Daily Markets - Dec 29, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian equity benchmark indices ended higher on Dec 29 for the fifth consecutive day. Nifty's trading range contracted as the session progressed. At close the Nifty was up 59.40 points or 0.43% at 13,932.60.

Volumes on the NSE were higher than the previous day but below recent average. Among sectors, Banks and It gained the most, while Metals and Media were the main losers.

Global shares extended their year-end rally on Tuesday, with Japanese stocks hitting a 30-year high. Investors' risk appetite was encouraged by a Brexit trade deal and hopes that a long-awaited U.S. pandemic relief package will be expanded. Euro zone's marathon COVID-19 vaccination campaign also brightened prospects for global growth in 2021.

Nifty continues its upward march with some intraday corrections. With no negative triggers expected on the horizon over the next few days, it could soon touch 14,000. Advance decline ratio of almost 1:1 however suggests partial profit taking after a strong and sustained upmove.

Source : Equity Bulls

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