Daily Market Commentary - Dec 14, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Monday Indian equity benchmarks made an optimistic start tracking their Asian peers. Markets are trading firms on the back of buying in Metal, PSU and Oil & Gas stocks. In the afternoon session, Indian equity benchmarks trimmed almost all of their initial gain but were managing to trade above their neutral lines. Both Sensex and Nifty are trading above 46,200 and 13,500 levels.

Most of the Asian equity benchmarks are trading higher on Monday, a continuation of the Brexit negotiations and the start of the coronavirus (COVID-19) vaccinations in the US favored investor sentiments in the Asian market.

India's inflation based on wholesale price index (WPI) surged to 1.55% (provisional) for November 2020 as compared to the corresponding month of the previous year.

In Nifty 50 top gainers are Larsen & Toubro Ltd, Oil & Natural Gas Corporation Ltd, Cipla Ltd, Coal India Ltd, and Indian Oil Corporation Ltd. The loser was Eicher Motors Ltd, Hero MotoCorp Ltd, Mahindra & Mahindra Ltd, HDFC Life Insurance Company Ltd and Bajaj Auto Ltd.

Moving Forward, the levels of 13390 is support and 13640 may work as resistance.

Source : Equity Bulls

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