Top news to watch out today as stock market opens


by mydhanush on 29 November 2023,  3 min read

Sensex, Nifty, PSU banks,

Nifty is likely to take support at 19,824 followed by 19,797 and 19,752. On the higher side, 19,913 can be the immediate resistance followed by 19,941 and 19,986.

BSE Sensex rose 204 points to 66,174 on November 28 while the Nifty50 was up 95 points at 19,890 and formed a bullish candlestick pattern with upper & lower shadows on the daily scale.

The broader markets also gained strength with the Nifty Midcap 100 and Smallcap 100 indices rising half a percent and a third of a percent respectively, while the India VIX, the volatility index, increased sharply by 7.45 percent to 12.18 levels, may be ahead of exit poll of five States elections.

Key support and resistance levels on the Nifty

The pivot point calculator indicates that the Nifty is likely to take support at 19,824 followed by 19,797 and 19,752. On the higher side, 19,913 can be the immediate resistance followed by 19,941 and 19,986.

Key support and resistance levels on the Nifty Bank

As per the pivot point calculator, the index is expected to take support at 43,776 followed by 43,724 and 43,640. On the upside, the initial resistance is at 43,945 then at 43,997 and 44,081.

Stocks in the news

  • Indian Renewable Energy Development Agency: State-owned financial institution IREDA will list its equity shares on the BSE and NSE on November 29. The issue price has been fixed at Rs 32 per share.
  • Siemens: The technology company has recorded a 49.8 percent on-year growth in net profit at Rs 571.6 crore for the quarter ended September FY23, backed by topline and operating performance. Revenue from operations grew by 24.7 percent year-on-year to Rs 5,807.7 crore and new orders at Rs 4,498 crore during the quarter increased 12 percent in the same period.
  • Tata Power Company: Subsidiary Tata Power Renewable Energy has received a Letter of Award (LOA) for developing a 200 MW firm and dispatchable renewable energy (FDRE) project with SJVN.
  • Zomato: Alipay is likely to offload a 3.14 percent stake in the food delivery giant for Rs 940 crore via a block deal, CNBC TV-18 reported citing sources. A total of 29.6 crore shares will be sold by Alipay, at a price of Rs 111.28 apiece.
  • Canara Bank: The state-owned bank has received approval from the RBI for divesting its shareholding (70 percent) in its unlisted subsidiary Canbank Factors.

FII and DII data

Foreign institutional investors bought shares worth Rs 783.82 crore, while domestic institutional investors purchased Rs 1,324.98 crore worth of stocks on November 28, provisional data from the National Stock Exchange showed.

Stock under F&O ban on NSE

The NSE retained Balrampur Chini Mills, BHEL, Granules India, and Indiabulls Housing Finance to its F&O ban list for November 29, while Hindustan Copper, Hindustan Petroleum Corporation, and Zee Entertainment Enterprises were removed from the said list.

Wall St ends slightly higher after mixed Fed statements

US stocks ended with modest gains on Tuesday as investors parsed conflicting remarks from Federal Reserve officials, with upbeat consumer data providing some lift. All three major US stock indexes lost momentum as the session progressed, but ended the range-bound session in the green.

The Dow Jones Industrial Average rose 83.51 points, or 0.24%, to 35,416.98, the S&P 500 gained 4.46 points, or 0.10%, at 4,554.89 and the Nasdaq Composite added 40.73 points, or 0.29%, at 14,281.76.

Oil settles up 2%

Oil prices jumped on Tuesday, settling up about 2% on the possibility OPEC+ will extend or deepen supply cuts, a storm-related drop in Kazakh oil output and a weaker U.S. dollar.

Brent crude futures settled up $1.70, or 2.1%, at $81.68 a barrel. US West Texas Intermediate (WTI) crude gained $1.55, or 2.1%, to settle at $76.41.

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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