Rahul Sharma, Market Strategist & Research Head, Equity99 Advisors

In an extremely volatile trading session, benchmark indices settled higher with more than 60-65 percent roll-over of open positions in the December 2020 series. With relaxation in SEBI norms in margin regulations, we expect action to start shifting to mid-cap stocks. The underlying trend remains intact as long. On the upside we expect Nifty-50 to face resistance at 13010 levels and above that to 13,310-13,320. Overall, we continue to remain bullish, minor intermediate corrections.

Shrikant Chouhan, Executive Vice President (Equity Technical Research), Kotak Securities

Two major events, short covering ahead of November 2020 F&O expiry and rebalancing of MSCI portfolios helped the Indian market to recover sharply from lower levels. The Nifty 50 index regained 13,000 levels and is exhibiting remarkable strength. 

The unusual support from commodities and financials always helps the market to move forward. Technically, for the next two days, 13,070 and 13,150 levels would be major hurdles for the index. If the Nifty 50 index crosses 13,150, it could jump to 13,350 levels.

 However, below 12,930, the index would invite worries in the near term.

Manish Shah, Founder, Niftytriggers.com

Nifty closed the day higher negating previous day’s bearish engulfing pattern and managing to stay afloat. The sharp uptrend in Nifty continues with little for the bears to cheer. For the day Nifty made a key reversal day as Nifty made a new low of last five days and closed the day above the close of the previous day. This is a reversal pattern as the underlying trend in Nifty is strong and sustained. It is not as if Nifty alone is in a strong trend. World equity markets are in uptrend. Nifty is an outperformer on the world stage. Seems that this phase of an uptrend will remain in play for some more time.

Nifty has established major support at 12,750 as Nifty has bounced off a couple of times in recent past. The underlying trend remains intact as long as this support holds. On the upside, Nifty has resistance at 13,010 and above that to 13,310-13,320. We remain bullish as long as Nifty remains in a strong trend.

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

The support of 12,800 worked very well and the Nifty bounced swiftly to close above 12,900. If we can get past 13,050, we will be on our way to hit 13,200. As long as 12,800 does not break we could utilize all dips to buy into this strong upside rally. 

Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark equity indices rebounded from the previous session sell-off on Nov 26, post a sharp rally in the final half-hour of trade. The Nifty ended the November F&O expiry on a strong note. At close, the Nifty ended up 128.60 points or 1.00% at 12,987. Volumes on the NSE were below the previous two days volumes. Among indices, Metals was the star performer followed by Bank and Pharma.

Nifty once again recovered after falling for a day. This helps traders’ sentiments. 12833-13079 could be the band for the coming session. Markets are in no mood to correct significantly unless there is a negative trigger causing global meltdown.

Paras Bothra, President of Equity Research, Ashika Stock Broking

Markets recovered sharply at the last hours of trade after remaining flat for the major part after disappointing US data released overnight and rising Covid-19 cases against vaccine hopes, with the global tally of confirmed cases surpassing 60 million. However, there are signs of a slowdown of infection in Europe and the recovery & death rates still remain comfortable for India. On the sectoral front, the metal index added nearly 4 percent and Nifty Bank and Pharma indices gained 1 percent each.

Market At Close | Market Bounces Back After Yesterday’s Sell-off; Nifty Reclaims 13,000 Intra-day

Sensex Ends Near High Point Of Session After Recovering More Than 200 Pts From Lows

Nifty Midcap Index Ends At 19,196 After Recovering From Intra-day Low Of 18,944

Financials Lead Today’s Rally; HDFC Twins Top Contributors To Nifty Gain

More Than 40 Index Stocks End In The Green; Steel Stocks Top Gainers

SpiceJet 1.8% Higher After Positive Mgmt Commentary w.r.t Demand Recovery

IndiGo Off Lows But Ends In The Red After Citi Downgrades Stock

All Sectoral Indices End In The Green; Nifty Metal Outperforms, Up 4%

Siemens Ends At 10-month High After Reporting 8.2% Rise In New Orders For Q4CY21

Market Breadth Tilts In Favour Of Advances After Recovery In Last Hour, Ratio At 2:1

Market this Series

Market Sees Highest Gains In A Series This Year So Far; Nifty Up 11%

Nifty Bank Rises The Most Among Major Indices In November Series, Up 23%

IndusInd Bank & Bajaj Fin Top F&O Gainers While RIL & Cipla Among Top Losers

Closing Bell | The Indian benchmark equity indices, Sensex and Nifty ended 1 percent higher on Thursday led by robust gains in metal and banking stocks. At close, the Sensex was up 431.64 points or 0.98% at 44,259.74, and the Nifty was up 128.60 points or 1.00% at 12,987. All the sectoral indices ended in the green led by Nifty Metal that rallied over 4 percent. Rally in index heavyweights such as Tata Steel, Bajaj Finance, HDFC twins helped Nifty end the November F&O series near 13,000 level. JSW Steel, Tata Steel, Grasim Industries, Bajaj Finance and Shree Cements were top Nifty gainers.

Economic recovery stronger than expected, need to be watchful of demand sustainability: Das

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said the country’s economy has recovered stronger than expected from the initial impact of the COVID-19 pandemic, but there is a need to be watchful of demand sustainability after the end of festivities. Speaking at the annual day event of Foreign Exchange Dealers’ Association of India (FEDAI), Das said there are downside risks to growth across the world and also in India.

It can be noted that the Indian economy contracted by 23.9 percent in the first quarter of the fiscal year, and the RBI expects the economy to shrink by 9.5 percent in FY21. However, there has been recovery after the opening up of the lockdown restrictions, especially during the festive season. After witnessing a sharp contraction in the economy by 23.9 percent in Q1 and a multi-speed normalisation of activity in Q2, the Indian economy has exhibited stronger than expected pick-up in momentum of recovery, Das said. Read more here.

Market Watch: Himanshu Gupta of Globe Capital

On the long side, I think L&T Finance Holdings is one stock that is looking good to me. That can be bought for a target price of Rs 80 and a stop loss below Rs 75.

On the sell side, I think Asian Paints is showing some kinds of weakness in short term point of view so that is a stock where one can initiate short positions around current levels. For a target price of Rs 2,080 and maintain a stop loss above Rs 2,150.

Sugar stocks gain | Sugar stocks were rallying sharply on Thursday on the expectation of a positive outcome of today's sugar millers' virtual meeting with Piyush Goyal. The industry will request the Government to continue with the sugar export program and increase the MSP of the sugar. The market is expecting that the Government might announce an export subsidy to remove surplus sugar inventory in the system. The export subsidy will help sugar millers to earn better profitability and manage cash flow effectively. Industry leaders such as Balrampur Chini, Dhampur Sugar, Dwarikesh Sugar were up by 5 percent each, says Keshav Lahoti Associate Equity Analyst, Angel Broking.

Bullish on utilities, metals and mining: Avendus Cap

Metals and mining and commodities have always been tactical play for us rather than a very secular long term structural stories, said Vaibhav Sanghavi, Co-CEO of Avendus Cap Alt Strategies. At this point in time, we do think that the commodities and the base metal prices are buoyant and that should get reflected further into the stock prices and thus we are moving tactically a little positive. There is one space which we think there is some amount of opportunity further left is probably utilities to an extent where the valuation currently looks pretty decent and given approach by the government in terms of energy reforms my sense is that is the space which is still unexplored, Sanghavi added.

Kalyan Jewellers likely to launch IPO in Dec: Key things to know

Kerala-based Kalyan Jewellers is likely to hit the primary market in December to raise Rs 1,750 crore from the general public. The jewellery showroom chain had received SEBI's approval on October 15.

Kalyan Jewellers is one of the most anticipated IPOs to get launched as there are only few jewellery makers listed in the market. Given the robust liquidity in the current scenario coupled with favourable valuations, recent corporate earnings and trends of recovery, analysts expect a strong response for Kalyan Jewellers.

IPO size: The IPO would consist of a fresh equity issue of Rs 1,000 crore and an offer for sale (OFS) worth Rs 750 crore, according to the DRHP. Read more here.

Just In | India extends ban on scheduled International commercial passenger flights until December 31.

Glenmark Pharmaceuticals | The company has been listed in the Dow Jones Sustainability Index (DJSI), under the category of emerging markets for the third consecutive year in a row. DJSI is one of the world’s most respected and widely accepted sustainability benchmarks globally with only the top ranked companies in terms of Corporate Sustainability within each industry featured in the index.

Demerged M&M more valuable than combined entity; Escorts best tractor play: Dimensions

Dimensions Corporate Finance Services’ CEO, Ajay Srivastava feels there will be massive value unlocking in the M&M stock if the company separates its auto and agri businesses.

“Mahindra possibly could be the good play to do if they separate the two businesses – agri and auto, I think they will have a fantastic valuation, there will be much more than what they are together,” Srivastava told CNBC-TV18.

Dimensions Corporate believes Gland Pharma is a fundamentally good company. “However, I will advise not to look at buying any stock below Rs 500 crore marketcap,” he added.

He is bearish on PVR and expects a tough business environment for the company, given the pandemic-related curbs.

“We hold Rallis India in our portfolio from agrochemical space. UPL has had governance issues and so will not look to buy the stock,” he said.

According to him, sugar and ethanol stocks can look up from here on and 2-wheelers stocks is a good way to play the auto rural theme.

Yash Gupta Equity Research Associate, Angel Broking Ltd

Laurus Labs Limited has signed definitive agreements with the Sellers i.e. Eight Roads Ventures and VenturEast Proactive Fund and Ventur East Life Fund III, to acquire 72.55 percent stake in Richcore Lifesciences Private Limited, a Biotechnology Company, subject to completion of conditions precedent, by way of cash consideration of Rs. 246.67 crore.

This acquisition marks the company's entry into the broader biologics and biotechnology segments. Post this acquisition, Richcore shall become its subsidiary and the company will drive scale and operations at Richcore to enable it to become a dominant player in the biotechnology segment. Total valuation of Richcore 340 crore and cost of acquisition will be 246.7 crore for 71.55 percent stake.

This will be a significant milestone for Laurus Labs, as this acquisition company will enter the business of Biotechnology which is a rapidly growing business. Biotechnology business generally have more than 5 years of gestation period so this is a very good strategy by laurus to acquire Richcore.

Cyclical & value stocks will take market higher: Bank Julius’ Mark Matthews

Mark Matthews, MD, Bank Julius Baer & Co, believes cyclical and value stocks will take the market higher. “It’s the good news for India unlike the United States where the cyclical stocks have been compressed to a relatively small part of the market,” said Matthews in an interview with CNBC-TV18. According to him, the stocks around the world including India are not cheap right now. “For next 6 months, outperformance will come from the companies that did not do well.

” On COVID, he said, “It's a goldilocks scenario with COVID vaccines on the horizon. There is some pain to get there because it won’t be widely available for a few months but governments and central banks are providing ample liquidity between now and then,” he added.

Bank Julius Baer’s bets are concentrated in the US and China.

Telecom sector revenues rises 33% from lows; Reliance Jio leads with 38% revenue share

As the country-wide lockdowns continued to ease in the September quarter, the revenues of the telecom sector during the quarter increased by 26 percent on-year and 5 percent on-quarter. These were up 33 percent from the lows of the fourth quarter of FY19.

Bharti Airtel reported 4 percent QoQ revenue growth, while growth for Reliance Jio was highest at 5 percent QoQ also with delayed flow-through of prepaid tariff hikes of December 2019. Vodafone Idea which was most impacted by the COVID-19-led lockdowns lagged peers with a lower 3 percent QoQ revenue growth, as per Telecom Regulatory Authority of India (TRAI) data.

In Q2FY21, top-three operators accounted for 91 percent of sector revenues, with Reliance Jio leading the industry with 38 percent revenue share. Reliance Jio’s Q2FY21 revenue share was unchanged QoQ, but up 3 percent YoY, while Bharti Airtel’s share at 32 percent was although down by 40 bps QoQ but up 1 percent YoY.

However, Vodafone Idea continued to lose the revenue market share in the September quarter with it losing 40 bps QoQ/6 ppt YoY to 20.9 percent. The telco has lost 22 ppt revenue market share from the peak. Read more here.

Buzzing | Shares of Dewan Housing Finance Corporation (DHFL) were locked at 5 percent upper circuit after the company declared its Q2 results. The mortageg lender narrowed its net loss in Q2FY21 to Rs 2,122.7 crore from a loss of Rs 6,640.2 crore in the year-ago period. Revenue of the company rose 4.7 percent to Rs 2,204.8 crore from Rs 2,106.7 crore, YoY.

Market Watch: Shrikant Chouhan of Kotak Securities

Titan looks good which is currently trading around Rs 1,350 or Rs 1,320 levels. We feel that the stock is heading for its life time high levels of Rs 1,390 or Rs 1,400 levels. So it is a buy at these price with a stop loss at Rs 1,300 on the downside.

The other stock which we like is Wockhardt, technically the stock is showing a lot of strength, on a quarterly basis the stock has given a long-term breakout and I am expecting the stock to move for at least Rs 500-530 in next few weeks. But in the very short-term Rs 465-470 is not ruled out. So it is a buy at these price with a stop loss at Rs 405 on the downside.

Buzzing | Shares of InterGlobe Aviation declined over 3 percent after Citi downgraded the stock to Sell from Neutral saying that IndiGo’s market share might have peaked and could trend lower as its peers ramp up.