GIFT Nifty traded up 70.5 points or 0.35% at 20,329.5, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 advanced 36.55 points or 0.18% to settle at 21,133.15, while the BSE Sensex added 86.53 points or 0.13% to 66,988.44.
“Market traded volatile on the monthly expiry day and ended marginally in the green. After the flat start, Nifty oscillated in a narrow range for most of the session and finally settled around the upper band of the same. Meanwhile, a mixed trend on the sectoral front and rollover of derivatives positions kept the traders busy wherein realty and pharma pack put up a good show. Besides, the market breadth was also inclined on the advancing side, thanks to outperformance by the Midcap and Smallcap counters,” said Ajit Mishra, SVP – Technical Research, Religare Broking
“We have almost reached the record high now after three days of advance and may take a breather now. However, rotational buying across sectors would keep the tone positive. We thus suggest utilizing an intermediate pause or a dip to add quality names, ” Ajit Mishra added.
Key things to know before share market opens on December 1, 2023
India’s Q2 GDP beats estimates
India’s gross domestic product (GDP) beat all estimates by a wide margin to grow at 7.6% in real terms in the September quarter (Q2FY24), with a big – and unexpectedly solid – push from manufacturing and investment segments that have been weak spots in the country’s economic landscape for long. The headline GDP number, way higher than the Reserve Bank of India (RBI) projection of 6.5% — even the most optimistic forecasts hovered around 7% —got backing from government consumption spending (up 12.4% on shrunken base), while private consumption, the largest part of the GDP, was muted (3.1%).
Wall Street
The Dow Jones Industrial Average closed at its highest level since January 2022 as investors crossed the finish line of a banner month for stocks and viewed cooling inflation data as a harbinger of easing Federal Reserve monetary policy, reported Reuters. The Dow Jones Industrial Average soared 520.47 points, or 1.47%, to 35,950.89 and the S&P 500 added 17.22 points, or 0.38%, at 4,567.8, while the tech-heavy Nasdaq Composite dropped 32.27 points, or 0.23%, to 14,226.22.
US Dollar
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down 0.20% at 103.29.
Crude Oil
WTI crude prices are trading at $75.76 down 0.26%, while Brent crude prices are trading at $82.83 down 0.32%, on Friday morning.
Asian Markets
Shares in the Asia-Pacific region are trading broadly in red on Friday morning. The Asia Dow is trading down 0.05%, the benchmark Chinese index Shanghai Composite is down 0.24% and Hong Kong’s Hang Seng index is trading down 0.26%, while Japan’s Nikkei 225 is up 0.04%.
FII, DII Data
Foreign institutional investors (FII) purchased shares worth net Rs 8,147.85 crore, while domestic institutional investors (DII) sold shares worth net Rs 780.32 crore on November 30, 2023, according to the provisional data available on the NSE.
Technical View
Commenting on the technical outlook of the Nifty 50, Rupak De, Senior Technical analyst at LKP Securities, said, “Nifty ended close to the day’s high on a choppy expiry day. The sentiment remains strong as long as it stays above 20,000 since the Put writers at the 20,000 strike will defend this level moving forward. The sentiment might weaken only if there’s a drop below 20,000; until then, the buy-on-dips strategy is likely to stay prevalent. On the higher side, 20,200-20,230 acts as a resistance zone. If breached, the index could potentially move towards 20,450-20,500.”
Bank Nifty Outlook
Bank Nifty index dropped 84.70 points or 0.19% to settle at 44,481.75 on Thursday. “The Bank Nifty index experienced heightened volatility on the last day of the monthly expiry, navigating a broad trading range. Facing immediate resistance at 44700, a level associated with a previous correction, a breakout above this point is anticipated to trigger additional short-covering moves towards 45000. The lower end support is situated at the 44300-44200 zone, acting as a supportive cushion for the bulls,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.