Market Outlook 27th Nov 2024
The Nifty Index opened positive but failed to hold its morning gains and couldn’t surpass its previous day’s high. It witnessed some pressure within a range and broke its previous day’s low.
It formed a bearish candle on the daily frame and follow up is missing in action. Now it has to hold above 24,150 zones for an up move towards 24,350 then 24,500 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 23,500 then 24,000 strike.
Call writing is seen at 24,500 then 24,400 strike while Put writing is seen at 24,100 then 24,000 strike. Options data suggests a broader trading range in between 23,700 to 24,700 zones while an immediate range between 24,000 to 24,500 levels.
The Bank Nifty Index opened on a positive note but failed to hold 52,500 zones and gradually drifted lower towards 52,000 levels in the first half of the session. Later it remained consolidative in a narrow range of 200 points in between 52,000 to 52,200 zones and ended on a flattish note near 52,200 zones.
It formed a Bearish candle on daily scale as momentum is missing at higher zones while 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 but failed to sustain at higher levels as the index tested 23,950 in the first hour. Post which it remained in a tight band of 40 points in the entire trading session. It formed a bearish candle but it continued the higher highs - higher lows formation.
The index is holding above both its 50 & 100 DEMA. Now it has to hold above 23,950 zones for a bounce towards 24,250 then 24,400 levels while support is seen at 23,950 then 23850 zones.
Nifty future closed negative with losses of 0.28 per cent at 24205 levels. Positive setup seen in PEL, Biocon, Granules, CUB, Apollo Tyres, Laurus Labs, Oberoi Realty, Jubilant Foods, HAL, BEL, Infosys and LTI Mindtree while weakness in Adani Ent, Lupin, Baja Auto, Adani Ports, Can Fin Homes, Gail, Ambuja Cements, NTPC, Coal India, IGL, Maruti, Bajaj Finance and Tata Power.
WIPRO - TECHNICAL BUY CALL OF THE DAY
Stock has broken out of a consolidation zone with a volume spike visible on the daily chart.
Buying was visible across the IT Sector which may support the up move. The RSI indicator is positively placed which has bullish implications.
Buy WIPRO CMP 589 SL 575 TGT 620
Top 5 Stocks To Watch Out For November 27
Kotak Mahindra Bank:
The Competition Commission of India (CCI) has approved the proposed combination involving the acquisition of standard unsecured personal loans portfolio of Standard Chartered Bank, India Branch by Kotak Mahindra Bank.
According to press release as stated earlier, this acquisition aligns with Kotak Bank's strategy to transform for scale and focus on customer-centric growth and the high-quality loan book from Standard Chartered Bank allows Kotak Bank to build on its strength in the affluent customer segment and further reinforces its leadership in the retail lending space.
Lumax Auto:
Lumax Auto Technologies (LATL), has completed the acquisition of 60 per cent stake in Greenfuel Energy Solutions’ alternate fuels business for Rs 153.09 crore through its wholly owned subsidiary Lumax Resources Pvt Ltd.
The acquisition has been funded through a combination of debt and internal accruals. This acquisition is the LATL’s entry into the green and alternate fuels segment (across CNG, hydrogen and other applications), which is expected to witness strong and accelerated growth in the coming years.
Ola Electric:
Ola Electric has announced the launch of its Gig and S1 Z range of scooters, designed to unlock the full potential of electric mobility for the masses. The new range of scooters comprises Ola Gig, Ola Gig+, Ola S1 Z, and Ola S1 Z+ available at an introductory pricing of Rs 39,999 (ex-showroom), Rs 49,999 (ex-showroom), Rs 59,999 (ex-showroom), and Rs 64,999 (ex-showroom), respectively.
The new range of scooters offers durable, reliable, affordable, and flexible solutions, including removable batteries, fulfilling personal and commercial use cases of rural, semi-urban, and urban customers.
Zaggle Prepaid:
Zaggle Prepaid Ocean Services (Zaggle), has entered into an agreement with Mastercard Technology Private Limited (MasterCard). MasterCard to recommend Zaggle SaaS platform, Payment and Card Products to Corporate Customers and other ecosystem entities on a referral basis. The term shall commence on 26th Nov'24 and shall continue for the period of 7 years.
Siemens:
Siemens reported profitable growth across segments; Q4FY2024 revenue is up 11 per cent to Rs 5,894 crore and Profit after Tax up 45 per cent to Rs 775 crore. During Q4FY24, the new orders rose by 37 per cent and were at Rs 6,164 crore.
The strong orderbook was backed by healthy demand across all business segments while Digital Industries continued to experience normalization in demand. Excluding the large 9,000 HP electric locomotive order from Indian Railways received in FY23, the new orders are up by 14 per cent in FY24.
The Board has also recommended a dividend of Rs 12 per equity share.
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