Market Insight, 26 November 2024

26 November 2024

time : 8 am IST

Market Insights :

1. Let’s first discuss yesterday’s market moves. Nifty gained 314 points, primarily due to the positive election result outcome in Maharashtra.
2. Nifty surged 1,000 points from Friday’s low to Monday’s high.
3. Yesterday, only five stocks contributed approximately 200 points to Nifty’s green close: HDFC Bank, L&T, ICICI Bank, Reliance, and SBI.
4. FIIs bought shares worth ₹9,947 crores, while DIIs sold shares worth ₹690 crores, primarily driven by MSCI rebalancing.
5. Due to the MSCI rebalancing, the rupee logged its best single-day gain since June.
6. India’s weightage in the MSCI index has reached a record high of 19.8%.
7. Now, let’s understand today’s cues:
   • US markets ended in green on Monday, with the small-cap Russell 2000 index hitting an all-time high.
   • Asian markets are trading lower, with Japan’s index down by 1.2%.
   • GIFT Nifty indicates a lower opening of about 50 points for Indian markets.
8. FIIs’ net long-to-short ratio has shifted to 37%:63% from the previous day’s short positions of 69%.
9. Maximum call writing and put writing were observed at 24,300 and 24,200, respectively.
10. Nifty may face resistance around 24,300, while support levels include yesterday’s low of 24,150. If 24,150 breaks, 24,000 will become a crucial support level.