Stock markets remained range-bound last week and finally settled with modest gains. The optimism around the successful Covid-19 vaccine trials and strong FII inflows boosted market participants' sentiment. However, overbought market conditions combined with the news of rising COVID cases capped the upside. Meanwhile, buoyancy continued on the broader front which kept the participants busy throughout the week while a mixed trend was witnessed on the sectorial front. Among the benchmark indices, Nifty managed to settle at 12,968.95; up by nearly a percent. 
 
The coming week is holiday-shortened (markets closed on Monday) and participants will react to a list of important data and events thereafter.  To start with, Indian Stock Markets will see their reaction to GDP numbers, which were announced on Friday after the market closed. On the data front, the auto sales numbers start pouring in from the beginning of the month. Besides, the Markit Manufacturing PMI and Services PMI data are scheduled for December 1 and December 3 respectively. Lastly, the RBI’s MPC will announce its stance on key rates on December 4. 
 
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Indications are in the favour of further consolidation in the Nifty index and the probable range could be 12,600-13,100. Meanwhile, Religare Broking expects volatility to remain high due to scheduled data and events. Since the short term is up, the prudent approach is to accumulate quality stocks on dips. Almost all the sectors are participating in the rally but we’re seeing mixed trends within the sector so traders should focus more on the selection of stocks. Religare Broking thinks that the recent traction in the broader market will continue but only fundamentally sound midcap and smallcap counters should be preferred for trading or investment.
 
By Ajit Mishra, VP - Research, Religare Broking Ltd