By theindianinvestor 
28 November 2024
Time : 8 AM IST
Insights :
Let’s Understand Yesterday’s Market:
- Nifty gained 80 points, closing around 24,270.
- The market opened lower and remained in consolidation mode. However, at exactly 12 PM, it witnessed a significant 130-point upward move, which was followed by an 80-point drop, eventually closing at 24,270. This movement was triggered by Adani Green Energy’s clarification on false allegations related to the bribery case.
- HDFC Bank hit an all-time high yesterday. For the past three years, it had been trading within a range of 1,300 to 1,800. Yesterday marked the first time it closed above 1,800.
- According to updates from the US Fed FOMC meeting minutes, there is a 70% probability of a rate cut in December.
- FIIs were net buyers with a value of ₹7 crores, and DIIs bought shares worth ₹1,301 crores. It has been several days since both these key players were net buyers.
Let’s Understand Today’s Cues :
- US markets closed lower, with the Nasdaq leading the decline. Tech stocks fell due to concerns that the Federal Reserve may remain cautious about a rate cut after strong US inflation data, which showed increased consumer spending in October.
- US bond yields traded flat.
- The dollar index is at 106.1, having recently fallen from 107.5. This is positive for broader markets but unfavorable for Indian export-related sectors such as IT and Pharma.
- GIFT Nifty indicates a slightly positive opening for Indian markets.
- India VIX fell by 4.4% yesterday.
- Due to the weekly expiry, volatility in derivatives may increase. Nifty support is expected around 24,150. If this level breaks, 24,000 will act as a crucial support. On the upside, resistance is likely in the 24,300-24,350 range.