Nifty will be pushed to 19,000 mark in December

Both are foreigners; Nifty will be pushed to 19,000 mark in December!

Both are foreigners; Nifty will be pushed to 19,000 mark in December! Where is the market headed? Traders and investors alike were in a frenzy on Friday as the Nifty index crossed the 18,500 mark several times. No, Nifty has no intention of going lower. The bulls rallied back to 18,445 points in the morning. The Indian market successfully defended the 18,500-point level during the current week, which ended the November Derivative Series in a grand manner.

An uproar at seeing strong buying by foreign investors; Nifty is on the way to find new highs. The index is now confident of testing the 18,900-18,950 level in the December derivative series.

Both are foreigners;  Nifty will be pushed to 19,000 mark in December!

Earlier, the Nifty touched a 52-week high after rising over 4 percent in the November series. The index has rallied more than 10 percent after September’s plunge. A further indication is that there is still some medicine left in the Nifty.

On Friday, the Nifty closed with a gain of 28 points (18,512.75 points). ‘The bullish outlook is strong as the market enters the December series. Nifty will try to correct all time highs. 18,900 is our Nifty target for the December series,’ says Sriram Velayudhan, derivatives analyst at IIFL Securities.

The November expiry day saw a rush to take long positions in the December series. That is, foreign investors will try to take the Nifty above the 18,600 mark. Earlier, Nifty touched 18,600 level in October 2021.

Foreign investors have taken 8,79,500 contracts in Nifty futures at the beginning of the December series. In the November series it was only 2,32,800 contracts.

Both are foreigners;  Nifty will be pushed to 19,000 mark in December!

Nifty will be pushed to 19,000 mark, A similar picture can be seen in stock futures; Foreign investors have taken positions in 13,63,300 contracts. In the Navbar series, it was 11,73,700 contracts.

Based on the current positions, Nifty is likely to move towards 18,950 mark. At the same time, the index needs support from the broader markets to cross the 18,950 barrier,’ said a report published by Nuwama Wealth Management.

Looking at the past history of Nifty, the market has also posted positive returns in the December series. The index recorded its highest average gain in December (3.2 percent) over the past 20 years.

That is, the Indian stock market is gearing up for a Santa rally. Nifty will try to say goodbye to 2022 with a smile, which has seen sharp volatility.

the weekend

Investors traded cautiously on Friday. Investors did not have enough energy to carry the Indian market higher as US markets went on holiday.

Public sector bank stocks, which opened the trade on weekend gains, returned ‘flat’ in the final hours. On the other hand, FMCG and bank indices also closed in on losses. Media, auto and realty stocks were major gainers today.

Tata Motors, HDFC Life, Hero MotoCorp and Coal India are among the top gainers. Shares of ICICI Bank, Nestle India and Kotak Bank were also down significantly in today’s trade.

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