Bullish chart patterns like higher highs and lows for the NSE Nifty 50 are intact on the daily chart and any dip can be a buying opportunity, according to analysts.
"Short-term trend of the Nifty remains positive," Nandish Shah, senior derivative and technical research analyst at HDFC Securities Ltd., said, highlighting the Nifty's continued upward journey for the fourth session in a row on Wednesday. "A decisive move above 24,500 is likely to open the next upside of around 24,900 in the near term. The immediate support is at 24,300."
The market will closely monitor comments from US Federal Reserve Chair Jerome Powell and US jobs data, which is due on Thursday, according to Siddhartha Khemka of Motilal Oswal Financial Services Ltd.
The market analyst expects the Nifty to continue its gradual uptrend, driven by positive government policies and a potential liquidity boost from the RBI's upcoming policy decisions.
In the derivatives market, open-interest data reveals strong resistance at the 24,500 and 24,600 levels, with the highest call OI observed at these strikes, according to Mandar Bhojane, research analyst at Choice Broking Pvt.
The 24,300 strike has the highest put OI, indicating strong support. A clear breakout above 24,500 can lead to further gains in the upcoming sessions, he added.
The Bank Nifty has exhibited a strong bullish candle, indicating continued buying interest from lower levels. A breakout above its daily high can pave the way for further upward momentum, with the immediate support at 53,000 and 52,800, and resistance at 53,400 and 53,800, Bhojane said.
FII, DII Activity
Overseas investors stayed net buyers of Indian equities for the second consecutive session on Wednesday, while domestic institutional investors stayed net sellers for a second day.
Foreign portfolio investors mopped up stocks worth Rs 1,797.60 crore and the domestic institutional investors sold shares worth Rs 900.62 crore, according to provisional data shared by the NSE.
F&O Cues
The Nifty November futures were up by 0.07% to 24,563 at a premium of 96 points, with the open interest up by 0.01%.
The open interest distribution for the Nifty 50 December 5 expiry series indicated most activity at 25,000 call strikes, with the 23,500 put strikes having maximum open interest.
Market Recap
The NSE Nifty 50 and the BSE Sensex closed higher for the fourth consecutive session on Wednesday, clocking the best winning streak in months.
The Nifty 50 ended 10.30 points or 0.04% higher at 24,467.45, and the Sensex closed 110.58 points or 0.14% up at 80,956.33. In the last four sessions, the indices gained 1.39% and 1.45% respectively.
During the day, the Nifty 50 rose 0.47% to 24,573.20 and the Sensex advanced 0.49% to 81,245.39. The Sensex reclaimed the 81,000 mark for the first time in 29 sessions since Oct 21.
Major Stocks In News
Indus Towers: Vodafone Group Plc will divest its 3% stake, selling 7.9 crore shares via open market deals. The proceeds will be used to repay $101 million in outstanding borrowings secured against Vodafone's Indian assets.
Vodafone Idea: The board will meet on Dec. 9 to discuss a proposal to raise up to Rs 2,000 crore by issuing equity shares or convertible securities on a preferential basis to entities within the Vodafone Group.
Fusion Finance: The board approved a proposal to raise up to Rs 800 crore through a rights issue.
Torrent Pharmaceuticals: The drugmaker has signed an agreement with Germany-based Boehringer Ingelheim International to acquire three anti-diabetes brands. The acquisition will be completed by March 2025.
Bharat Forge: The company launched a qualified institutional placement to raise up to Rs 1,650 crore. The floor price is set at Rs 1,323.54 per equity share.
Mastek: Arun Agarwal resigned as the Global CFO and key managerial personnel.
lndraprastha Gas: The board will consider a proposal of bonus issue of shares on Dec. 10.
Money Market
The Indian rupee continued to face pressure and closed lower on Wednesday after two days of record lows ahead of the Reserve Bank of India's key interest-rate decision this week.
The domestic currency weakened by four paise to close at 84.73 against the US dollar, according to Bloomberg data. The rupee had closed at 84.69 against the greenback on Tuesday.
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