Market Commentary

Daily Market Wrap - Nov 29, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Posted On : 2021-11-29 21:07:06( TIMEZONE : IST )

Nifty closed higher on Nov 29 after an early morning sell-off. Nifty opened lower and made an intra day bottom at 0920 Hrs. It rose later to make an intra day high at 1215 Hrs. It gave up some of these gains to end marginally in the positive. At close Nifty was up 27.5 points or 0.16% at 17054.

On a day when the volumes on the NSE were higher than the recent average, IT, Consumer Durables and Telecom indices gained the most, while Realty, Power and Oil & Gas indices lost the most. Midcap index lost 0.93% while Smallcap index lost 1.9%.

Asian stock markets fell further Monday after the omicron variant of the coronavirus was found in more countries and governments imposed travel controls. European stocks started the new trading week higher, despite extensive concerns over the newly discovered omicron Covid variant.

Nifty closed the day on Nov 29 with a long legged doji suggesting possible reversal of the latest downmove. The low of the day i.e. 16782 will be a crucial level to watch out for on the downside, while on the upside 17280 could offer resistance.

Source : Equity Bulls


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