Market Outlook for 30 November 2023

Ruchit Jain

Last Updated: 30th November 2023 - 04:26 pm

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

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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