Hot Stocks: Bank of Baroda formed a bullish reversal pattern; time to buy?
Episode 1941, Nov 26, 2019, 02:00 AM
After a few weeks of consolidation, the Indian markets started this week on a strong note led by positive global cues. The Nifty50 index showed strength from the start of the session and ended higher by 1.3 percent at 12,074 levels.
Both the broader market indices, i.e. the S&P BSE Mid-cap and Small-cap also gained 1.2 percent and 0.8 percent respectively, yet underperformed the market. Healthy buying was witnessed across sectors. Notably, Telecom, Metal, and Realty were the biggest gainers in the range of 2.0-6.8 percent.
Going forward, on the domestic front, PMI manufacturing and Q2GDP data (scheduled this week) are likely to provide direction to the markets. While globally increasing optimism for a favourable outcome of the US-China trade deal is likely to keep the sentiments positive in the short-term.
Given that the markets are near an all-time high, some consolidation could be witnessed. The market may witness volatile swings this week due to scheduled derivatives expiry on November 28.
On the data front, investors will be eyeing core sector data and GDP data on November 29. Besides, US-China trade deal will also be closely watched by the participants.