The benchmark indices ended at a fresh record high on December 07, led by the gains from financials, pharma and FMCG stocks. The Sensex rose by 0.77% or 347 points to 45427. The Nifty jumped by 0.7% or 97 points to 13,356.
The Market breadth was in favour of bulls during the last hour, the advance-decline ratio was at 3:1. The Nifty continued with its positive momentum from last week. As a result the index steadily rose on December 7. The index has scaled above its daily upper Bollinger Band and is attempting to push the bands into an expansion phase. Once the bands start expansion, it will assist price action on the way up. On the higher side, the immediate hurdle zone is at 13380-13400. Overall, the index is expected to march towards 13700 in the short term. On the other hand, the support zone shifts higher to 13200-13250.
Other technical observations On the daily chart, the Nifty is above the 20-day moving average (DMA) and the 40-DEMA, of 12912 and 12496, respectively. The momentum indicator is bearish on the daily chart.
On the hourly chart, the Nifty is above the 20-hour moving average (HMA) and the 40-HEMA, of 13230 and 13163, respectively. The hourly momentum indicator is bullish. Market breadth was positive with 1385 advances and 528 declines on the National Stock Exchange.
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Goodyear India jumped by 14% to Rs 997, after the company declared interim dividend of Rs 80 per equity share of face value of Rs 10 each, for the financial year 2020-21.
European markets were lower on December 07, as last-ditch Brexit deal talks take place. Asian stock markets traded mixed on December 07, as Singapore’s major bank stocks fell.