The stock markets commenced on a positive note on Friday on the back of strong GDP data leading to an overwhelmingly positive breadth of the market. The first trading day of December marked a powerful beginning as the Nifty achieved an all-time high. The NSE Nifty rose 0.73 per cent or 147.80 points to 20,282, while the BSE Sensex grew 0.81 per cent or 539.36 points to 67,527. These market dynamics align with the recent GDP data, surpassing expectations for the July-September quarter.
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Parth Nyati, Founder of Tradingo, added, “The Indian equity market is in a strong bullish mood and is hitting a fresh all-time high. We may continue our momentum and outperform our other global peers, backed by the strong fundamentals and under-ownership of FIIs. FIIs may become net buyers amid rising US bond yields and the strong macroeconomics of India. State election results may create some kind of volatility, but we are preparing ourselves for a pre-election rally. In terms of level, 21,000 looks like an easy task in the near-term for the Nifty.”
Shrey Jain, Founder and CEO of SAS Online - India’s Deep Discount Broker, said, “In the derivatives, notable Open Interest (OI) is observed in Nifty’s 20,300 Call strike, with 23 lakh shares, and the 20,000 Put strike, which displays substantial OI of 60 lakh shares. Turning to Bank Nifty, the 44,500 Call strike stands out with a meaningful OI of 19 lakh shares, while the 44,500 Put strike on the opposite side holds a sizable OI of 14 lakh shares.
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It’s essential to approach the market cautiously, considering that exit polls are non-directional. Investors may consider booking partial profits, given the one-way rally from 19,800.”