Nifty set to reconquer 19,900? Honasa Consumer in focus | The best semiconductor play now?
After a struggle amid rangebound trade, the Nifty50 successfully closed above 19,800 levels. Hence, if the index manages to sustain above the same mark, then 19,900-20,000 zone can’t be ruled out in coming sessions, which is also indicated by the Options data, with support at 19,700-19,500 area, experts said. On November 22, the BSE Sensex was up 92.5 points at 66,023, while the Nifty50 rose 28 points to 19,811.8, the highest closing level since September 20. On the daily charts, the Nifty tested the support zone of 19,700- 19,680 and witnessed a sharp recovery which indicates buying interest at support levels. However, the market breadth was in favour of bears as about three shares declined for every two shares rising on the NSE. As a result, the Nifty Smallcap 100 index fell 1.2 percent, whereas the Nifty Midcap 100 index gained 0.3 percent.
This morning global cues are mixed with Wall Street clocking gains overnight and Asian markets trading mixed. The GIFT Nifty is hinting at a start around the 19,900 mark. Also among stocks in focus today, we put the spotlight on Honasa Consumer, TVS Motor and Power Grid among others. Catch Nandita Khemka in conversation with Milan Vaishnav, Founder and Technical Analyst, ChartWizard FZE and Gemstone Equity Research and Kranthi Bathini – Equity strategist at WealthMills Securities.
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