Top news as stock market opens on November 30

Nifty is likely to see immediate resistance at 20,109, followed by 20,144 and 20,201, while on the lower side, it can take support at 19,996, followed by 19,961 and 19,904 levels.

Indian stock market rallied on November 29 with the BSE Sensex jumping 728 points or 1.1 percent to 66,902, while the Nifty50 rallied 207 points or 1.04 percent to 20,097 and formed a long bullish candlestick pattern on the daily timeframe.

Key support and resistance levels on the Nifty

The pivot point calculator indicates that the Nifty is likely to see immediate resistance at 20,109, followed by 20,144 and 20,201, while on the lower side, it can take support at 19,996, followed by 19,961 and 19,904 levels.

Key support and resistance levels on Bank Nifty 

As per the pivot point calculator, the index is expected to see resistance at 44,640, followed by 44,788 and 45,027, while on the lower side, it may take support at 44,161, followed by 44,013 and 43,773.

US economy grows 5.2% in third quarter

The US economy grew faster than initially thought in the third quarter as businesses built more warehouses and accumulated machinery equipment, but momentum appears to have since waned as higher borrowing costs curb hiring and spending.

Gross domestic product increased at a 5.2% annualized rate last quarter, revised up from the previously reported 4.9% pace, the Commerce Department’s Bureau of Economic Analysis (BEA) said in its second estimate of third-quarter GDP. It was the fastest pace of expansion since the fourth quarter of 2021.

S&P 500 ends lower on mixed Fed messages

US stocks edged lower on Wednesday as a robust upward GDP revision eased recession fears, while Federal Reserve officials’ remarks raised questions about the duration of the central bank’s restrictive policy.

The Dow Jones Industrial Average rose 13.44 points, or 0.04%, to 35,430.42, the S&P 500 lost 4.31 points, or 0.09%, at 4,550.58 and the Nasdaq Composite dropped 23.27 points, or 0.16%, to 14,258.49.

Bulk deals

Zomato: Alipay Singapore Holding Pte Ltd exited the food delivery giant by selling its entire shareholding of 3.44 percent or 29,60,73,993 equity shares via open market transactions at an average price of Rs 112.70 per share, amounting to Rs 3,336.75 crore. However, Morgan Stanley Asia (Singapore) Pte bought 4,39,73,993 equity shares or 0.51 percent stake in Zomato at a same average price.

Stocks on the radar

• Tata Technologies: The subsidiary of Tata Motors and the global engineering services company will be available for trading on the BSE and NSE with effect from November 30. The issue price has been fixed at Rs 500 per share.

• Gandhar Oil Refinery India: The white oils manufacturer will debut on the bourses on November 30. The final issue price has been set at Rs 169 per share.

• Fedbank Financial Services: The non-banking financial institution is set to start trading on the BSE and NSE with effect from November 30. The issue price has been fixed at Rs 140 per share.

• Thomas Cook (India): Promoter Fairbridge Capital (Mauritius) is going to sell up to 8.50 percent stake or 4 crore equity shares in Thomas Cook via offer-for-sale on November 30 and December 1. The floor price for the offer will be Rs 125 per share.

• UltraTech Cement: The cement major has acquired a 0.54 mtpa cement grinding assets of Burnpur Cement, at Patratu in Jharkhand for Rs169.79 crore. This investment marks the company’s entry in Jharkhand. Now its capacity in India stands at 133 mtpa (million tonnes per annum).

FII and DII data

Foreign institutional investors bought shares worth Rs 71.91 crore, while domestic institutional investors purchased Rs 2,360.81 crore worth of stocks on November 29, provisional data from the National Stock Exchange showed.

Stock under F&O ban on NSE

The NSE has added Hindustan Copper and Manappuram Finance to its F&O ban list for November 30, while Balrampur Chini Mills, BHEL, Granules India, and Indiabulls Housing Finance 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.}