Bear attack at Dalal Street on November F&O expiry day.

*Review & Preview @4PM —— Thursday, November 28th 2024*

NIFTY (-361, 23914)
Sensex (-1190, 79044)
Bank Nifty (-395, 51907)

# Bear attack at Dalal Street on November F&O expiry day.

# Nifty drops below 24000 mark as bulls got slaughtered amidst:

1) Trump tariff threats.
2) Stubborn US inflation pressures.
3) The US PCE index, the Fed’s preferred inflation gauge clouded the picture for rate policy in the year ahead.
4) Solid US economic momentum.
5) Improving US consumer prospects.
6) Nifty’s technical picture still highlights a lack of buyer interest.

# Bottom-line: The long and short of today’s trading was that any sharp bullish move at Dalal Street is prone to sharp selling.

# *Sentimental Overview:*

# The positive takeaway however from today’s trade was that NSE Small-cap Index inched up 0.15% while the Nifty Mid Cap index ended lower by 0.26%.

# Starting November 29, 2024, NSE will introduce futures and options (F&O) contracts on 45 new stocks, as the street expects this move is set to provide more diversity and strategy for your portfolio.

# According to HSBC’s Global Entrepreneurial Wealth Report 2024, a significant 82% of Indian entrepreneurs, with atleast $2 million worth investible assets, are using their wealth predominantly for investment in stocks, bonds and real estate.

Looking ahead, this week Wall Street and the US bond markets will be closed on Thursday for Thanksgiving and wrapping up early on Friday.

# Technical Overview:

Nifty ended with sharp losses in today’s trade forming a big bearish candlestick pattern. The street will anxiously eye FIIs data after today’s brutal selling.

Technically speaking, Nifty and Sensex are still at oversold conditions with immediate upside hurdles seen 24551 and then at psychological 25000 mark while Nifty’s support placed at 23921 mark.

Nifty’s 200 DMA at 23640 mark

# Outperforming Nifty Sectors:
Nifty PSU BANKS (+1.25%)
Nifty MEDIA (+0.50%)
Nifty REALITY (+0.19%)

# Underperforming Nifty Sectors:
Nifty IT (-2.24%)
Nifty AUTO (-1.45%)
Nifty INFRA (-0.88%)

# Bulls of the day:
ADANIENT (+1.63%)
SBIN (+0.77%)
SHRIRAMFIN (+0.63%)
CIPLA (+0.47%)

# Bears of the day:
SBILIFE (-5.41%)
HDFCLIFE (-3.74%)
M&M (-3.35%)
INFY (-3.34%)
ADANIPORTS (-2.53%)
(Source NSSEINDIA.com)

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