Daily Markets Wrap - Nov 29, 2022 - HDFC Securities

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

Nifty made fresh all time highs on Nov 29, aided by positive Asian cues. It closed 0.30% or 55.3 points higher at 18618.1.

Defensives returned in favour as FMCG, Pharma, IT stocks were sought after in what seems like rotational buying. Metal stocks seem to be coming back in favour as nationwide unrest in China over Covid curbs eased. Broad markets however underperformed as buying action was limited to the top 100 odd scrips.

Encouraging news from China has resurrected sentiments in Asia. Beijing rolled out more stimulus measures, while social media rumours suggested that the Chinese government was considering the scaling back of its anti-COVID policies.Chinese property companies rose after the securities regulator in China lifted the ban on equity refinancing for listed property firms.

Continued FPI buying in India has boosted the mainline indices which may continue to do well for the next 2 months with some intermittent corrections. 18530 could offer support in the near term while 18800 could be a resistance.

Source : Equity Bulls

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