Market Outlook 26th Nov 2024
The Nifty Index opened positive and witnessed buying interest right from the start of the session and the index surged to 23,956 zones. It moved by 600 points to cover the losses of the last five sessions and gave a sign of relief after continuous selling. It formed a bullish candle on the daily frame and closed with gains of around 560 points.
It formed a bullish candle with longer lower shadow on weekly frame which indicates buying visible at lower levels. Now it has to hold above 23,800 zones for an upmove towards 24,250 then 24,350 zones, whereas supports are placed at 23,750 and 23,500 zones.
On option front, the Maximum Call OI is at 25,000 then 24,500 strike while Maximum Put OI is at 23,500 then 23,400 strike. Call writing is seen at 23,900 then 24,300 strike while Put writing is seen at 23,500 then 23,600 strike. Option data suggests a broader trading range in between 23400 to 24,300 zones while an immediate range between 23,700 to 24,200 levels.
The Bank Nifty Index opened on a positive note and gained further in the first half of the session as the index tested 51,000. The rally gained momentum in the post noon session as it extended the gains towards the 51,300 zone.
It formed a bullish candle on the daily scale and closed near its 100 DEMA. On the weekly scale, it formed a bullish candle but the lower-low candle sequence continued. Now it has to hold above 50,750 zones for a bounce towards 51,500 then 51,750 levels while support is seen at 50,750 then 50,500 zones.
The Fin Nifty Index opened on a positive note and gained further in the first hour as it tested the 23,500 zone, post which it consolidated and in the post noon session witnessed a sharp up move as the index closed near its day’s high. It formed a bullish candle on the daily scale and reclaimed its 100 DEMA. On the weekly scale, it has formed an Inside bar.
Now it has to hold above 23,450 zones for a bounce towards 23,800 then 23,950 levels while support is seen at 23,450, then 23,350 zones.
Positive setup in Indian Hotel, Naukri, National Aluminium, Federal Bank, Coforge, Ramco Cements, LTI Mindtree, Divis Laboratories, Dixon Technologies, HCL Technologies, Persistent Systems, Godrejprop, Laurus Labs, TCS, Infy, TechM while weakness in Berger Paints, Crompton greaves, Pidilite, Samvrdhna Motherson, Bharat Forge, United Breweries, Asian Paints, PVR Inox, Glenmark Pharma, BPCL, IndusInd Bank, ITC, PI Industries, Hind Petro, Colgate, Alkem Labs, Cholafin.
Persistent Systems - TECHNICAL BUY CALL OF THE DAY
Stock has given a range breakout near life highs suggesting a continuation of the uptrend. Buying was visible across the IT space which may support the up move.
The momentum indicator RSI is positively placed which has bullish implications.
Buy PERSISTENT CMP 5917 SL 5755 TGT 6280
Top 5 Stocks To Watch Out For November 26
LT Foods:
LT Foods has announced its official entry into Saudi Arabia with the inauguration of a new office in Riyadh, to tap the USD 2 billion rice and ricebased food market in Kingdom of Saudi Arabia (KSA).
The move is part of LT Food's strategic vision of expanding its global footprint to newer geographies.
LT Foods plans to invest SAR 185 million in warehousing, stocks, and people over the next five years in the Kingdom. It is eyeing a revenue of SAR 435 million over the next five years.
Hindustan Unilever:
The Board has accorded in-principle approval to demerge the Ice Cream business into an independent listed entity. Ice Cream is a high-growth business with iconic brands such as “Kwality Wall’s”, “Cornetto” and “Magnum”, operating in an attractive category, and has mid to high single digit profitability.
The demerger of the Ice Cream business will create a leading listed ice cream company in India, which will have a focused management with greater flexibility to deploy strategies suited to its distinctive business model and market dynamics thus realising its full potential.
Premier Energies:
Premier Energies received and accepted multiple orders aggregating to Rs 1,087 crore from 2 large Independent Power Producers (IPP) and 1 other customer. These orders include Rs 964 crore for Solar Modules and Rs 123 crore for Solar Cells. The supply of these modules is scheduled to commence from January 2025.
Gulf Oil Lubricants:
Gulf Oil Lubricants India and Piaggio Vehicles Pvt Ltd, a 100 per cent subsidiary of the Italian Piaggio Group and India's leading manufacturer of small commercial vehicles have renewed their strategic partnership agreement to extend collaboration in delivering genuine and co-branded lubricants across Piaggio's commercial vehicle segment.
This exclusive partnership, renewed until 2030, underscores both companies' commitment to high performance, customized lubricant solutions and sets the foundation for further growth across retail, factory-fill, and export markets.
Ashoka Buildcon:
The company has received Letter of Award (LOA) for Development of 4 lane Economic Corridor from Bowaichandi to Guskara-Katwa Road Section in the state of West Bengal under Hybrid Annuity Mode. The accepted Bid Project Cost for the Project is Rs 1,391 crore, excl. GST. The time period for execution of the said orders is 910 days including monsoon.
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