Weekly Wrap-Up (Nov 28 – Dec 01, 2023)
During the shortened week, the Indian stock market did well and continued its winning streak for the fifth week in a row. This helped Nifty50 reach a new record high of 20,291.55 in the last session of the week. The positive momentum was driven by favorable global and domestic data, ongoing support from foreign investors, and reduced worries about interest rate hikes by the Federal Reserve (Fed) and the European Central Bank (ECB) in the future.
Indices Weekly Performance
In this week, BSE Sensex added 2.29 percent to finish at 67,481, while Nifty50 gained 2.39 percent to end at 20,267.
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Indices Analysis
Nifty 50
Nifty 50 behaved as previously mentioned in previous weekly reports that any close above the 19,900 levels will turn indices into and upside view
As on Monday, Indian Markets were closed on account of Guru Nanak purab.
As on Tuesday, Indices opened flattish and provided a breakout above 19,900 in second half
As on Wednesday Nifty opened gap up by 100 pts and continued the rally by giving 206 pts gains in closing.
On Thursday Nifty opened flattish positive and provided both side volatility during the session by closing in net gains of 36 pts .
On Friday Nifty opened 60 pts gap up and made a new ATH ( all time high ) and closed with net gains of 134 pts
Overall Nifty as mentioned previous week nifty gave an breakout from its consolidation zone and provided a rally . If we notice the high weighted stocks in Nifty 50 which are considered large caps stocks are 10% to 15% away from there ATH’S as this rally is providing strength to MID and SMALL cap stocks. Now this rally may continue as per news and impact in markets.
Bank Nifty
As on Monday, Indian Markets were closed on account of Guru Nanak purab.
As on Tuesday, Bn indices opened flattish and traded sideways forming a positive doji candle on daily time frame
On Wednesday BN opened gap up and provided a breakout from its consolidation zone by closing in gains of 685 pts
As on Thursday BN opened 150 pts gap up and faced a rejection from 44,814 resistance forming a retest candle.
On Friday BN continued the positive upside move by closing 332 pts of gains Now overall Bank nifty has performed as mentioned in reports ( by taking a support from 200MA ) now if we observe BN has provided a recovery and has closed below 45,000 levels if this veles breahes and any close is provided above the same would a sign of healthy upside moment continuation
Nifty Chart
The Nifty has surpassed the 20,000 level yet again. The index has rallied around 11 percent so far in 2023, with various sectoral indices performing remarkably, rising by up to 60 percent.
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INDIA VIX
A Positive change of 12.38 suggests a Increase in volatility compared to the previous week
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Sectoral Performance
All the sectoral indices ended in the green with Nifty PSU adding 3.16 percent each, Nifty REALTY index up 2.86 percent, and Nifty MEDIA index up 3 percent.
FII & DII Weekly Activity
Overall FII’s have been positive in cash markets while DII’s are also positive by being net buyers this week.
Global Market
GIFT Nifty :- Gift Nifty has closed with a gains of 524 pts
Dow Jones :- DJI has closed with a gains 442 pts
Nasdaq :- Nasdaq has has closed with gains 15 pts
S&P 500:- SPX has closed with a gains of 35.31 pts
Overall globals have end in a net gain forming a positive market this week
Currency Indices
Indian rupee recovered previous week losses and ended 8 paise higher at 83.29 in the week ended December 1 against November 24 closing of 83.37.
Poll of the week
Q1 Why is India’s central bank selling US dollars?
a) To boost the value of rupee
b) To prevent the rupee from reaching a record low
c) To reduce inflation in the Indian economy
d) To increase foreign exchange reserves
Last week’s poll answer: b) To prevent the rupee from reaching a record low
Commodity Market
Gold rises on growing prospects that the Fed’s tightening cycle may be over, as indicated by the overnight U.S. economic data that showed inflation continued to cool in October. The current resistance level (R1) is placed at 62,887, and the support level (S1) is placed at 62,250
Over the past three trading sessions, silver has been trading at new levels, hitting a 19-week high in the previous two sessions, a level not seen since May. The current resistance level (R1) is placed at 78,454, and the support level (S1) is placed at 76,715.
Blogs of the week
DID YOU KNOW?
Did you know that before the stock market officially opens, there’s a 15-minute window called the pre-open market session? Between 9 AM and 9:08 AM, investors can place orders, reacting to overnight news. The subsequent 9:08 to 9:12 period sees order matching and the calculation of opening stock prices. This strategic timeframe helps prevent extreme market volatility at opening, ensuring a smoother start to the trading day. The final 9:12 to 9:15 buffer session acts as a safeguard, confirming all processes are in order. This insightful market mechanism was introduced to maintain stability and provide a controlled environment for traders.
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