Weekend Investing Daily Byte – December 8

3 min read

How are the Markets Looking ?

We’ve had a remarkable week, with the last three days showing a bit of a slowdown, but nevertheless, we’re closing at 20,972. After hitting 21,000 and the RBI maintaining the repo rate, there was a bout of profit-taking from 21,000 down to 20,860, a drop of about 150 points. However, almost the entire dip was recovered, ending at 20,972. The market remains very strong; there’s no doubt about it

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Nifty Heatmap

Looking at the heat map, HDFC Bank led the private banks’ rally, up 1.4%. ICICI Bank, Axis Bank, and Kotak Bank also saw gains. Reliance was flat, while ITC was the main FMCG stock down nearly 2%, along with Nestle, Britannia, and Tata Consumers. Autos were mostly down, but it’s more of profit-taking than a slide. IT, on the other hand, picked up with Infosys up nearly 2%, along with HCL Tech and Wipro gaining ground. Steel stocks led by JSW Steel had mixed performances, with Tata Steel down but Ultratech Cement, Grasim, and Hindalco almost flat.

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Sectoral Overview

Today, IT led the day, up 1.3%, followed by private banks at 1.1%. We saw profit-taking in energy, FMCG, pharma, commodities, and consumption stocks. It’s good to see some sector rotation happening daily.

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Mid & Small Cap Performance

Nifty Mid Caps lost ground initially but recovered towards the end. Small Caps, however, took more brunt, dropping from 13,650 to around 13,400 – a 250 point drop but this is after a rhuge run up.

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Bank Nifty Overview

Now, let’s talk about Nifty Bank. Even after an intraday dip, it closed at a new all-time high of 47,273. Banking always leads the rally when the market is firm, and that’s exactly what’s happening now. I expect to see much higher levels in the markets going forward.

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Highlights – Nifty FMCG Index

FMCG, however, was the weak link, led by ITC

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Highlights – Nifty Private Banks

Private banks, especially HDFC Bank, are hitting new highs. After a couple of sideways sessions, today was a good upward move. We’ve seen more than a 10% gain in the last five weeks, going from 22,000 to 24,517.

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Highlights – IT Index

Nifty IT is also at a crucial point, and there’s a gap from April 2022 that I expect to be filled in the next couple of days, breaking out of the 33,400 resistance.

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    Weekend Investing Daily Byte – December 8