THE NIFTY ENDED WITH GAINS WHILE NIFTY BANK UNDERPERFORMED AND CLOSED WITH A LOSS

NIFTY:

The NIFTY opened at 20108.50 with a gap up of just 12 points. The index initially moved sideways and eventually broke on the downside followed by a sharp intraday decline. The NIFTY opened at 20108.50 with a gap up of just 12 points. The index initially moved sideways and eventually broke on the downside followed by a sharp intraday decline. The down move found support quickly and prices moved sideways again. But this time, the index broke on the upside. Prices have seen a sharp intraday rally in the last hour of trading. In this process, the index first recorded its intraday low at 20015.85, then its intraday high at 20158.70, and finally closed at 20133.15 near its day’s high with a gain of 36.55 points or 0.18% up. All the sectoral indices have rallied and closed higher except for BANK and IT which ended with a minor loss. PHARMA and REALTY outperformed, led the bulls, and ended with a gain of over 1% followed by OIL GAS and FMCG. Support is now visible around 19850 while resistance is visible around 20200. We should look for buying only.

BANK NIFTY:

The BANK NIFTY opened at 43821.05 with a minor gap up the BANK NIFTY opened at 44711.20 with a gap up of 129 points. The index initially moved sideways and then broke on the downside after recording its intraday high at 44764.80. Prices have seen a sharp downside move and then again formed a sideways move. This time the consolidation lasted almost till the end, prices recorded its intraday low at 44254.60 and saw some recovery towards the end. The index finally closed at 44466.30 with a loss of 116 points. PSU BANK has underperformed, saw a sharp downside move, and ended with a loss of 1.10%. PVT BANK has also moved down but ended with a loss of just 0.19%. Within the index, in terms of points, AXIS BANK contributed the highest on the upside while ICICI BANK contributed the lowest. The short-term trend is up. We have been tracking support around 43800 and resistance around 44800. The index faced resistance just below 44800 and was not able to cross it higher.

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• Benchmark indices ended higher in the volatile session on November 30 with Nifty above 20,100. At close, the Sensex was up 86.53 points or 0.13 percent at 66,988.44, and the Nifty was up 36.60 points or 0.18 percent at 20,133.20. About 1838 shares advanced, 1752 shares declined, and 130 shares unchanged.

• The Tata Technologies stock surged around 168 percent from its issue price, making it the seventh highest-listed company in India. The stock opened with a 140 percent premium and traded at Rs 1,334 on the BSE, up 168 percent from its issue price, within minutes.

• The Defence Acquisions Council (DAC) approved the purchase of 97 Tejas Aircraft and 156 Prachanda Helicopters for a mega Rs 1.40 lakh crore deal, sources told CNBC Awaaz on November 30. Hindustan Aeronautics Limited (HAL) is the domestic supplier of Tejas and Prachanda aircraft. Sources also added that the ministry has approved Rs 1.40 lakh crore deal for the same, which includes 1 aircraft carrier.

• Dr Naresh Trehan, a world-renowned cardiovascular and cardiothoracic surgeon, became a billionaire with shares of Medanta hospital chain operator Global Health Ltd rising over 100 percent this year. Currently serving as the Chairman and Managing Director of Medanta, Trehan is also the chain’s chief cardiac surgeon.

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

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