29th November Market Report

Daily Market Report:

The Indian Equity benchmark indices BSE Sensex and Nifty 50 were closed negative at the end of the day. BSE Sensex was down by 1687.94 points to 57107.15 and Nifty was down by 509.80 points to 17026.45

For Nifty ,17,300 and 17,480 will act as immediate resistance levels and supports will come in at 16,900 and 16,750.

Technically, the index has continued the breakdown of the Head & Shoulder pattern after retesting the neckline, which indicates bearishness in the index

We are seeing relentless selling from the FIIs. A lot of money has got sucked in by the IPOs and after this particular earning season

Expect minimum 10% correction in Sensex & Nifty, be cautious for next few months: Dipan Mehta

The tapering of bond purchases by the Fed and the rising inflation fuelled the speculations of an early hike in rates by the Fed, that is, even before the conclusion of the tapering of bond purchases. These developments lent some strength to the US Dollar, and also prompted exit from emerging markets by FPIs.

The markets are expected to remain volatile with reports of surging infections in the next wave of the pandemic especially in some of the European countries.

China regains favour among global investors who deem India overvalued

Central Depository Services (India) Limited (CDSL) becomes the first depository to hold 5 crore active Demat accounts

ITC to acquire 16% stake in D2C natural personal care brand Mother Sparsh

Tatas in talks to set up $300-million semiconductor assembly unit

Eurozone bond yields drop on significant COVID variant

U.S Treasury yields sink amid concerns around a new Covid variant, 10-year yield falls below 1.5%

India's forex exchange reserves increases by $289 mn to $640.40 bn

Open Interest:

On open interest, Maximum put open interest was seen at 17000 followed by 16000. Maximum call open interest was seen at 18000 followed by 17500.

Put Writing seen at 17300 followed by 16800

Call Writing seen at 17300 followed by 18000

India VIX up by 24.85% from 16.66 to 20.80 level.

Nifty December month rollover is at 82.57% versus 82.31%.

Bank Nifty’s December month rollover is at 83.76% versus 80.37%

Nifty saw higher rollover of 82.57% versus the three-month average of 80.42%

Bank Nifty saw a rollover of 83.76% versus the three-month average of 80.98%

Participant wise open interest data of FII Shows call selling in the index is more than put selling. FII's were 59.04% long in index future was increased compared to the previous day.

In Cash Market, FII's are net sellers 5785.83 crores, and DII's are net buyers 2294.11 crores.

Options data suggests a trading range between 16800 to 17300

Global Markets:

U.S Markets were closed negative at the end of the Day 

Dow Jones industrial average was down by 905.04 points or 2.53% to 34899.34

S&P 500 Index down by 106.84 points or 2.27% to 4594.62

Nasdaq Composite was down by 353.57 points or 2.23% to 15491.66

European markets were negative at the end of the day

Most of the Asian markets are negative right now 07.30 IST

SGX Nifty trading 97 points higher to 17140.50  07.30 IST

SGX Nifty indicates a positive opening for Indian markets.

Keep an eye on these Economic Data:

U.S. Pending Home Sales MoM Data after Indian market hours.