The NSE Nifty 50 has formed a bullish candle, and intraday charts indicate a continuation of the uptrend, as per analysts. The index holding above 24,150 level will be crucial for upward momentum, they said.
From the past three trading days, the Nifty is seen oscillating in a tight range of 24,140-24,350 and a breakout on either side is necessary for a directional trend, said Aditya Gaggar, director of Progressive Shares Broker Pvt.
As long as the index stays above 24,150, the bullish sentiment is expected to persist, with potential upward movement towards the 24,400-24,500 range, according to Shrikant Chouhan, head of equity research at Kotak Securities Ltd. However, if the index falls below 24,150, the uptrend could be at risk, he said.
On the other hand, the Bank Nifty failed to cross the major barrier of 52,500-52,580 and formed a bearish belt hold pattern on Tuesday, indicating weakness. "As per this pattern, as long as index maintains below 52,580, weakness will continue. Thus, traders are advised to book profits and wait for a fresh breakout above 52,580," said Hrishikesh Yedve, AVP-technical and derivatives research at Asit C. Mehta Investment Interrmediates Ltd.
FII/DII Activity
Overseas investors remained net buyers of Indian equities for the third consecutive day on Wednesday. Foreign portfolio investors net bought stocks worth Rs 7.8 crore, according to provisional data shared by the National Stock Exchange.
The DIIs were net buyers of shares worth Rs 1,302 crore.
F&O Cues
The Nifty November futures were up by 0.38% to 24,309 at a premium of 35 points, with the open interest down by 22%.
The open interest distribution for the Nifty 50 Nov. 28 expiry series indicated most activity at 25,000 call strikes, with the 24,000 put strikes having maximum open interest.
Market Recap
Benchmark equity indices continued to gain on Wednesday, after a one-day drop on Tuesday, and closed at their highest since Nov. 6. The top gainers included HDFC Bank Ltd. and Adani Group shares, which emerged as top Nifty contributors.
The Nifty 50 ended 0.3% or 82.65 points up at 24,277.15 and S&P BSE Sensex closed 0.3% or 238.75 points higher at 80,242.81.
Major Stocks In News
Ujjivan Small Finance Bank: The lender has approved the sale of non-performing assets and written-off loans worth over Rs 270 crore to an asset reconstruction company. The small finance bank has completed the sale for Rs 40.5 crore.
Godrej Properties: The company will raise funds up to Rs 4,000 crore via qualified institutional placement. The indicative price is set at Rs 2,595 per share.
Sonata Software: The company secured a multimillion-dollar modernisation deal in Australia with a global leader in access solutions.
PCBL: The Andhra Pradesh government approved the allotment of 116.62 acres of land in Naidupeta for setting up a plant to manufacture new rubber black and value-added chemicals.
NBCC India: The company signed a memorandum of understanding with Housing and Urban Development Corp. for the development of a 10-acre institutional plot in Noida's Sector-62. The tentative cost of the project is Rs 600 crore.
Waaree Renewables: The company received a term sheet for construction work for a solar PV project worth Rs 1,233 crore.
Global Cues
Stocks in the Asia-Pacific region traded mixed on Thursday taking overnight cues from Wall Street after multiple data showed that the Federal Reserve will not rush to cut rates. Heavyweight technology stocks weighed on Wall Street.
Equity benchmarks in Japan fell while South Korea's was marginally lower during the session's opening. The Nikkei was 112 points, or 0.29%, lower at 38,002, while the S&P ASX 200 was up 44 points, or 0.53%, at 8,451 as of 5:42 a.m.
Gross domestic product increased at a 2.8% annualised pace in the third quarter, meeting estimates. The US core personal consumption expenditures climbed 2.8% from October last year.
US Stocks paused their record rally as giant technology companies dragged down the benchmark indices. Dell Technologies Inc. and HP Inc. slumped over 11% after their third-quarter results disappointed investors.
The Wall Street will remain closed on Friday on account of Thanksgiving Day. The US 10-year treasury yield fell to 4.26%.
The Brent crude was trading 0.03% higher at $72.83a barrel as of 6:00 a.m. IST, and the West Texas Intermediate was up 0.12% at $68.80.
Key Levels
US Dollar Index at 106.08
US 10-year bond yield at 4.26%.
Brent crude up 0.03% at $72.83 per barrel.
Bitcoin was down 0.39% at $96,027.06
Gold spot was up 0.04% at $2,637.74
Money Market
The Indian rupee weakened by 11 paise to close at 84.45 against the US dollar on Wednesday, compared to its previous close of 84.34 on Tuesday. This slight decline in the currency reflects the ongoing fluctuations in the foreign exchange market.
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