Market Outlook 29th Nov 2024
The Nifty Index opened flattish and after the minor initial hour gains, it cascaded throughout the session and fell by 470 points during the day. Bears had taken over the entire session with no respite and it touched low of 23,873 marks.
It formed a bearish candle on daily frame and closed with losses of around 360 points. Now till it holds below 24,000 zones weakness could be seen towards 23,750 then 23,650 zones whereas hurdles are placed at 24,100 and 24,250 zones.
On option front, Maximum Call OI is at 24,500 then 25,000 strike while Maximum Put OI is at 23,500 then 23,000 strike. Call writing is seen at 24,500 then 24,000 strike while Put writing is seen at 23,000, then 24,000 strike.
Options data suggests a broader trading range in between 23500 to 24,500 zones while an immediate range between 23,700 to 24,200 levels.
The Bank Nifty Index opened on a positive note and extended the momentum towards 52,760 marks in the initial hour of the session. However it failed to hold at higher zones and drifted swiftly towards 51,800 zones in the latter part of the session.
It formed a Bearish candle on daily scale with a long upper shadow as selling pressure was seen at higher zones and ended with losses of around 400 points.
Now till it holds below 52,000 zones weakness could be seen towards 51,500 then 51,250 levels while on the upside hurdle is seen at 52,250 then 52,500 zones.
The Fin Nifty Index opened on a positive note and gained further in the first hour of the trade as it tested the 24,300 zone. However it failed to sustain at higher zone as bears hammered the index lower and the index touched low of 23,854 zones.
It formed an Outside Bar as it traded both the high as well as low of the previous day. It has partially filled the gap-up of 25th Nov’24. Now till it holds below 24,050 zones weakness could be seen towards 23,700 then 23,550 levels while on the upside hurdle is seen at 24,050 then 24,150 zones.
Nifty future closed negative with losses of 1.59 per cent at 23,912 levels. Positive setup was seen in Biocon, Indigo, Oberoi Realty, Chambal Fertilizers, Syngene, CUB, National Aluminium, Canara Bank, Laurus Labs, Polycab, and Shriram Finance while weakness in SBI Life, HDFC Life, Bajaj Finance, Titan, Bajaj Auto, Hero Motocorp, Nestle India, Reliance, Glenmark, Motherson, Axis Bank, Tata Communications, AU Bank and Escorts.
Exide Industries – TECHNICAL BUY CALL OF THE DAY
Stock has bounced back up from major support levels and negated its lower lows – lower highs pattern on the daily chart.
The momentum indicator RSI has turned up which suggests bullish sentiment.
Buy EXIDEIND CMP 457 SL 444 TGT 485
NSE | File/ Representational Image
PCBL:
The company has informed exchanges that the second and final phase i.e, 20,000 MTPA of 40,000 MTPA specialty chemical capacity at Mundra Plant, Gujarat has been commissioned on 28th November, 2024. With this, the combined manufacturing capacity of the Company is 7,90,000 MTPA.
Max Financial Services, SBI Life Insurance & HDFC Life:
With reference to a media broadcast publishing capping of 50 per cent for the business generation of the insurance companies through their bancassuance partners, Max Life Insurance (Max Life), a material subsidiary of Max Financial Services, SBI Life Insurance and HDFC Life have clarified and confirmed that they have not received any such directive or communication by the Insurance Regulatory and Development Authority of India (IRDAI) on the capping for the business generation of the insurance companies through their bancassuance partners or any capping in Banca sale of the parent bank thereby making the said media broadcast unsupported and with no ground. Further, the companies were part of any such discussion with IRDAI.
PC Jewellers:
The Board at its meeting held on 28th November 2024 has fixed 16th December 2024 as ‘Record Date’ for the purpose of sub-division / split of equity shares of the company, such that 1 equity share having face value of Rs 10 each, fully paid-up, be sub-divided / split into 10 equity shares having face value of Rs 1 each.
Veranda Learning Solutions:
Veranda Learning Solutions entered into a Memorandum of understanding (“MOU”) with the National Skill Development Corporation (NSDC) and the Institute of Accountants and Bookkeepers (IAB), UK, to roll out the Certified International Accounting Professional (CIAP) program in India.
Much like how IT redefined career paths in the 2000s, the CIAP program is set to become the must-have credential for commerce students in the decade ahead.
With the Finance and Accounting Business Process Outsourcing (F&A BPO) market projected to hit USD 134.65 billion by 2032, the CIAP program promises to be the gateway to lucrative and future-ready careers.
Orissa Minerals:
Orissa Minerals Development Company Limited has informed exchanges that a Board Meeting will be held on Saturday, 30th November, 2024 to discuss the requirement of funds for Mines and other Business.
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