On November 30, the equity benchmarks maintained their upward trajectory for the third consecutive session amid volatility on the expiry day. Pharma, capital goods, realty, and oil & gas sectors provided essential support. On the sectoral front, the PSU Bank index slipped 1.5%, while the pharma, capital goods, realty, and oil & gas indices registered gains of 1-1.5% each.
NIFTY: The index opened 12 points higher at 20,108 and made a high of 20,158 before closing at 20,133. Nifty has formed a small-bodied bullish candlestick pattern with a long lower shadow on the daily chart. Its immediate resistance level is now placed at 20,200 while immediate support is at 20,050.
BANK NIFTY: The index opened 145 points higher at 44,711 and closed at 44,481. Bank Nifty continued forming higher highs and higher lows for five days in a row while sustaining above all key moving averages. Its immediate resistance level is now placed at 44,765 while support is at 44,250.
Stocks in Spotlight
▪ Medanta: Stock surged 5.4% with high trade volumes. As many as 8 lakh shares were traded compared to the monthly average of 4 lakh shares.
▪ Aurobindo Pharma: Stock gained 2.3% after its wholly-owned subsidiary received the final nod from the US Food & Drug Administration (USFDA) to manufacture and market an asthma drug.
▪ Tata Power: Stock fell over 2% as Morgan Stanley and Citi shared a negative outlook on the stock after the company cut its FY27 revenue and profit guidance.
▪ Gold prices consolidated in a tight range on Thursday, hovering close to a near seven-month high, as investors awaited a key inflation print to gauge whether interest rate cuts in the US would come sooner than expected.
▪ Consequently, the dollar was rooted near a three-month low on Thursday and was set to post its steepest monthly decline in a year.
▪ Oil prices traded higher on Thursday as investors awaited the outcome of an anticipated OPEC+ meeting that could lead to deeper supply cuts in 2024.
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