Nov 26, 2021

The Indian market ended the day’s session on a positive note on Wednesday as Sensex surged over 450 points and Nifty50 closed above 17500-mark, led by Pharma, IT and FMCG. “The November series ended with slightly less than couple of percent, which clearly snapped its recent winning streak. Also last couple of weeks have been difficult for the markets overall as they certainly went under the hammer.” The Indian market ended the day’s session on a positive note on Wednesday as Sensex surged over 450 points and Nifty50 closed above 17500-mark, led by Pharma, IT and FMCG. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd said, “The market had a positive start today despite mixed global cues. In the initial trades, it looked a bit tentative as there was some hangover left of previous day’s late correction.”   See Zee Business Live TV Streaming Below: “Fortunately, all these nerves settled down in the first half an hour and then it was all big boy Reliance’s show thereafter. The stock kept surging throughout the day to gain over 6 per cent”   “It is needless to mention when this heavyweight moves in this fashion, it certainly takes the benchmark alongside it. If we look at the contributors list, this stock single handedly pushed Nifty beyond 17500 as it contributed 104 points in Nifty today,” Chavan said. According to Chavan, “The November series ended with slightly less than couple of percent, which clearly snapped its recent winning streak. Also last couple of weeks have been difficult for the markets overall as they certainly went under the hammer.”   “After Monday’s brutal knock, the Nifty seems to have slipped into a consolidation mode. The immediate range would be 17600 to 17200; where 17200 becomes a sacrosanct support and on the flipside, 17600 – 17700 is to be seen as a sturdy wall.”   The analyst continues to remain on the cautious side and expect the current recovery to get sold into, and traders are advised to start lightening up longs if Nifty enters the said resistance zone. “For the coming day, 17400 – 17300 are to be seen as immediate supports. We reiterate that till the time we do not surpass 17900 – 18000, one should continue with a sell on rise strategy. Sooner or later it is likely to breach the key support of 17200, the analyst concluded. Stay tuned to Zeebiz.com to find out what could impact your trade today. We have collated a list of top 10 news points which could impact markets, companies, or economy:     Global Markets:   The US Markets remained closed on Thursday, November 25, on account of Thanksgiving 2021 and will close early on discounted shopping bonanza Black Friday. "Each market will close early at 1pm (1.15pm for eligible options) on Friday, November 26, 2021, read a statement the NYSE:  Asian Markets:   The Asian markets were trading negative in the early morning trade on Friday as the Japanese index Nikkei 225 was trading lower by 660 points to 28, 838, Hang Seng index also was down nearly 1 per cent (0.96%) or 237 points to 24,502, while China's Shanghai Composite were down 0.23% to 3,576 around 7.10 am on Friday. SGX Nifty:   The SGX Nifty Futures were trading 97 points lower to 17,481 on the Singapore stock exchange, indicating a negative opening for the Indian markets on the last trading day of this week. Oil eases, focus on OPEC+ response to U.S.-led oil release    Oil prices slipped on Thursday, as investors eyed how major producers respond to the U.S.-led emergency oil release designed to cool the market and with OPEC now expecting the release to swell inventories. Brent crude futures slipped 34 cents, or 0.4%, to $81.91 a barrel by 10:59 a.m. ET (1559 GMT). U.S. West Texas Intermediate (WTI) crude futures fell 49 cents, or 0.6%, to $77.90 a barrel, in thin trading on the U.S. Thanksgiving holiday. OPEC expects the U.S. release to swell a surplus in oil markets by 1.1 million barrels per day (bpd), a source from the group said. The Organization of the Petroleum Exporting Countries, Russia and allies, together called OPEC+, will meet on Dec. 1-2 to set policy. Cryptocurrency is here to stay, says Paytm founder    Fintech firm Paytm founder Vijay Shekhar Sharma on Thursday said cryptocurrency is here to stay and it is fundamentally based on cryptography, the study of secure communications techniques. Speaking at an interactive session organised by ICC virtually, Sharma said crypto is Silicon Valley's answer to Wall Street. "I am very positive about crypto. It is fundamentally based on cryptography and will be the mainstream technology in a few years like the internet which is (now) part of daily life," he said. Currently, there are no particular regulations or any ban on use of cryptocurrencies in the country. Prime Minister Narendra Modi last week held a meeting on the cryptocurrencies with senior officials and indications are that strong regulatory steps could be taken to deal with the issue. Rupee slumps 12 paise   The rupee slumped 12 paise to end at 74.52 (provisional) against the US currency on Thursday amid month-end dollar demand and foreign fund outflows from equity and debt markets. At the interbank foreign exchange market, the local currency opened at 74.55 and witnessed a high of 74.47 and a low of 74.58 against the US dollar. The local unit finally settled at 74.52, down 12 paise over its previous close. On Wednesday, the rupee had closed at 74.40. "Rupee depreciated after two days of consolidation amid month-end dollar demand and foreign fund outflows from equities and debt markets," said Dilip Parmar, Research Analyst, HDFC Securities. Telangana, Kerala top in H1 capex; UP, Maha among laggards: Report    Telangana and Kerala lead the capital expenditure chart of states in the first half of 2021-22 while the biggest two spenders, Uttar Pradesh and Maharashtra, are the laggards with not even spending a fifth of the budgeted amount, thereby pulling down the overall capex by states to a low 28.4 per cent in the period, shows a report. State spending is necessary to help nurture the fledgling recovery as private capex is still a far cry. While the Centre has been quite aggressive in terms of spending on capital expenditure to hasten the pace of investment, the states have been the laggards, shows the data collated by Care Ratings. IBC has brought change in attitude of lenders, borrowers: Piyush Goyal    The Insolvency and Bankruptcy Code (IBC) has brought about change in the attitude of both lenders and borrowers, besides promoting ease of doing business, Commerce and Industry Minister Piyush Goyal said on Thursday. Goyal said IBC is a game changing reform compared to the past, when resolution would take probably decades. "...We have come to a situation where we can reasonably expect resolution to happen within a stipulated timeline with that occasional delay. But resolution is happening. That is a reality," he noted. New legal framework evolving on tech, internet: MoS IT    A new legal framework will start taking shape in the country around technology and internet, and the data protection bill is the first step towards that, Minister of State for Electronics and IT Rajeev Chandrasekhar said on Thursday. Chandrasekhar further said digitalisation of the government and public services is going to be "rapid" and soon-to-be-unveiled Digital India 2.0 will seek to accelerate on the gains made over the past few years. The government is committed to ensuring that internet and technology remain open, safe, secure and accountable, as 1.2 billion Indians come online in next few years, the minister added. FII & DII Data:   Foreign portfolio investors (FPIs) remained net sellers for Rs 2300.65 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 1367.8 crore, provisional data showed on the NSE. Stocks under F&O ban on NSE     No stock placed under the F&O ban on Friday. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit. (With inputs from PTI, Reuters and other agencies)   (Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)