Daily Market Wrap - Nov 30, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty ended a highly volatile session on Nov 30 in the negative after moving in and out of positive several times during the day. Nifty opened flat and started to rise at the open to make an intra day high at 1030 Hrs. It fell later to make a lower top, lower bottom on an intra day basis and closed near the day's low. At close Nifty was down 0.41% or 70.7 points at 16983.

On a day when the volumes on the NSE were very high (probably due to high FPI participation), Consumer Durables and IT indices gained the most while Metals, Auto and Bankex fell the most. Smallcap index gained 1.45% while Midcap index rose 0.29%.

Stock markets in Asia yielded to panic and gave up much of the gains in Tuesday's early trade after warnings by Moderna CEO on the efficacy of vaccines against Omicron rattled sentiment. European markets also reacted to the statement by Stéphane Bancel, chief executive of vaccine maker Moderna, who told the Financial Times that existing vaccines will be much less effective at tackling Omicron than earlier strains of coronavirus and warned that pharmaceutical companies would take months to manufacture new variant-specific jabs on a large scale.

Nifty could not capitalize on the gained made on the previous session. It formed an inverted hammer like pattern on daily charts after a fall, suggesting possibility of an upward reversal as long as the lows of 16931 are protected. On the upside 17352 remains a resistance.

Source : Equity Bulls

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DailyMarketWrap HDFCSecurities Nifty