Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty snapped a two-day downmove and ended higher on Nov 21. At close, Nifty was up 0.45% or 89.4 points at 19783.4. Broad market indices rose less than the Nifty even as advance decline ratio rose to 1.29:1. Institutional buying in large caps including Banks and Insurance stocks seem to have led to higher gains for the Nifty.
Global shares traded mixed Tuesday after a rally on Wall Street that was led by gains in Microsoft following its announcement that it was hiring Sam Altman, former CEO of OpenAI, the ChatGPT maker. Chinese property shares surged after Bloomberg reported, citing people familiar with the matter, that Chinese regulators are drafting a list of 50 developers eligible for a range of financing.
Nifty after a small 75-point day range on Nov 21 closed forming a spinning top like pattern. 19850 is proving to be a tough resistance to break. Unless this is broken, Nifty is likely to undergo a small corrective phase towards 19627 and 19547 in the near term.