Morning Outlook 30th November, 2022

NIFTY:

The NIFTY opened at 18552.45 without much of a change. The index initially moved higher very sharply after recording its intraday low at 18552.15 in its initial trades. Prices rallied in the first half and then started facing intraday resistance around 18680. The index consolidated for a brief time and eventually broke on the downside after recording its intraday high at 18678.10. The NIFTY moved lower in the second half and finally closed at 18618.05 with a gain of 55.30 points or 0.30% up. FMCG outperformed today by closing 1.87% followed by METAL which ended 1.03% up. REALTY and AUTO underperformed today and closed lower. BANK ended almost on a flat note today. The NIFTY again recorded lifetime new highs and ended on a record closing high. The short-term trend is very strong on the upside. We have taken a long trade around 18553 and for today, we have suggested staying long with a stop at 18450 and a target at 18780. Prices did not touch either level so our trade remained intact. Since we are in some gains, we should move our stop at breakeven. Stay long with a stop at 18440 and a target at 18780.

BANK NIFTY:

The BANK NIFTY opened at 42959.40 with a minor gap up. The index rallied just after the opening tick and went above 43200. Prices have faced resistance there and turned down and kept on moving lower for the rest of the day. The intraday low was recorded at 42959.40 while the intraday high was recorded at 43279.60. The index finally closed at 43045.30 with a gain of just 62 points. PSU and PVT BANKS both indices have performed almost the same today and closed without much of a change. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while INDUSIND BANK contributed the lowest. We have suggested staying long with a stop at 42700 and a target at 43900. Stay long with a stop at 42700 and a target at 43900. The short-term trend is up as prices are trading near its life time highs. For the past four trading days, the index has been moving inside a narrow range which 42740 as a lower end and 43340 as an upper end. This narrow range suggests a sharp move is about to come. Support is now visible around 42000. A close below this support may change the short-term trend to sideways. We should look for a buying opportunity only as far as prices are trading above this support level

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark indices ended higher on November 29 with Nifty around 18600.At Close, the Sensex was up 177.04 points or 0.28% at 62,681.84, and the Nifty was up 55.20 points or 0.30% at 18,618. About 1653 shares have advanced, 1717 shares declined, and 147 shares are unchanged.

• Adani Group has won the bid for the redevelopment of Dharavi, one of the largest slum clusters in Asia.The Maharashtra government authorities, on November 29, opened the financial bids for the Dharavi redevelopment.

• India’s Gross Domestic Product (GDP) growth is expected to more than halve to 6.3 percent in the second quarter of 2022-23 from the first quarter, according to the median of estimates by 15 economists polled by moneycontrol.

• The first pilot for retail digital rupee (e₹-R) will be launched on December 01, 2022, the Reserve Bank of India (RBI) announced on November 29.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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