StockEdge's Morning Market Update - 28th Nov
The Nifty 50 gained 80 points over the day to close at 24,275. The index had a typical sideways consolidation day as expected. The range was well-defined as per the last 2 trading sessions. Energy, the Small-cap index, and PSE stocks were the top gainers. The Dollar Index dipped last evening and trades near 106. International indices also saw a slight down day after the phenomenal rally, which is normal. The market breadth overall has improved.
Technically, for the last 3 trading sessions, the index has consolidated well by staying in a range. As discussed in our earlier updates, while the index has been consolidating, the broader markets have performed, and stock-specific actions have been observed. It has been time-tested that a pause is healthy for the index to gain momentum for the next leg. The indicators are well placed, and prices have been trading just around the short-term moving averages. The 55-period moving average stands at 24,415, while swing resistances are at 24,500. Hence, this zone is the last resistance for the bulls to clear. Once cleared on the upside, they will regain renewed momentum for higher highs. This level and resistance zone will confirm that bulls are in complete control of the market and that a bottom is in place. 24,125 and 23,950 are important supports, and dips will be buying opportunities.
Coming to sectors:
To conclude: The consolidation phase is building a base for the bulls. Stock-specific opportunities lie ahead.
Nifty
Bank Nifty
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