Indian benchmark equity indices began a new week on a positive note continuing their upward momentum and ending at fresh record closing highs today. At close, the Nifty was up 97 points or 0.7% at 13356. Volumes on the NSE were largely in line with recent average. On the sectoral front, Media, PSU Bank, Pharma, Infra and FMCG indices were the main gainers.

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World shares fell on Monday as growing risks of a no-deal Brexit that hit the pound hard and fresh Sino-U.S. tensions led traders to take profits from higher levels in early trade.

China's exports in November rose 21.1 percent from a year earlier, the fastest pace in almost three years. Imports grew 4.5 percent last month, slightly less than expected.

Asian equities recorded their biggest foreign inflow in at least 12 years in November ($17.5 bn), as promising developments related to COVID-19 vaccines bolstered expectations of a faster regional recovery from the pandemic.

Nifty closed at almost its intraday high. Global cues have however turned cautious. Nifty may have another 100-150 odd points to rise before a correction sets in. In the meanwhile stock/sector rotation continues.

The upside momentum continued in the market for the fifth consecutive session today, and the Nifty closed the day with another handsome gain of around 97 points. After opening on a weak note, the market has shifted into a sustained upmove, which continued for the entire session. The mid-part intraday decline has been used as buy on dips opportunity and Nifty closed near the new high.

A long bull candle was formed on Monday on the daily timeframe chart and registered yet another new all time high of 13366 levels. Though, Nifty placed near the swing highs, still there is no indication of any reversal or intraday profit booking signal as of now. This is a positive indication and one may expect further upside in coming sessions.

The overall market breadth continued to be positive today and the broad market indices like midcap 100 and small cap 100 have closed with fruitful gains of 1.14% and 1.26% respectively. This pattern displays an inherent strength of the market at all time highs..

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Nifty has surpassed the technical milestone of 13150 levels recently, which coincides with a formation of a couple of negative patterns like bearish engulfing (25th Nov) and a doji (last weekly candle). Normally, such negations of bearish patterns could result in a sharp upside in the underlying. The anticipated upside is currently unfolding in the market and this is expected to continue for short term.

Conclusion: The short term trend of Nifty continues to be positive and the market is inching towards our upper trajectory of 13500-13600 levels gradually. Minor consolidation or intraday weakness are expected to be a buy on dips opportunity for the short term. Immediate support is now placed at 13250.