SHARP RALLIES IN NIFTY, NIFTY BANK

NIFTY:

NIFTY opened at 19976.55 with a gap up of 87 points. The index initially moved higher and then started a consolidation process which eventually broke on the upside. Prices resumed its up and rallied further to cross above the 20000 mark. The index picked up the pace in the last two hours of trading and rallied further to cross above 20100 levels.0The rally continued till the end. In this process, the index recorded its intraday low at 19956.30, its intraday high at 20104.65, and finally closed at 20096.60 with a gain of 206.90 points or 1.04% up. All the sectoral indices have rallied and closed higher except for REALTY and MEDIA which ended with a loss. BANK, AUTO, FINANCIAL, and IT led the bulls and ended with a gain of over 1%. The short-term trend is up and there is no doubt about it as prices are making a bullish pattern of higher highs and higher lows. Support is now visible around 19850 while resistance is visible around 20200.

BANK NIFTY:

The BANK NIFTY opened at 44081.75 with a gap up of 138 points. The index initially moved sideways and then broke on the upside after recording Its intraday low at 44003.45. Prices have seen a sharp upside move that lasted almost till the end and crossed above 44400 resistance. The index recorded its intraday high at 44630.35 and finally closed at 44582.80 with a gain of 639 points. PVT and PSU BANK, both indices, have performed almost the same, saw a sharp upside rally, and closed with a gain of 1.49% & 1.04% respectively. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while IDFC FIRST BANK contributed the lowest. The index broke out at 44400 resistance level and closed higher. Fresh support is now visible around 43800 while the resistance may emerge around 44800. We should look for buying only as far as prices are staying above 43800 support.

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• Benchmark indices ended on a strong note on November 29 with Nifty above 20,000 for the first time after September 20, 2023. At close, the Sensex was up 727.71 points or 1.10 percent at 66,901.91, and the Nifty was up 206.90 points or 1.04 percent at 20,096.60. About 1828 shares advanced, 1706 shares declined, and 123 shares unchanged.

• The Tata Motors Ltd share crossed the Rs 700-mark after 12 years to hit a new record high of Rs 702.80 on November 29, anticipating a strong listing for its arm, Tata Technologies, the next day. According to analysts, Tata Technologies, which would be the first listing from the Tata group since TCS in 2004, could see a strong listing gain of over 75 percent, considering the overwhelming subscription demand and investor-friendly pricing.

• The GIFT Nifty scaled an all-time high single-day trading of 4,27,925 contracts with a turnover of $16.76 billion (around Rs 1,39,766 crore) on November 28, NSE IX said in a release. The index not only surpassed its prior record of single-day trading turnover of $15.25 billion on September 26, 2023, but also achieved the highest open interest of $13.51 billion, surpassing its previous OI record of $12.75 billion on November 27, 2023.

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

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