K. ARAVIND
The stock market reached to new heights last week. The Nifty touched a new high of 13,200 points for the first time. With the Sensex crossing 45,000 points for the first time, the market has entered its next phase of recovery.
In general, the market was on a positive trend last week. The Nifty was up 289 points last week. Shares of metal, real estate and public sector banks were the top gainers last week. The global market was also generally gaining. Liquidity is behind the market boom. The market was buoyed by hopes that the economy would recover and that news of the vaccine’s imminent arrival would help.
At the same time the market was volatile. It also saw strong sales on some days. However, the market was able to maintain its overall upward trend.
The auto sector also played a major role in the market growth last week. Maruti Suzuki enters new breakout. The country’s largest carmaker sold 1,53,223 units in November. Sales were up 1.7 per cent from November last year. The company’s business is expected to do better next year than in 2020. These positive news helped Maruti to move into the next phase of its equity growth.
The Nifty overcame a resistance at 13,200 points to close at 13,600. In case of market correction, it is supported at 12,400. Bank Nifty has crossed the 29,100 resistance and the next resistance is at 32,000 points. The market is supported at 28,000.
