Tata Motors Hits 12-Year High, Torrent Power Surges 21%

Technical Overview – Nifty 50

It was a solid bullish day for the Frontline Index where prices have formed a tall green candle on the daily chart. The Benchmark index witnessed a gap-up opening as was indicated by a Gift Nifty and formed a bullish runaway gap on the daily time frame.

The Index on the daily chart has also given a horizontal trend line breakout and prices are trading above the range of the breakout. The prices on the daily chart post 26th October, are trading in a higher high higher low formation and constantly trading above their 9 & 21 EMA.

The momentum oscillator RSI (14) is reading in a higher high formation post-26th October and has also given a horizontal trend line breakout near 50 levels and moved higher with a bullish crossover.  The immediate support for the Index has shifted higher near 19,900 levels as prices have witnessed a range breakout and the immediate resistance is likely to be capped below 20,200 levels.

Technical Overview – Bank Nifty

It was a solid bullish day for the Banking Index where prices have formed a tall green candle on the daily chart. The Bank Nifty witnessed a gap-up opening as was indicated by a Gift Nifty and global markets and formed a bullish runaway gap on the daily time frame.

The Bank Nifty on the daily chart has witnessed an inverted head & shoulder pattern breakout and the index has closed above the neckline of the pattern. The momentum oscillator RSI (14) is reading in a higher high formation post-26th October and has also given a horizontal trend line breakout near 60 levels and moved higher with a bullish crossover.  

Presently the Index is trading comfortably above its short and medium-term averages on the daily time frame, which is a positive sign for the index. The immediate support for the Banking Index has shifted higher near 44,200 levels as prices have witnessed a range breakout and the immediate resistance is likely to be capped below 45,400 levels.

Indian markets:

• Domestic benchmark equity indices Sensex and Nifty 50 ended higher on Wednesday’s session led by bank, information technology (IT), and auto stocks amidst favorable global cues.
• Nifty surpassing 20,000 after over two months supported by positive global cues and buying in heavyweights.
• On the broader market front, the Nifty Midcap 100 closed 0.81% higher, and the Nifty SmallCap 100 closed 1.06% higher.
• The Nifty Bank, Auto, IT, Pharma, and Oil & Gas sectors saw gains ranging from 0.5% to 1.6%. 
• However, Nifty Media, Realty, and Consumer Durables ended the day in the red.

Global Markets

• With all engines firing, global sentiments are positive. The US Dollar index is on a downward trend, US Bond yields have hit a 10-week low at 4.3%.
• During Asian trading, Japan’s benchmark Nikkei 225 fell 0.3% to close at 33,321.22. S&P/ASX 200 in Australia rose 0.3% to 7,035.30. The Kospi in South Korea fell by almost 0.1% to 2,519.81. The Shanghai Composite fell 0.6% to 3,021.69, while Hong Kong’s Hang Seng fell 2.1% to 16,993.44.
• European stocks were mainly up on Wednesday following a mixed session in Asia, where selling of real estate and tech shares caused Chinese benchmarks to decline.

Stocks in Spotlight

• The Tata Motors Ltd share crossed the Rs 700-mark after 12 years to hit a new record high of Rs 702.80 on November 29, anticipating a strong listing for its arm, Tata Technologies, the next day. Tata Technologies, which would be the first listing from the Tata group since TCS in 2004, could see a strong listing gain of over 75%, considering the overwhelming subscription demand and investor-friendly pricing.
• The share price of Torrent Power rallied more than 21% on Wednesday’s trading session, hitting a new high to ₹1,004 per share on National Stock Exchange (NSE) amid heavy volumes. The indicator has surged by 93% this year, significantly outpacing the Nifty benchmark, which has only seen a modest 10% increase during the same period.
• Shares of Bharat Heavy Electricals gained over 5% rallying for the fifth consecutive trading session after the Defense Ministry sealed a deal with the company to procure 16 upgraded super rapid gun mount (SRGM) and accessories for Indian Navy.

News from the IPO world🌐

• Vadodara-based Kronox Lab Sciences files DRHP to launch its IPO
• IREDA IPO subscribed 38.76x retail portion booked 7.65 times on final day
• SEBI sounds alarm on crowding of IPOs

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