Market Commentary

Markets Daily - Nov 27, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities



Posted On : 2020-11-27 17:59:21( TIMEZONE : IST )

Markets Daily - Nov 27, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian equity benchmark indices ended lower in a highly volatile session on Nov 27. However the intraday range for the Nifty was just 121 points. At close the Nifty was down 18 points or 0.14% at 12,969. Nifty gained for the fourth consecutive week (up 0.85% WoW) and recorded the largest monthly gain in November since April.

Among sectors, Auto and PSU Banks were the main gainers while IT, Infra and Energy indices were the laggards. Broad market indices like midcap and smallcap indices ended sharply in the positive.

Asian and European stocks were mixed on Friday, amid thin trading volumes, as investors went into sidelines on reports raising doubts about the effectiveness of AstraZeneca's COVID-19 vaccine.

Nifty continues to consolidate after making a high on Nov 25. It has formed a doji on weekly charts after a sustained rise, suggesting caution at high levels. Also a three day weekend pushed traders to reduce their open positions. A upward breach of 13146 is necessary to expect more upsides while a downward breach of 12833 could bring in more downsides and mean that a temporary top has been made on Nov 25. A better than expected India Q2 GDP number this evening could result in a good opening on Tuesday.

Source : Equity Bulls

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