The Indian stock market witnessed a remarkable recovery on Friday, November 22, 2024, with the Nifty soaring by 557 points to close at 23,907, driven by value buying and bargain hunting. The Sensex and Bank Nifty also surged, signaling a positive end to the week amidst recent volatility.
Market Highlights
- Nifty 50: +557 points (+2.39%) at 23,907
- Sensex: +1,961 points (+2.54%) at 79,117
- Bank Nifty: +763 points (+1.51%) at 51,135
Key Positive Takeaways
- Adani Group Recovery: Shares of the Adani Group rebounded smartly:
- Adani Ports: +1.91%
- Adani Enterprises: +3%
- ACC and Ambuja Cement: +3.25% each.
- Broad-Based Rally: The market breadth was overwhelmingly positive with an Advance-Decline Ratio of 49:1, indicating strong bullish sentiment.
- Sectoral Performance:
- Nifty IT: +2.90% (Best performing sector)
- Nifty MidCap 50: +1.26%
- Nifty SmallCap: +0.91%
Buzzing Stocks of the Day
Top Gainers:
- SBIN: +4.33%
- Bajaj Finance: +3.93%
- Titan: +3.89%
- ITC: +3.69%
- TCS: +3.66%
Top Loser:
- Bajaj Auto: -0.39%
Market Indicators
- India VIX: 16.09 (+0.63%), indicating slightly higher volatility.
- Nifty PCR (Put-Call Ratio for 28th Nov): 1.15, suggesting bullish sentiment.
Factors to Watch for Monday
- Assembly Election Results: The outcome of the Maharashtra and Jharkhand assembly elections (counting on Saturday, November 23) could swing market sentiment.
- Global Geopolitical Tensions: Any escalation in the Russia-Ukraine conflict and its impact on WTI crude oil prices could create headwinds.
Technical Outlook
- Immediate Resistance: 24,175 / 24,333
- Key Support Levels: 23,751 / 23,575
- 200 DMA (200-Day Moving Average): 23,594
Nifty’s close above its 200 DMA and oversold conditions suggest a potential continuation of the positive trend. However, the benchmarks need to breach key resistance levels to sustain a bull market rally.
Our View for Monday’s Trade
- Nifty’s positive close for the week (+1.45%) is encouraging, but caution prevails due to external risks like geopolitical tensions and election outcomes.
- A decisive move above 24,515 could pave the way for sustained gains, while a breach below 23,167 would indicate renewed selling pressure.
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