Market Wrap Up: 28 Nov: HDFC securities

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Nifty closed at fresh record closing high led by banking and Oil and gas sector. As new series started traders created new long positions in F & O market.

Statistics

The 30-share Sensex ended up 255 points at 28,694 after hitting an all-time high of 28,822.37 and Nifty closed 94 points higher at 8,588 after touching a record high of 8,616.70. In the broader market, BSE midcap index ended up 1% and BSE Smallcap index  gained 0.3%.  NSE cash turnover was at Rs. 21068.

Sectors & Stocks

All sectoral indices except IT ended in the green led by Bankex which gained nearly 3%. BSE Auto, Consumer Durables, Realty and Capital Goods indices ended up between 1-2% each. ICICI Bank, SBI, ICICI Bank, Axis Bank, HDFC Bank ended up 1-5.4% each. Mortgage lended HDFC ended with marginal gains. Tata Motors, Maruti Suzuki, M&M, Hero MotoCorp ended up 1-2.7% each.
    
Way forward

In todays session Nifty closed at the new high suggesting bulls have taken control and created new long positions as new F & O series has started.  Nifty opened with an up gap & rose to make new high 8616 level.  If  in coming session Nifty sustains above 8550 level then traders could expect continuation of up move in the Index up to 8620 level followed by 8632 level . If Nifty trades below 8550 level and sustain for 15 mins  then traders could expect the down move up to 8535 level followed by 8500 level.