Indian markets fell sharply in the last trading session of the year but logged decent gain for the year. The Sensex fell 304 points to settle at 41,253. For the year, the benchmark index rose 14%. The broader Nifty declined 0.7% to 12,168.
For this year, Nifty is up about 12% while hitting new highs during the year.
"Markets witnessed some profit-booking today. Going ahead the positive momentum is likely to continue in the year 2020 and we expect Nifty to head higher towards our near term target of 12,400-12,450," said Amit Shah, technical research analyst at Indiabulls Ventures Ltd.
"Nifty has an immediate support zone near 12,100 zone and dips should be utilized to build long positions."
Despite largecaps hitting new highs during year, the broader markets struggled during this year. But many analysts expect midcaps and smallcaps to perform in 2020. "We expect the participation in quality midcaps to increase going forward given their significant underperformance and discount to larger peers," said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.
(With Agency Inputs)