GIFT Nifty traded up 168.5 points or 0.85% at 20,031.5, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 gained 95 points or 0.48% to settle at 19,889.70, while the BSE Sensex jumped 204 points or 0.31% to 66,174.21.
“Markets started the holiday-shortened week on a firm note and gained nearly half a percent. The tone was subdued for most of the session however a sharp surge in the final hour helped the Nifty to close around the day’s high at 19,894 levels. Nifty has finally surpassed the hurdle at 19,850 and now we expect the index to inch toward a new high. Needless to say, the quantum of rise would depend upon the performance of the banking, which has also reached closer to its immediate hurdle. We reiterate our view to continue with the ‘buy on dips’ approach and prefer stocks with relatively higher strength for fresh buying,” said Ajit Mishra, SVP – Technical Research, Religare Broking.
Key things to know before share market opens on November 29, 2023
Wall Street
US stocks ended with modest gains on Tuesday as investors parsed conflicting remarks from Federal Reserve officials, with upbeat consumer data providing some lift, reported Reuters. The tech-heavy Nasdaq Composite advanced 40.73 points or 0.29% to settle at 14,281.76. The S&P 500 rose 4.46 points or 0.10% at 4,554.89 and the Dow Jones Industrial Average added 83.51 points or 0.24% to 35,416.98
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down 0.19% at 102.55.
Crude Oil
WTI crude prices are trading at $76.68 up 0.35%, while Brent crude prices are trading at $81.85 up 0.21%, on Wednesday morning.
Asian Markets
Shares in the Asia-Pacific region are trading broadly in red on Wednesday morning. The Asia Dow is trading up 0.09%, while Japan’s Nikkei 225 is down 0.10%, the benchmark Chinese index Shanghai Composite is down 0.19% and Hong Kong’s Hang Seng index is trading down 0.70%.
FII, DII Data
Foreign institutional investors (FII) purchased shares worth net Rs 783.82 crore, while domestic institutional investors (DII) added shares worth net Rs 1,324.98 crore on November 28, 2023, according to the provisional data available on the NSE.
F&O Ban
The NSE added Balrampur Chini Mills, Indiabulls Housing Finance, BHEL and Granules India to its F&O ban list for November 29, 2023.
Technical View
Commenting on the Technical outlook of the Nifty 50, Rupak De, Senior Technical analyst at LKP Securities, said, “The Nifty has risen above the recent consolidation high, indicating increased optimism among market participants. Furthermore, it has held steady above the critical near-term support level of 19,700. The sentiment is expected to stay positive, potentially leading to a new lifetime high in the short term. At the lower end, 19,700 could remain a crucial short-term support level.”
Bank Nifty Outlook
“Bank Nifty witnessed a continuation of the positive momentum from the previous week. it continued to inch higher and has closed above the 40-day moving average (43,834) which is a sign of strength. On the upside we expect the Bank Nifty to target levels of 44,500 from a short-term perspective,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
