Market Outlook 28th Nov 2024
The Nifty Index opened positive and while it remained range bound for the first half of the session, it gained strength later. After the mid-day spike where it touched 24,350 zones, it again witnessed some cool off to finally settle with gains of around 80 points. It formed a small-bodied bullish candle on the daily frame.
Now it has to hold above 24,250 zones for an up move towards 24,500 then 24,650 zones, whereas supports are placed at 24,150 and 24,000 zones.
On option front, Maximum Call OI is at 25,000 then 24,500 strike while Maximum Put OI is at 24,000 then 24,200 strike. Call writing is seen at 24,600 then 25,100 strike while Put writing is seen at 24,000 then 24,200 strike.
Option data suggests a broader trading range in between 23,800 to 24,800 zones while an immediate range between 24,000 to 24,600 levels.
The Bank Nifty Index opened on a flattish note and drifted lower towards 52,000 zones in the initial hour of the session. However good recovery was seen from lower levels and extended the momentum towards 52,444 marks in the latter part of the session.
It formed an Inside Bar on daily scale as momentum is missing at higher zones but supports are intact at lower levels. Now, it has to hold above 52,000 zones for an up move towards 52,500 then 52,750 levels while support is seen at 52,000 then 51,750 zones.
The Fin Nifty Index opened on a positive note, and continued the positive momentum in the first half of the session, as it tested 24,200 zone. Post the morning surge it remained consolidation.
It formed an Inside bar on the daily scale and holding above the gap-up area of 25th November’24. Now it has to hold above 24,000 zones for a bounce towards 24,300 then 245,00 levels while support is seen at 24,000 then 23,900 zones.
Nifty future closed positive with gains of 0.38 per cent at 24,309 levels. Positive setup seen in BEL, Trent, Siemens, Chambal Fertilizers, HAL, Ramco Cements, HDFC Bank, Ashok Leyland, Max Financial, Naukri, Syngene International, MCX and Biocon while weakness in Dr. Lal Path labs, Lupin, Motherson, IDFC First Bank, ICICI Pru, Titan, Hindalco, Balkrishna, Dr. Reddy, Vedanta, Astral, AU Bank and Escorts.
Ashok Leyland – TECHNICAL BUY CALL OF THE DAY
Stock has broken out of an inverted head and shoulder pattern with a volume spike on the daily chart.
The MACD indicator has given a bullish crossover and headed up which confirms the upward momentum.
Buy ASHOKLEY CMP 234 SL 228 TGT 250
The Fin Nifty Index opened on a positive note, and continued the positive momentum in the first half of the session, as it tested 24,200 zone. Post the morning surge it remained consolidative. | File/ Representational Image
Top 5 Stocks To Watch Out For November 28
Waaree Renewable:
The company has received a Term Sheet for the execution of Engineering, Procurement and Construction (EPC) works for Ground mount Solar PV project of 2012.47 MWp DC capacity amounting to Rs 1,233 crore excluding taxes. The time period for executing the said orders will be decided mutually.
NBCC:
NBCC has signed MoU with HUDCO for the development of 10 acre institutional plot at Noida sector-62 having 8.71 Lakh sq ft. of built-up area with a mix of office space, studio apartments, conference space and retail & common facilities as Project Management Consultant . The tentative cost of the project is Rs 600 crore approx.
Ashoka Buildcon:
Ashoka Buildcon has received a Notification of Award from Madhy Paradesh Poorv Kshetra Vidyut Vitran Co. Ltd. for procurement, for supply instalation, testing and Commissioning of New 11 KV lines Lot: I Chhindwara, for accepted bid price Rs.192.69 Crore plus GST. The said orders are expected to be completed within 24 months.
Sonata Software:
Sonata Software has secured a multi-million dollar Modernization deal with a global leader in access solutions. This transformation deal will integrate and standardize the client’s APAC business processes across 13 countries, ensuring seamless operations and real-time engagement with customers, suppliers, distributors, and partners.
As part of this digital transformation journey, Sonata Software will partner with the client to modernize their Dynamics AX 2012 R3 to state-of-the-art D365 Finance and Supply Chain Management.
This modernization will encompass migrating data from legacy systems, implementing a data platform that includes over 260 Power BI reports, optimizing advanced warehousing and planning processes, and conducting pilot programs in Australia, New Zealand, and China.
PCBL:
Government of Andhra Pradesh after careful consideration of the decision of the State Investment Promotion Board, has accorded approval for allotment of 116.62 acres at cost of Rs 1,948 per Sqm subject to de-notification of the Naidupeta SEZ in favor of M/s.Philips Carbon Black Limited (PCBL) for setting up plant for manufacture of New Rubber Black & Value-added chemicals at MPSEZ, Naidupeta.
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