Stock Market Outlook on December 2: Benchmark indices rallied for the eighth day running on Thursday, ending at fresh record closing highs, amid firm global market trends and continuous foreign fund inflows.

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The 30-share BSE Sensex climbed 184.54 points or 0.29 per cent to settle at 63,284.19, its fresh record closing high. During the day, it rallied 483.42 points or 0.76 per cent to 63,583.07, its lifetime intra-day peak.

The broader NSE Nifty advanced 54.15 points or 0.29 per cent to end at 18,812.50, its new record closing high.

As per PTI, positive Purchasing Managers' Index (PMI) data and buying in IT counters added to the markets' momentum.

Among the Sensex pack, UltraTech Cement, Tata Steel, Tata Consultancy Services, Tech Mahindra, Wipro, Infosys, HCL Technologies, and Larsen & Toubro were the major winners.

ICICI Bank, Mahindra & Mahindra, Power Grid and Kotak Mahindra Bank were among the laggards.

Things to know before markets reopen on December 2 (Friday)

As per Kotak Securities' Shrikant Chauhan, here is what we can expect on Friday: 

"If we look at the market's movement on a daily or weekly basis, then we observe a pattern of higher top and higher bottom series. Whenever we see the market cross a new high, then the buying from FIIs and the 'hot money' from hedge funds that enters the markets can take the market to a 'psychogical level'," he said. 

Further, he added that there is a possibility of market touching 19,000-19,050 level in the near future.

And in case there is a correction from current level, then we see a strong support at the previous market high level of 18,600. 

So, in case of any correction in the next session or two, then investors can maintain down position with a stop loss of 18,600.

He expects to see a high of 19,000-19,050 level in this expiry, and some profit booking at 19,000 level as well. 

As far as Nifty Bank is concerned, he said the momentum has taken it from 37,000 to 43,000, but he sees a possibility of profit booking at the present levels.

However, he added that investors must take long positions if they can buy Nifty Bank for 42,500 - 42,600 levels in this series, with a target of 44,000.  

Kotak Securities' Shrikant Chauhan also shared one positional and one long-term stock pick for investors: 

His positional pick was Muthoot Finance —
Muthoot Finance CMP: Rs 1110
Muthoot Finance Target: Rs 1250 
Stop Loss: Rs 1050

His long-term pick was Prestige Estates Projects Limited — 
Prestige Estates CMP: Rs 496
Prestige Estates Target: Rs 560
Stop Loss: Rs 460

(With PTI inputs)