Local stocks saw the beginning of a gap, tracking a sell-off in Asian markets amid fears of a new, unknown type of Covid with several booms. Investors fear that there will be a flight to safe havens and a sell-off of risky assets, which could only increase outflows from emerging markets such as India. However, investors will look forward to listing Tarsons products.
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Extension Analysis by YES Securities
The rollover rate on Nifty/Bank-Nifty was 83% (1.09cr shrs) / 84% (23.7lakh shrs) versus 82% (1.1cr shrs) / 80% (21lakh shrs) the previous month. Market-wide listings are at 94% versus 92.5% in the previous month. The stats derived from FII show the ratio of short-term index futures to 2.29x for the December series versus the 3-month average. 1.44x, while the index’s long-term 3-month futures contract averaged 95%, and the 3-month short-term futures averaged at 65%.
prospects: In the last series we mentioned the downside opening until the 17500 mark, and we now expect 18000 as supply area while important support is at the 17K mark. BankNifty corrected ~10% from the highs of the previous month, anticipating a cyclical bounce with 36,500 now seen as support.
Pharmaceutical stocks resist weak market trend
Price on November 26, 2021 09:52 AMClick on company names to see their live prices.
Reopen theme falter as tank for hotel and entertainment
Price on November 26, 2021 09:37 AMClick on company names to see their live prices.
Top Drivers on NSE
Price on November 26, 2021 09:25 AMClick on company names to see their live prices.
Opening bell: Sensex down nearly 800 points, Nifty below 17,350, Kotak Bank, HDFC down 2% each
Alert: SGX Nifty extends its losses, down nearly 200 pips
Nifty futures on the Singapore Stock Exchange extended losses and traded 194 points, or 1.10 percent, down at 17,383.50, indicating that Dalal Street was headed for a weak start on Friday.
Oil slips due to fears of a high surplus in the first quarter
Oil prices fell more than 1% on Friday on fears that global supply surpluses will swell in the first quarter after the coordinated release of crude oil reserves among major consumers, led by the United States. Brent crude futures extended their declines for a third session, falling 96 cents, or 1.2%, to $81.26 a barrel. West Texas Intermediate crude fell $1.35, or 1.7 percent, to $77.04 a barrel.
SGX Nifty indicates a weak start
Nifty futures on the Singapore Stock Exchange traded 110 points, or 0.63 percent, down at 17,467.50, indicating that Dalal Street was headed for a weak start on Friday.
Tech View: Stylish support at level 17, 350
Thursday Nifty50 regained 17500, and in the process formed a small bullish candle on the daily chart. However, it remained below the 5-day exponential moving average. The index could face an immediate hitch at 17,600, said analysts, who believe the immediate support is at the 17,350 level.
Stocks in Hong Kong start with losses
Shares in Hong Kong opened sharply lower on Friday morning, in line with the sell-off across Asia after the discovery of a new variant of the virus that had several mutations and raised fears of its global spread. The Hang Seng Index fell 0.96 percent, or 237.48 points, to 24,502.68 points. The Shanghai Composite Index fell 0.23 percent, or 8.07 points, to 3,576.11 points.
Japanese stocks open lower
Tokyo stocks opened lower Friday with few new signs after US markets were closed for the Thanksgiving holiday. The Nikkei 225 index fell 0.65 percent, or 192.20 points, to 2,9307.08 in early trading, while the broader Topix index fell 0.60 percent, or 12.25 points, to 2013.44 points.
S&P500, Dow futures down 0.7%
S&P500 futures fell 0.6 percent while Dow Jones futures fell 0.7 percent. US markets were closed for the Thanksgiving holiday. They reopen Friday for a shortened trading session. Fed officials said at their policy meeting in October that they “will not hesitate” to respond to inflation, according to notes released on Wednesday. They foresaw the possibility of raising prices “sooner than participants currently anticipated”.
The rupee drops 12 baisas to 74.52 against the dollar
The rupee fell 12 baisas to close at 74.52 against the US currency on Thursday amid demand for the dollar at the end of the month and inflows of foreign funds from the equity and debt markets. In the interbank foreign exchange market, the local currency opened at 74.55 and saw a high of 74.47 and a low of 74.58 against the US dollar.
Sensex, Nifty on Thursday
The Sensex stock index beat off a volatile start to the close with smart gains on Thursday, driven by frantic buying in the index heavyweight Reliance Industries amid the expiration of monthly derivative contracts. Reversing the losses of the previous session, the 30-share index closed 454.10 points, up 0.78 percent, at 58,795.09. Similarly, the broader NSE Nifty Index rose 121.20 points, or 0.70 percent, to close at 17,536.25.
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