Top stock market news on November 28, 2023

Nifty is likely to take support at 19,774 followed by 19,759 and 19,735. On the higher side, 19,823 can be the immediate resistance followed by 19,838 and 19,863.

Sensex ended 48 points down at 65,970 on November  24 and the broad-based Nifty declined 7 points to 19,795 to form a small bearish candlestick with minor upper and lower shadows on the daily scale.

Key support and resistance levels on the Nifty

The pivot point calculator indicates that the Nifty is likely to take support at 19,774 followed by 19,759 and 19,735. On the higher side, 19,823 can be the immediate resistance followed by 19,838 and 19,863.

Key support and resistance levels on the Bank Nifty

As per the pivot point calculator, the index is expected to take support at 43,622 followed by 43,565 and 43,474. On the upside, the initial resistance is at 43,806 then at 43,862 and 43,954.

Call options data

As per the monthly options data, the 19,900 strike owned the maximum Call open interest (OI), with 82.57 lakh contracts, which can act as a key resistance level for the Nifty. It was followed by the 20,000 strike, which had 81.59 lakh contracts, while the 19,800 strike had 81.44 lakh contracts.

Meaningful Call writing was seen at the 19,800 strike, which added 29.21 lakh contracts, followed by 19,900 and 20,000 strikes, which added 27.82 lakh and 17.88 lakh contracts.

The maximum Call unwinding was at the 19,700 strike, which shed 2.96 lakh contracts, followed by 19,500 and 19,400 strikes, which shed 1.04 lakh and 69,900 contracts.

Put option data

On the Put front, 19,800 strike has the maximum open interest, which can act as a key area for the Nifty, with 76.95 lakh contracts. It was followed by 19,000 strikes comprising 76.8 lakh contracts and 19,500 strikes with 59.44 lakh contracts.

Meaningful Put writing was at 19,000 strike, which added 14.48 lakh contracts, followed by 19,400 strike and 19,600 strike, which added 11.83 lakh and 11.01 lakh contracts.

Put unwinding was at 20,500 strike, which shed 2.39 lakh contracts, followed by 18,900 strike, which shed 2.15 lakh contracts and 20,000 strike which shed 99,350 contracts.

Bulk deals

Warren Buffet’s investment arm BH International Holdings exited Paytm operator One 97 Communications by selling its entire shareholding of 2.46 percent via open market transactions. Copthall Mauritius and Ghisallo Master Fund picked a 1.87 percent stake in the payments major.

Stocks in the news

• Bandhan Bank: The Kolkata-based private sector lender said its Board of Directors approved the re-appointment of Chandra Shekhar Ghosh as the Managing Director & Chief Executive Officer (MD & CEO) of the bank for three years.
  
• Fortis Healthcare: The healthcare services provider said its certain subsidiaries signed definitive agreements for the sale of the business along with the land and building assets of Fortis Malar Hospital in Chennai to MGM Healthcare.
  
• PNB Housing Finance: The housing finance company said the board of directors approved the issuance of non–convertible debentures up to Rs 3,500 crore on a private placement basis in tranches over the next six months.
  
• Bank of Baroda: The Reserve Bank of India (RBI) has imposed a Rs 4.34 crore penalty on the public sector lender for non-compliance with certain directions on the creation of a central repository of large common exposures – across banks, loans and advances – statutory and other restrictions and interest rate on deposits.

FII and DII data

Foreign institutional investors net bought shares worth Rs 2,625.21 crore.. Domestic institutional investors purchased Rs 134.46 crore worth of stocks on November 24, provisional data from the National Stock Exchange showed.

Wall Street ends lower

US stocks edged lower on Monday, with investors taking a post-Thanksgiving pause as the holiday shopping season kicked into high gear.

All three major US stock indexes ended the session modestly in the red.

The Dow Jones Industrial Average fell 56.68 points, or 0.16%, to 35,333.47, the S&P 500 lost 8.91 points, or 0.20%, to 4,550.43 and the Nasdaq Composite dropped 9.83 points, or 0.07%, to 14,241.02.

Stock under F&O ban on NSE

The NSE added BHEL and Granules India to its F&O ban list for November 28, while retaining Balrampur Chini Mills, Hindustan Copper, Hindustan Petroleum Corporation, Indiabulls Housing Finance, and Zee Entertainment Enterprises. India Cements, Manappuram Finance, MCX India and RBL Bank were removed from the said list.

_{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.}