Daily Markets Wrap - Nov 30, 2022 - HDFC Securities

Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty made yet another fresh high on Nov 30 and ended the month in style gaining 4.14%. It closed 0.75% or 140.3 points higher at 18758.4. MSCI rebalancing trades and basket buying by FPIs in the last half hour pushed up indices towards the end of the session. Cash volumes on the NSE were the highest in 6 months. Midcap index outperformed the Nifty even as the advance decline ratio surged to 1.73:1.

A Santa rally appeared to come early for some markets, with Asian shares set for their strongest month since 1998 and emerging market stocks poised for their biggest monthly surge since 2009. European shares rose on Wednesday, joining Asian peers, although caution remained amid disappointing China factory activity data, and as investors looked to U.S. Federal Reserve Chair Jerome Powell's speech for more clues on monetary policy stance. Dollar index fell around 4.3% in November, making this its biggest one-month drop since June 2010. This makes emerging market assets attractive.

Nifty continues its march upwards with sharp spikes thrown in between. The fact that the large trades that happened on Nov 30 may not be repeated soon, means that Nifty could now rise gradually with some minor corrections thrown in between. On falls 18614-18678 band could provide support.

Source : Equity Bulls

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DailyMarketsWrap Nifty Sensex HDFCSecurities