NIFTY AND NIFTY BANK MOVES OUT FROM A NARROW TRADING RANGE

NIFTY:

The NIFTY opened at 19844.65 with a gap up of 50 points. The index initially moved lower for the first hour of trading, found support afterward, and then started a consolidation process. Micro Picture prices have recorded its intraday low at 19800 and eventually broke on the upside in the afternoon. The index then saw a sharp intraday rally which lasted till the end of  trading session. The NIFTY recorded its intraday high at 19916.85 almost at the end and finally closed at 19889.70 near its day’s highs with a gain of 95 points or 0.48% up. OIL GAS outperformed and ended with a gain of 2.28% followed by METAL which ended 1.85% higher. PHARMA and FMCG underperformed and ended with minor losses. The short-term trend is up. The index has broken out from the past few days of narrow trading range. Support is now visible around 19650 while resistance may emerge around 20200.

BANK NIFTY:

The BANK NIFTY opened at 43851.55 with a gap up of 87 points. The index initially moved down, filled the gap in no time, and then started a process of consolidation. The index recorded its intraday low at 43739.80 and eventually broke higher. Prices have seen a modest rally throughout the day with sharp intraday dips and recorded its intraday high at 43960.30. The index finally closed at 434943.95 with a gain of 179 points. PSU BANK has outperformed, saw a sharp upside move, and closed with a gain of 1.35%. PVT BANK has also moved up but ended with a gain of just 0.21%. Within the index, in terms of points, AXIS BANK contributed the highest on the upside while HDFC BANK contributed the lowest. The short-term trend is up now as the index broke above six days of a narrow trading range. However, prices are still moving inside a wide range with support around 43400 and resistance around 44400.

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• India’s benchmark stock indices ended Tuesday higher after a day’s break on Monday for Guru Nanak Jayanti. The indices were mostly mixed through the day before recovering as Adani group company stocks added as much as Rs 1,31,907 crore in investor wealth intraday, the biggest single-day surge since April 11, 2022.

• Adani Group market value surged by over $15 billion with group stocks rallying up to 20 percent on November 28 after the Supreme Court reserved its order to probe the companies based on a US short-seller’s allegations of accounting fraud and stock manipulation.

• SpiceJet promoter Ajay Singh is in discussions with a clutch of global private credit funds to raise up to $100 million to refinance part of promoter debt and potentially infuse fresh equity in the cash-strapped airline, sources aware of the ongoing negotiations told Moneycontrol requesting anonymity.

• BharatPe has turned Ebitda positive in October and clocked an annualised revenue of Rs 1,500 crore, up 31 percent from the year ago period on the back of significant growth in its lending and payments business, the fintech unicorn said on November 28.

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

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