Lifetime New Highs Again, The Short-Term Trend Is Up

NIFTY:

The NIFTY opened at 18625.0 without much of a gap. However, the index moved higher for the first five minutes and then started a consolidation process. The index recorded its intraday low at 18616.55 and spent the first half moving inside a narrow range. This range broke on the upside and prices have seen a sharp intraday rally. The rally lasted till the end and prices have recorded its intraday high at 18816.05. The index finally closed at 18758.35 with a gain of 140.30 points or 0.75% up. All the sectoral indices have closed in green today. AUTO and METAL outperformed today followed by REALTY and FMCG and ended with a gain of over 1%. The short-term trend is very strong on the up side. We now have a strong support zone inside 18300 – 18500. This zone is also a buy-on-dip opportunity. A close below 18500 may change the short-term trend to sideways. There is no visible resistance as prices are moving in uncharted territory.

BANK NIFTY:

The BANK NIFTY opened at 43122.75 with a minor gap up of 77 points. The index rallied further up but soon started drifting downwards. A sharp decline brought prices to its intraday low at 42880.05 and the index spend the whole afternoon moving sideways. A rally started in the later part of the day and lasted till the end. Prices recorded its intraday high at 43332.30 and finally closed at 43245.20 with a gain of 200 points. PVT BANKS have outperformed today and closed with a gain of 0.55%. PSUBANKS have underperformed today and ended with a loss of 1.35%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while SBIN contributed the lowest. Stay long with a stop at 42700 and a target at 43900. BANK NIFTY has seen some gains today as prices have seen a sharp rally in the second half. The short-term trend is up as prices are trading near its life time highs. This narrow range suggests a sharp move is about to come. Strong Support is 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

• Indian benchmark indices ended higher for the seventh consecutive session on November 30.At Close, the Sensex was up 417.81 points or 0.67% at 63,099.65, and the Nifty was up 140.30 points or 0.75% at 18,758.30. About 1992 shares have advanced, 1395 shares declined, and 104 shares are unchanged.

• Tata Consultancy Services (TCS), India’s largest IT services firm, has signed a six-year contract, with an extension term opportunity, with the United Kingdom-headquartered Rail Delivery Group to build and run the UK government’s Rail Data Marketplace (RDM).

• The Central government’s fiscal deficit widened to Rs 7.58 lakh crore in April-October, accounting for 45.6 percent of the full-year target, data released on November 30 by the Controller General of Accounts showed.

• Air India will be valued at Rs 36,114 crore after Vistara’s merger in the third such consolidation in the domestic aviation sector, according to calculations by BQ Prime.

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

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