Sensex, Nifty surge again, hit fresh all-time highs; here’s what experts make of today’s trade

For the first time ever, S&P BSE Sensex closed above 44,000 points while Nifty closed above 12,900 levels. Today, once again midcap and smallcap indices were seen outperforming the benchmark indices. Among the top gainers on Sensex were Mahindra & Mahindra, L&T, and IndusInd Bank. For a good part of the day, Sensex traded with losses and recouped all intraday losses post lunch. HUL, ITC, and Titan were the top drags. With this, Sensex and Nifty have now jumped over 11% each in November so far.

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Deepak Jasani, Head of Retail Research, HDFC Securities- 

“Indian equity benchmark indices markets managed to end the day on Nov 18 with gains during the final few minutes of a range bound trading session. Volumes on the NSE continued to be high. Among sectors, Banks, Auto, Realty were the main gainers while FMCG, IT and Pharma ended in the red. Global shares were subdued on Wednesday as soft U.S. retail sales fuelled worries that rising coronavirus cases could choke a still fragile economic recovery, dampening the euphoria from vaccine trial breakthroughs. Nifty closed at an all time high once again. Going by the momentum, the 13200-13280 mark on the Nifty could be reached soon.”

Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities –

“Nifty continues to trade with a positive bias scaling new highs. We strongly believe the medium term trend is positive and any meaningful correction is an opportunity to Buy. We currently are in a “Frothy” zone from the short term perspective and hence need to be selective. Since the recent rally has been vertical and quick not all sectors provide comfortable entry points. We believe currently, Auto, Gas related stocks and select PSU Banking can be looking into. Metals and Private banking can be accumulated only on corrections.”

Vinod Nair, Head of Research at Geojit –

“The market trend is shifting from defensive to growth stocks. FMCG, Pharma and IT sectors, which are the best performers of the year, are being shed for sectors like Auto and Banks. It is anticipated that such stocks will re-rate due to the rise of the economy and shift of investors’ money. We feel that a lot is factored in the prices, it is advised to turn a bit cautious, in the short-term. This trend can reverse when the market realizes that the economy and money can take a breather from pent-up demand and premium valuation, due to rise in Covid 19 & international restrictions.”

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments –

“The index was subdued for most of the day but moved up smartly in the last couple of hours. We inched closer to the magical 13000 level but could not clinch it. It is only a matter of time that we see the Nifty trading at those levels. 13000-13100 is the next potential target but can also prove to be a stiff resistance for the markets.”

Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS –

“Nifty advanced to an all-time high today, as strength amongst the banking and auto stocks more than offset weakness amongst the IT and FMCG space. The index is now less than a percent away from hitting the psychological 13000 barrier. With market internals showing no signs of weakening, the rally seems poised to continue towards 13390-13530 levels in the days ahead. On the downside, support for Nifty lies at 12770. As long as that holds, the near-term trend remains skewed to the upside.”

Ajit Mishra, VP – Research, Religare Broking –

“Markets managed to inch higher amid volatility, in continuation of the prevailing uptrend. The benchmark opened marginally lower on the back of unsupportive global cues as news of rising coronavirus cases impacted sentiments. The mood remained somber in the first half but the tone turned bullish in the second half led by healthy buying in select heavyweights. Markets have been maintaining the momentum despite overbought conditions and it’s largely due to noticeable buying by foreign investors. We reiterate our positive yet cautious approach to the index and suggest focusing on broader markets for trading opportunities. Needless to say, traders should avoid contrarian trades and maintain a “buy on dips” approach.”