Bulls have an advantage; would they capitalise on it and break the shackles?
In the last trading session, we saw the dips in the market were bought, which gives us an idea that the bulls are in driving seat and are backed by a strong liquidity push by the FIIs.
The FIIs continue to pour funds into the Indian equity market. However, Nifty is facing difficulty in crossing the hurdle of 13,145 on the upside and if it manages to close above this level, a fresh wave of the rally is waiting on the other side. Would the bulls be able to break their shackles by crossing the hurdle of the 13,145? Well, the early indication from SGX Nifty indicates that the bulls have an early edge today as SGX Nifty is trading at 13,181 levels, up by 27 points.
Asian indices were seen trading choppy during the early morning session on Thursday amid the mixed cues overnight from Wall Street. Indices were seen taking a breather, following the November rally. Hong Kong’s Hang Seng is up by 0.19 per cent, while China’s Shanghai Composite was down by 0.47 per cent. Japan’s Nikkei 225 was seen hovering around the neutral line.
On Wednesday, a divergent trend was seen on Indian shores as Sensex slipped from record highs to end with a minuscule loss, while Nifty ended at fresh record closing high. The broader markets too witnessed a divergent trend with Nifty Mid-cap advancing 0.49 per cent, while Nifty Small-cap dipped 0.01 per cent. On the sectoral front, Nifty Realty and Nifty Metal jumped more than 2 per cent each, while Nifty Bank recorded losses of 1.19 per cent.
US stocks reversed their early losses and ended the day mostly higher, but with a little change on Wednesday. Dow and S&P 500 ended in the green, while Nasdaq ended just below the neutral line.
In the economic news, ADP’s November Employment report misses the estimate, which dragged the markets lower early in the session. However, vaccine optimism helped the market reverse their early losses as the vaccine developed by Pfizer and BioNTech was given emergency authorisation by the UK. Meanwhile, the European indices ended Wednesday’s session on a mixed note.