Markets attempted to break the crucial support of 17312 in initial hours but buying from domestic participants forced recovery to help Nifty close above 17500 with major out performance from midcap and small cap segment. As market has already opened wider cracks below 50 DMA, we can expect surprise hammering by bears in the coming days. With domestic operators putting extra effort to salvage current F&O expiry above 17312, it will not have enough fireworks to extend rally beyond 17600. Expect next leg of down move to be more vicious and should be positioned to add aggressive short positions in large caps when Nifty closes below 17312. Adding to it, rise in Brent Crude has reinforced bullish momentum for short term upside towards USD 110 a bbl.
U.S indices closed mixed as rising Treasury yields prompted investors to sell Tesla and other Big Tech names and buy stocks with lower valuations. The Dow Jones Industrial Average rose 0.55% to end at 35,813.8 points, while the S&P 500 gained 0.17% to 4,690.7. The Nasdaq Composite dropped 0.5% to 15,775.14.
Stocks in news
- Coal India to consider dividend on Nov 29.
- Bharti Airtel- Moodys revises rating outlook to positive from stable.
- Zee Entertainment says Sony Merger is on track and in final stages.
- First source reiterates FY22 revenue growth guidance, expects bounce back in Q4.
- Poonawala Fincorp- Sanjay Chamria steps down as executive vice chairman.
- Himadri Chemicals- ICRA downgrades ratings on different facilities.
- Vedanta – Promoters Vedanta Netherlands Investments B.V. acquired 5,00,14,714 equity shares and Twin Star Holdings bought 8,78,72,748 equity shares in the company at Rs 349.7 per share on the NSE
- Steel prices could climb “much higher” over the next decade compared with the previous decade, Tata Steel CEO
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