“In Friday’s trading, the Nifty displayed a significant surge in bullish momentum, marking the early commencement of the “Santa rally” as it breached the unprecedented 21,000 level, reaching a historic high at 21,006. Despite market fluctuations, the Nifty remains the standout bullish performer. Analysis suggests that the recent FOMO-driven activity in the Nifty is poised to sustain positive momentum on Dalal Street, fueled by factors such as BJP’s success, a decline in WTI Oil prices, and optimism about the Federal Reserve’s monetary policy. All eyes are on the upcoming US Consumer Price Index (CPI) data for November. Nifty bulls are anticipated to explore new territories, and the recommended trades include buying Nifty in the 20,850-20,900 zone and Bank Nifty at the current market price, along with bullish perspectives on specific stocks like Coforge, Polycab India, L&T Technology Services, SBI, Tata Consumer, and PNB. The top stock to consider is Polycab India, with a buy at CMP 5447, stop at 5327, and targets at 5507/5615, with aggressive targets at 5751, based on its momentum play in the inter-week strategy,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
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