Monday, November 29, 2021
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Dalal Street closes with gains on F&O expiry; support for Nifty around 17300, resistance near 17600

Reliance Industries was the top Sensex gainer, surging 6.1%, followed by Infosys, ITC, and Tech Mahindra.
(Image: REUTERS)

Sensex and Nifty were revisited by the bulls on Thursday’s monthly F&O expiry session. S&P BSE Sensex added 454 points or 0.78% to close at 58,795 while the NSE Nifty 50 were up 121 points or 0.7% to close at 17,536. Bank Nifty ended 0.21% lower while broader markets mirrored the gain charted by headline indices. Reliance Industries was the top Sensex gainer, surging 6.1%, followed by Infosys, ITC, and Tech Mahindra. Maruti Suzuki India, ICICI Bank, and IndusInd Bank were among the top laggards.

Deepak Jasani, Head of Retail Research, HDFC Securities- 

“Nifty has bounced up after a day of losses. The advance-decline ratio has expanded to much above 1:1. Now 17351 could be a crucial support to track while 17613 continues to the resistance.”

Sachin Gupta, AVP, Research, Choice Broking –

“Technically, the nifty has pulled up with the support of the Lower Bollinger Band formation and closed above 17500 levels. The indicator Stochastic has also reversed from the oversold territory with positive crossover, which indicates bullish strength in the index. At present, The Nifty has immediate support at 17350 levels while resistance at 17650 levels. On the other hand, Bank nifty has support at 37000/36650 levels and resistance at 38000 levels.”

Mohit Nigam, Head – PMS, Hem Securities –

“On the technical front, immediate support and resistance in Nifty 50 are 17310 and 17560 respectively. For Bank Nifty support and resistance are 37160 and 37810 respectively.”

Ajit Mishra, VP – Research, Religare Broking –

“Markets lack decisiveness at current levels and it may continue for time being. In case of any rebound, Nifty would face resistance around 17,600-17,800 levels while the 17,350-17,150 zone would act as a cushion. Meanwhile, participants should continue with a stock-specific approach and maintain positions on both sides.”

Arijit Malakar, Head Research (Retail) of Ashika Stock Broking –

“The Fed’s minutes from its latest meeting, released on Wednesday, indicated that the central bank was open to speeding up the pace of asset tapering and that could hurt the global market sentiment. However, strong economic data in US and lowest unemployment data in last 52 years have boosted global investors’ confidence. Among sectors, oil & gas, realty, pharma indices rose 1 percent each, however, some selling pressure was witnessed in auto and banking. The Midcap and small cap indices also supported the today’s market rally.”

S Ranganathan, Head of Research at LKP securities

“While the trajectory of central banks across the globe on interest rates will no doubt remain the key monitorable for Equities, Powell’s second term will be keenly watched by Emerging Economies attracting foreign capital. Today’s trade witnessed buying interest in Energy, IT, Pharma, Real Estate and a few Metal names with Reliance leading the way. The Buzz around new listings is quite clearly reflective of ~Rs 270bn invested by FPI in the Primary Markets this month.”

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