Markets attempted a rebound on expiry day with Nifty holding its make or break support of 17312 and Reliance Industries contributing entire gains in Nifty and the Sensex. It may appear that the market is showing strength by holding above 17312 which turns out to be a support line of rising wedge but one needs to be on high alert as most breakaway gaps indicate start of significant downtrend appear around these regions. Below 17312, Nifty to USD clearly projects a 25% fall and similar downside projection also seen in Bank Nifty. Another important observation to understand from this setup is that the rising wedge setup in Nifty in USD terms has taken almost 10 months and with the same setup FII has sold around Rs 80,000 crore in the cash market. Hence breakdown will be of historical significance in context of the Indian financial market.
SGX Nifty is down 212 points on Covid concerns globally. Asian indices dip. New Covid variant 8.1.1529 reported in Botswana South Africa and Hong Kong. WHO closely monitoring new variant, so far 100 sequences reported. Oil skids on concerns of rising surplus in Q1. Wall Street shut due to Thanksgiving.
Stocks in news
Reliance may separate parts of Oils-to-chemicals Unit.
Tarsons Products shares to list on BSE, NSE today.
Godrej Properties buys land measuring approximately 16 acres at Sarjapur, Bengaluru, project is estimated to have a developable potential of approximately 1.5 msf
Engineers India- enters into strategic alliance with Finland-based Chempolis
Gleenlam- to consider stock split onDec 13
JSW Steel- Reports indicate Mumbai GST Zone detects tax evasion of Rs 265 crore by Company.
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