GIFT Nifty traded 20,134 up 13 points or 0.06%, indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 soared 206.90 points or 1.04% to settle at 20,096.60, while the BSE Sensex jumped 727.70 points or 1.10% to 66,901.91.
“Markets edged strongly higher in response to yesterday’s breakout and gained over a percent. After the gap-up start, Nifty moved from strength to strength and settled around the day’s high at 20,096.60 levels. Most sectors participated in the rally however the highlight was the performance of the banking and financials majors, which contributed maximum to the gains. Besides, the broader indices too traded in tandem and gained nearly a percent each,” said Ajit Mishra, SVP – Technical Research, Religare Broking.
“The strength in the banking index has helped Nifty to regain momentum and we expect the prevailing tone to continue. Nifty may take a breather around the previous record high i.e. 20,222.45 levels and then gradually inch toward the 20,500 level. We thus suggest focusing on quality large cap names from across sectors and picking selectively from the broader indices,” Ajit Mishra added.
Key things to know before share market opens on November 30, 2023
Wall Street
US stocks edged lower on Wednesday as a robust upward GDP revision eased recession fears, while Federal Reserve officials’ remarks raised questions about the duration of the central bank’s restrictive policy, reported Reuters. The tech-heavy Nasdaq Composite fell 23.27 points or 0.16% to 14,258.49. The S&P 500 slipped 4.31 points or 0.09% at 4,550.58, while the Dow Jones Industrial Average added 13.44 points or 0.04% to 35,430.42.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up 0.04% at 102.81.
Crude Oil
WTI crude prices are trading at $77.48 down 0.37%, while Brent crude prices are trading at $82.81 down 0.35%, on Thursday morning.
Asian Markets
Shares in the Asia-Pacific region are trading on a mixed note on Thursday morning. The Asia Dow is trading down 0.09% and Japan’s Nikkei 225 is down 0.15%, while the benchmark Chinese index Shanghai Composite is up 0.10% and Hong Kong’s Hang Seng index is trading up 0.06%.
FII, DII Data
Foreign institutional investors (FII) purchased shares worth net Rs 71.91 crore, while domestic institutional investors (DII) added shares worth net Rs 2,360.81 crore on November 29, 2023, according to the provisional data available on the NSE.
F&O Ban
The NSE has added Manappuram Finance and Hindustan Copper to its F&O ban list for November 30, 2023.
Technical View
Commenting on the technical outlook of the NSE Nifty 50, Rupak De, Senior Technical analyst at LKP Securities, said,”Nifty moved up smartly as the bulls remained at the helm following a consolidation breakout on the daily chart. Besides, the index is sitting comfortably above the crucial short-term moving average. The overall trend looks positive with broader market participation and a smart recovery in the Bank Nifty. Over the short term, the Nifty might move towards 20,450-20,500 unless it falls below 19,850.”
Bank Nifty Outlook
Bank Nifty index jumped 685.50 points or 1.56% to settle at 44,566.45 on Wednesday. “The Bank Nifty witnessed a robust comeback by the bulls, driving the index up by over 700 points. Currently in a strong buy mode, the index has established a solid support base within the 44,300-44,200 zone, providing a cushion for bullish sentiment. The next significant hurdle for the index is at 44,700, and its ability to decisively surpass this level will determine whether a period of consolidation is in store for the near term,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.