primary market is gearing up for a dynamic week, with three mainline IPOs, including Vishal Mega Mart and Mobikwik, alongside five SME offerings set to open for public subscription.
Globally, market participants are closely watching the release of Eurozone GDP, US unemployment and Nonfarm Payrolls data today, which are expected to provide key signals on economic momentum.
FIIs have started December on a positive note, by purchasing over ₹14,000 crore equities in the last three sessions, providing a significant boost to market sentiment.
The trend of FII inflows, following their recent buying spree, will remain a key focal point for market participants.
What do the Nifty 50 charts indicate?
According to Nagaraj Shetti of HDFC Securities, the near-term trend of Nifty remains positive. Having moved above the crucial hurdle of 24,400-24,500 levels as per smaller and larger timeframe charts, there is a possibility of more upside in the coming week. Further consolidation or minor weakness of early next week could be a buying opportunity.
Shetti said the next upside targets to be watched around 25,000-25,200 levels for the next couple of weeks. Immediate support is at 24,525.
LKP Securities’ Rupak De said the Nifty has the potential for an upward move toward 25,500 in the short term. However, minor pullbacks following a sharp rally are possible, further emphasising the effectiveness of buying on dips to capitalise on this trend.
Amol Athawale of Kotak Securities believes that the market texture is bullish; however, due to temporary overbought conditions, a range-bound activity in the near future could be seen.
“For traders key support levels would be 24,500/81,200 and 24,300/80,700, while resistance is expected to be between 24,900/82,200 and 25,050/82,500. However, below 24,300/80,700, traders may prefer to exit out from the trading long positions,” Athawale said.
What do the Nifty Bank charts indicate?
The Nifty Bank index ended the session at 53,509.50, slipping 0.18%.
While the index holds above a declining trendline on the daily timeframe, the breach of lower swings in the hourly chart indicates a temporary slowdown in bullish momentum.
The index must decisively cross the 53,900 resistance level to reignite upward momentum. On the downside, a break below 53,200 could push the index lower toward the 52,800 level. The broader outlook remains positive as long as 52,800 holds on a closing basis. A sustained move above 53,900 could trigger fresh buying and pave the way for further gains, said Om Mehra of SAMCO Securities.
For the Bank Nifty, Athawale said that as long as it is trading above 52,500, the uptrend is likely to continue. On the upper side, it could move up to 54,000-54,300.
These are the stocks to watch ahead of Monday’s trading session:
Mahindra to contest brand rights of BE 6e in court. Meanwhile, to name its Electric Origin SUV BE 6.
Biocon gets EIR with VAI status from US FDA for its API facility (Site 2), Bengaluru. The US FDA conducted a surveillance inspection at API facility (Site 2) between Sept 23-27th, 2024.
Welspun Corp bags two more orders in the US for HSAW pipes and supply of coated pipes, value of cumulative orders received by the US plant till Q3FY25 exceeds ₹7,000 crore.
Ease My Trip signs share purchase agreement to acquire 49% stake in Pflege for ₹30 crore. UAE-based Pflege home is engaged in the business of medical tourism.
Poonawalla Fincorp: Dhiraj Saxena resigns as Chief Technology Officer (CTO) due to harassment and un-necessary interventions of CHRO.
India Cements comments on CCI notice on UltraTech Cement deal. The company is in process of furnishing response to CCI in this regard and will be able to satisfy the concerns the CCI may have as the cement market is extremely competitive, says India Cements.
Uno MInda‘s 4W Lighting Plant at Khed, Pune has started its commercial production.
