Broader markets relatively underperformed the benchmarks. While small-cap stocks moved in line with the benchmark, mid-cap stocks ended flat compared to Nifty’s nearly 1% gain.
The pharma pack witnessed buying interest, with Cipla, Sun Pharma, and Divi’s Laboratories being the top Nifty50 gainers.
Adani Green Energy shares began trading in the F&O segment on November 29. On its first trading day as an F&O stock, Adani Green shares surged over 23%, marking its best single-day gain in over a year. The stock ended in upper circuits of 10% each on Thursday and Wednesday, respectively. Shares had declined 8% each on Monday and Tuesday. With Friday’s move the stock is up 26% so far last week, recovering nearly all the losses it had faced in the previous week. The stock had declined 29% in the week that ended on November 22.
Going ahead, the market will react to the weak Q2 GDP data for India, which came at 5.4%, against an expectation of 6.5% and China’s manufacturing PMI, which rose to 50.3 in November, signaling accelerated expansion.
Investor sentiments going forward is expected to be directed by geo-political developments and FII activity. Siddhartha Khemka of Motilal Oswal expects the market to remain range-bound amidst mixed global cues and lack of domestic triggers.
Foreign institutions remained net sellers in the cash market on Friday, while domestic institutions were net buyers.
What do the Nifty50 charts suggest?
Nagaraj Shetti of HDFC Securities said the upside gap of November 25 has been filled completely and the market seems to have found support around the gap area of 23,900 levels and bounced back. Further upside from here could confirm new higher bottom formation for the Nifty, which indicates completion of previous couple of months down trend that unfolded as per bearish lower tops and bottoms.
Shetti believes the upside bounce of Friday is indicating a comeback of bulls after one day of decline. Further upmove is expected from here and Nifty is likely to challenge the immediate hurdle of 24,350 and move higher by next week. Immediate support is at 23,925 levels.
The past two weeks have provided some relief to bulls, with a steady recovery from the recent low of 23263. This week, however, was marked by consolidation as prices remained range-bound after Monday’s gap-up.
On the daily chart, a defined range has emerged, with the support base shifting higher to the 24000–23900 zone. On the flip side, the 50 DEMA and 89 DEMA continue to act as a formidable resistance around the 24350–24400 zone, said Rajesh Bhosale of Angel One.
Bhosale said a clear breakout beyond the 23900–24400 consolidation is likely to determine the next directional move. Until the upper boundary is breached, bulls should remain cautious and avoid aggressive positions. A break below the lower end could signal a resumption of the downtrend, potentially retesting recent lows.
LKP Securities’ Jateen Trivedi said the Nifty moved sideways in the afternoon, trading mostly within the 24,050-24,150 range. The sentiment appears slightly improved as the index held above 23,870. Going forward, the trend might remain sideways to positive in the short term, provided it stays above 23,870. On the higher end, resistance is observed at 24,400-24,500.
What do the Bank Nifty charts indicate?
Nifty Bank opened with a volatile session but later remained range-bound, closing in positive territory at 52,055.60, up 0.29%.
“Nifty Bank formed a spinning top candlestick pattern, signalling indecision. Nifty Bank has now regained support from both the 20 and 50 DMAs. A breakout above 52,600 could pave the way for a move toward 52,800. Conversely, a drop below the critical support level of 51,750 could signal a shift toward a minor bearish outlook, warranting caution in the near term,” said Om Mehra of SAMCO Securities.
“Technically, on a daily chart, Bank Nifty has produced an insider bar candle, while on a weekly scale, the index has formed a doji candle, indicating uncertainty. The index is facing strong resistance near 52,500-52,600 levels. On downside, 21-Days exponential moving average (DEMA) is placed near 51,540, which will act as immediate support for the Bank nifty. Traders are advised to book profits on the bounce and wait for a sustained breakout above 52,600,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates.
These are the stocks to watch ahead of Monday’s trading session:
– Cochin Shipyard signs a contract worth Rs 1,000 crore with the Ministry of Defence for Short Refit and Dry Docking of a Large Indian Naval Vessel.
– KEC International bags new orders worth Rs 1,040 crore in its T&D business in international markets.
– Adani Enterprises‘ wholly owned subsidiary, Adani Airport Holdings Ltd (AAHL), has acquired a 99% stake in Aviserve Facilities and Aviground Facilities. The acquisition involves an aggregate investment of ₹1.98 crore, with ₹99 lakh allocated for each company.
– RBL Bank and Bajaj Finance mutually agree to stop issuance of new co-branded credit cards; existing cards will continue to function as usual without any change.
