Morning Outlook 28th November, 2022

NIFTY:

NIFTY opened at 18528.45 with a gap up of 44 points. The index initially moved lower but soon found support and started a consolidation process after recording its intraday low at 18445.10. Prices have bounced up in the afternoon. A modest rally came with lots of choppiness which took prices near its early morning highs and prices have recorded its intraday high at 18534.90. The index has seen a minor decline towards the end of today’s trading session and finally closed at 18512.75 near its day highs with a gain of just 2865 points or 0.15% up. MEDIA outperformed today and ended with a gain of 2.52% followed by REALTY which ended with a gain of 1.12%. FMCG, FINANCIAL, and BANK have underperformed today and closed with minor losses. The short-term trend is up, and the index has broken out from a range inside 18100 – 18500. This breakout is giving us a pattern target around 18900 which may or may not reach but still suggesting us a bullishness in the markets.

BANK NIFTY:

The BANK NIFTY opened at 43192.45 with a gap up of just 90 points. The index initially moved lower and then went up but soon the rally fizzled out. Prices recorded its intraday high at 43339.15 and then saw a sharp decline. The index then started a consolidation process and recorded its intraday low at 42864.95. Prices have finally closed at 42961.35 with a loss of 141 points. PSU and PVT BANKS both indices have performed almost the same today, moved sideways, and closed almost on a flat note. Within the index, in terms of points, AXIS BANK contributed the highest on the upside while ICICIBANK contributed the lowest. It was a volatile day today in the BANK Index where prices have seen a sharp decline in the first half and spent the second half moving sideways. The short-term trend is up as prices are trading near its lifetime highs. Support is now visible around 42000. A close below this 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 on flat note on the first day of December series amid volatility.At Close, the Sensex was up 20.96 points or 0.03% at 62,293.64, and the Nifty was up 28.70 points or 0.16% at 18,512.80. About 2029 shares have advanced, 1361 shares declined, and 126 shares are unchanged.

• Finance Minister Nirmala Sitharaman will seek to shrink the shortfall to less than 6% of gross domestic product in the year starting April 1, the people said, asking not to be identified as the deliberations are private.

• More than Rs. 1,000 crore of Initial Public Offerings (IPOs) will open for subscription next week, keeping the primary market engaged towards the end of a month that has been the busiest since May.

• The shares of India Tourism Development Corp Ltd (ITDC) hit upper circuit on November 25 to trade at Rs 404.60 apiece on BSE after government announced that it has fixed an indicative value for ‘The Ashok’ hotel at Rs 7,409 crore under the national monetisation programme.

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

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