Nifty hit a new all-time high of 20,292 and ended at record closing high of 20,268, up 135 points on December 1 and formed bullish candlestick pattern on the daily charts and strong bullish candlestick pattern on the weekly scale. It gained 2.4 percent for the week.
Key support and resistance levels on the Nifty
The pivot point calculator indicates that the Nifty is likely to see immediate resistance at 20,289, followed by 20,314 and 20,356, while on the lower side, it can take support at 20,207, followed by 20,181 and 20,140 levels.
Key support and resistance levels on Nifty Bank
As per the pivot point calculator, the index is expected to see resistance at 44,926, followed by 45,025 and 45,185, while on the lower side, it may take support at 44,606, followed by 44,507 and 44,346.
Asia shares edge up, rate hopes face data test
Asian shares started firmer on Monday while gold hit another record high in a busy week for economic data that will test market wagers for early and aggressive rate cuts from major central banks next year.
MSCI’s broadest index of Asia-Pacific shares outside Japan was still up 0.6%, led by gains in South Korea and Australia. Japan’s Nikkei dipped 0.4% as the yen extended recent gains.
Stocks on the radar
Hindustan Unilever: The FMCG major has signed a strategic partnership with Brookfield to set up a solar energy park with 45 MW capacity in Rajasthan. This will help HUL in its journey towards net zero.
Siemens India: Siemens AG (Siemens Aktiengesellschaft, Germany) will buy an 18 percent stake in Siemens India from Siemens Energy Holding BV at a price of Rs 2,952.86 per share, which is a discount of 21.32 percent to the last closing price.
Eicher Motors: Sales of Royal Enfield in November increased by 13 percent to 80,251 units (motorcycles) against 70,766 units sold in same month last year. Exports grew by 2 percent YoY to 5,114 units during the same period.
Hero MotoCorp: The world’s largest two-wheeler manufacturing company has recorded sales at 4.91 lakh units for November 2023, up by 25.6 percent over 3.9 lakh units sold in same month last year.
Tata Power: The Tata Group company has won the bid to acquire Bikaner-III Neemrana-II Transmission, a project special purpose vehicle (SPV) set up by PFC Consulting, a subsidiary of Power Finance Corporation.
Alkem Laboratories: The US Food and Drug Administration (US FDA) had conducted an inspection at the company’s API manufacturing facility at Mandva during November 27-December 1. At the end of the inspection, the company has received Form 483 with three (3) observations. There is no data integrity observation.
FII and DII data
Foreign institutional investors bought shares worth Rs 1,589.61 crore, while domestic institutional investors purchased Rs 1,448.08 crore worth of stocks on December 1, provisional data from the National Stock Exchange showed.
Stock under F&O ban on NSE
The NSE has added Delta Corp to its F&O ban list for December 4.
Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit.
Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.
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