Stock market outlook on December 2: The benchmark rose for an eighth straight day on Thursday to close at a record high amid firming global market trends and continued foreign inflows.
The 30-share BSE Sensex rose 184.54 points or 0.29 percent to close at 63,284.19 points, a new closing high. On the day, it rose 483.42 points or 0.76% to 63,583.07, the intraday high of its lifetime.
The broader NSE Nifty was up 54.15 points or 0.29 percent at 18,812.50, a new closing high.
Positive Purchasing Managers Index (PMI) data and IT counter buying added to the market’s momentum, according to PTI.
In the SenseX combination, Ultratech CEMENT, TATA STEEL, TATA CONSULTANCY Services, Tech Mahindra, Wipro, Infosys, HCL Technologies, and Larsen & Toubro are the main winners.
ICICI Bank, Mahindra & Mahindra, Power Grid and Kotak Mahindra Bank are among the laggards.
Notice before the market re -open on December 2 (Friday)
According to the shrikant chauhan of Kotak Securities, the following is our expectations on Friday: our expectations:
“If we observe the market trend every day or every week, then we will observe a higher top and higher bottom series model. Whenever we see the market break through the new high, FII buys and ” FII ” from FII ” from FII. Hedge funds with hot money ‘entering the market can take the market to a ‘psychological level’,” he said.
In addition, he added that the market may reach the level of 19,000-19,050 in the near future.
If there is a correction from current levels then we see strong support at the previous market high of 18,600.
Therefore, if there is any pullback in the next session or two, investors can stay low with a stop loss at 18,600.
He expects to see highs of the 19,000-19,050 level by expiry and some profit-taking at the 19,000 level as well.
As far as Nifty Bank is concerned, he said momentum has taken it from 37,000 to 43,000, but he sees the possibility of profit-taking at current levels.
However, he added that if investors can buy Nifty Bank at a level of 42,500-42,600, then they must hold a long -headed position with a target of 44,000.
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Shrikant Chauhan of Kotak Securities also shared a position and a long-term stock pick for investors:
His location selection is Muthoot Finance-
Muthoot Finance CMP: Rs 1110
Muthoot financial goal: Rs 1250
Stop loss: 1050 rupees
His long -term choice is Prestige Estates Projects Limited ————————
Prestige Estates CMP: INR 496
Prestige Estates target price: Rs 560
Stop loss: 460 rupees
(Bring PTI input)