Bulls are likely to wait for the New Year for further action

The international rally in December led by the US market has lifted most markets considerably, and India was lucky to have the carry from the state election outcomes too, says V.Okay. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The 6 per cent rally in Nifty in December has heated up the market a bit and the bulls are likely to wait for the New Year for further action. High valuations proceed to be a short-term concern, he stated.

However, the international market assemble continues to be beneficial with the US inflation, bond yields and the greenback index trending down.

Buy on dips proceed to be the greatest technique in the current market context. Safety is in large-caps. Automobile sector is properly positioned for a cyclical upswing, he added.

Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher stated Nifty after taking assist close to the 21,000 zone has witnessed an honest pullback to enhance the bias as soon as once more and would wish a decisive breach above the vital resistance zone of 21,500 ranges to stick with it with the momentum and make sure a breakout for further rise in the coming days.

The Nifty index has maintained the sturdy uptrend as of now and solely a decisive breach beneath 20,800 zone shall weaken the bias and count on further slide, Parekh stated.

BSE Sensex is up 278 factors at 71,384 factors on Tuesday. NTPC, M&M, Wipro, Tata Steel, Powergrid are up multiple per cent.

(With inputs from IANS)