Market Outlook for 30 November 2023

Market Outlook for 30 November 2023
Market Outlook for 30 November 2023

by Ruchit Jain Last Updated: Nov 30, 2023 - 04:26 pm 807 Views
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Our markets started the day with a gap up opening and it rallied higher ahead of the monthly F&O expiry day as the index surpassed the important hurdles. The index ended the day around 20100 which was its highest point of the day and posted gains of over 200 points.

Nifty Today:

Nifty gave a breakout from the hurdle of 19870 in Tuesday’s session and this led to a buying interest in the markets with the index rallying higher to reclaim the 20000 mark again. The large cap stocks witnessed a buying interest as the recent underperforming heavyweights had good risk rewards ratio. Also, traders with short positions in the index futures segment were forced to cover their positions and this combination of short covering in index futures and buying interest in large cap names propelled the indices higher. The Bank Nifty index too gave a breakout above its resistance and has given a firm closing above its resistance levels. Thus the short term trend remains positive and hence, traders should continue to rise this trend.

Nifty reclaims 20000 mark as buying seen in large cap stocks

ruchit-ki-rai-29-Nov

The Banking and NBFC names could see a positive momentum in next few sessions while the Midcap index had overbought set ups on the lower time frame charts and thus one should avoid aggressive buying here in the midcap and small cap names.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 20000 44400 19930
Support 2 19900 44170 19840
Resistance 1 20200 44800 20100
Resistance 2 20300 45030 20185

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About the Author

Ruchit Jain is Lead Research Analyst at 5paisa. He has a vast experience of 14 years in this field and is proficient in Technical and Derivatives Research. He has completed his CMT (U.S.A.) and has done Masters in the field of Finance at Mumbai University.

Disclaimer

Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
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