Risk appetite returns at Dalal Street after yesterday’s turmoil.

*Review & Preview @4PM —— Friday, November 29th 2024*

NIFTY (+217, 24131)
Sensex (+759, 79803)
Bank Nifty (+149, 52056)

Risk appetite returns at Dalal Street after yesterday’s turmoil.

Bharti Airtel (+4.4%) and Sun Pharma (+2.87%) were star outperformers.

Our call of the day suggests that there is still “general ‘animal spirits’ as structural undercurrent from domestic investors remains strong, despite FII selling.

The positive takeaway was that the benchmark Nifty surged for the second week in a row, up 0.90% indicating valuations more reasonable and selective bargain hunting remains preferred theme.

That said, if that would be enough positive catalyst supportive for further gains is to be seen?

We will now spy with one big eye if the FIIs camp who have sold to the tune of Rs. 41590 crores this November look to cover their shorts?

# *Sentimental Overview:*

# Despite volatility, Nifty ended the week with gains, up 0.9%.

As they say, all is well that ends well.

# Starting November 29, 2024, NSE 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.

Meanwhile, Wall Street and the US bond markets will be wrapping up early on Friday.

# Technical Overview:

Nifty ended with gains in today’s trade forming a bullish candlestick pattern. Confirmation of strength only above Nifty 24355 mark.

Nifty is still trading in a range of 23400-24400 zone.

The street will anxiously eye FIIs data after today’s massive rebound.

Technically speaking, Nifty and Sensex are still at oversold conditions with immediate upside hurdles seen 24355 and then at psychological 25000 mark while Nifty’s support placed at 23671 mark.

Nifty’s 200 DMA at 23651 mark

 

# Outperforming Nifty Sectors:
Nifty PHARMA (+2.4%)
Nifty Infra (+1.51%)
Nifty Media (+1.49%)

# Underperforming Nifty Sectors:
Nifty REALITY (-0.75%)
Nifty PSU BANKS (-0.54%)

# Bulls of the day:
BHARTIARTL (+4.40%)
SUNPHARMA (+2.87%)
CIPLA (+2.63%)
M&M (+2.58%)
TATACONSUM (+1.90%)

# Bears of the day:
POWERGRID (-1.35%)
SHRIRAMFIN (-0.93%)
HEROMOTOCORP (-0.39%)
HDFCLIFE (-0.26%)
NESTLEIND (-0.06%)
(Source NSSEINDIA.com)

 

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