Markets await RBI's policy review
Mumbai: First day of the week and month market ended with gains, Markets scaled to close at new 52-week high led by IT, Metal & Pharma stock. Now, market is waiting for the outcome of the forthcoming RBI's annual monetary policy slated for review later during the week.
The GDP data buoyed the sentiments. However, Auto sales number mixed for the month of November. India's manufacturing PMI slips to 3-month low in November at 56.3 indicating that the manufacturing sector growth remained strong, despite losing traction.
"Markets awaits outcome of RBI Monetary Policy Committee meeting between 02nd- 4th Dec is major event to watch," says Nilesh Karani, V-P, Magnum.
However, Sensex still remains bullish with upward optimistic target of 45K, with resistance at 44750-80 levels & next 44870-920 levels, he added. On the flipside Sensex would face immediate support near 44150-200 levels & next 44K mark, sustaining below 44K the next level to watch should be 43840-60 level & next 43700-740 levels & next 43550-600 levels. The Markets are in over-bought Zone, Cautious approach is recommended as events can cause volatility.
Market closed at record high with majority of the index stocks green. The positive response to the contraction in GDP at 7.5% instead of expected 10.5% was a major factor driving the index. In addition, early availability of corona vaccine in US before Christmas has given positive hope and on this note the global market were also on all-time high.