POST-MARKET SUMMARY 04 December 2023

On December 4, the market surged to new highs, with equity benchmarks experiencing a gain of more than 2% as investors celebrated the BJP's victories in three state elections. Financial services and energy sectors took the lead in the rally. The election results, coupled with unexpectedly robust GDP numbers, underscored India's political stability and economic growth, making it an ideal choice for investors. 

NIFTY:  The index opened 335 points higher at 20,601 and made a high of 20,702 before closing at 20,686. Nifty has formed a bullish candlestick pattern with a long lower shadow on the daily chart, with higher highs and higher lows for five days in a row. Its immediate resistance level is now placed at 20,750 while immediate support is at 20,580. 

BANK NIFTY: The index opened 857 points higher at 45,671 and closed at 46,431. Bank Nifty continued its higher high and higher low pattern for seventh straight session, forming a strong bullish candlestick pattern on the daily scale. Its immediate resistance level is now placed at 46,500 while support is at 46,250.

Stocks in Spotlight

▪  ABB India:  Stock jumped over 5% with strong volumes. As many as 8 lakh shares were traded against the daily monthly average of 2 lakh.

▪  Lemon Tree:  Stock gained over 2% after the company opened new hotels in Maharashtra and Karnataka.

▪  Newgen Software:  Stock jumped 2.5% after Jefferies raised its target price to Rs 1,740 from Rs 1,275, remaining confident about the company’s growth outlook.

Global News 

▪  The dollar ticked higher on Monday, regaining some ground after falling for three straight weeks on bets that the Federal Reserve will soon be cutting interest rates.

▪  Consequently, Gold prices bolted to an all-time high above $2,100 per ounce on Monday.

▪  Oil prices extended declines, pressured by investor scepticism over the latest OPEC+ decision on supply cuts and uncertainty surrounding global fuel demand, though the risk of supply disruptions from the Middle East conflict limited losses.

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