POST-MARKET SUMMARY 30 November 2023
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.
Global News
▪ 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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