On December 1, the Indian equity indices commenced the new series on a robust note, with the Nifty50 index reaching a new all-time high. Investors expressed optimism following higher-than-anticipated GDP data and engaged in buying across various sectors. With the exception of the Auto sector, all other sectoral indices closed in the green, with Capital Goods, FMCG, Metal, Power, and Realty up by 1-1.5% each.
NIFTY: The index opened 61 points higher at 20,194 and made a high of 20,291 before closing at 20,267. Nifty has formed a bullish candlestick pattern on the daily chart with higher highs and higher lows for four days in a row. Its immediate resistance level is now placed at 20,300 while immediate support is at 20,200.
BANK NIFTY: The index opened 99 points higher at 44,580 and closed at 44,814. Bank Nifty continued its higher highs and higher lows formation for six days forming a bullish candlestick pattern with a minor upper shadow on the daily scale. Its immediate resistance level is now placed at 45,000 while support is at 44,700.
Stocks in Spotlight
▪ Dixon Technologies: Stock rallied more than 8% after the launch of a smartphone manufacturing plant in Noida.
▪ PFC: Stock surged over 9% following an announcement that its wholly owned subsidiary, PFC Consulting, had set up a special purpose vehicle (SPV) - Paradeep Transmission.
▪ Whirlpool India: Stock fell nearly 10% after its holding company sold up to 24% stake in the firm.
▪ Gold prices were set for a third straight weekly gain after data showing easing inflation raised expectations that the US Federal Reserve would soon start cutting interest rates, with Chair Jerome Powell’s speech later on Friday in focus.
▪ Consequently, the dollar edged lower on Friday, while the euro rebounded slightly after steep overnight losses.
▪ Oil prices were down on Friday following a 2% drop on Thursday, with the market seemingly unconvinced that the latest round of production cuts by the OPEC+ coalition will be able to lift prices out of their recent slump.
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