Trends on SGX Nifty indicate a negative start for the broader index in India. The Nifty futures were trading lower around 17,462.50 level on the Singaporean Exchange at 7:30 AM.
Indian markets could open lower in line with negative Asian markets today. US markets were shut on Thursday due to the Thanksgiving holiday, said Deepak Jasani, Head-Retail, HDFC Research.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities said, “Nifty is expected to open negative, with a gap down of 160 points at 17380. It is important for Nifty to hold above its support range of 17200-17250 else we may see 16900 levels. Overall short term trend in Nifty is weak and traders are suggested not to initiate new longs in current markets.
Mohit Nigam, Head - PMS - Hem Securities said, "On the technical front, the key resistance levels for Nifty50 are 17,620 followed by 17,700 and on the downside 17,400 followed by 17,270 can act as strong support. Key resistance and support for Bank Nifty are 37,540 and 37,150 respectively."
Nifty opened higher on November 25 and corrected mildly to make an intra day bottom at 1000 Hrs. At close Nifty was up 0.70 percent or 121.2 points at 17536.3. In the process it recovered the loss of the previous day.
Nifty has bounced up after a day of losses. Advance decline ratio has expanded to much above 1:1. Now 17,351 could be a crucial support to track while 17,613 continues to the resistance, added Jasani.
European equities close higher
Tech shares bounce carried European equities higher on Thursday, following similar gains on Wall Street and Asia and helped also by a small pullback in the dollar from a 17-month high. With US. markets closed for Thanksgiving, focus was trained on Europe where a surge in COVID-19 cases is raising the prospect of lockdowns going into the Christmas shopping season.
Emerging markets saw some relative calm after a turbulent few days that has seen Turkey's lira battered again, Russia and Ukraine tensions rise, and Mexico's president stoke worries about central bank independence by installing a virtual unknown at the helm.
Brazil’s annual inflation rose faster than expected to 7 percent, its highest in over a decade, adding pressure on the central bank to tighten policy further.
Australia’s retail sales in October jumped 4.9 percent month-on-month, seasonally adjusted, according to official estimates released Friday. That was far higher than the 2.5 percent increase predicted in a Reuters poll.
Asian stocks fall
Asian stocks fell Friday amid caution over a new coronavirus strain and concerns over faster Federal Reserve policy tightening. Scientists in South Africa are studying the recently identified variant amid fears it could spread internationally.
Silver ETFs
Securities & Exchange Board of India (SEBI) has issued guidelines for the exchange traded funds (ETF) investing in precious metals such as gold and silver. It is a move that will make it convenient for investors to have an exposure to such commodity in a transparent manner. Under the norms, the regulator has specified guidelines on investment objectives of silver ETFs, valuation, determination of net asset value (NAV), tracking error as well as tracking difference and disclosure requirements.
Tarsons Products stock market debut today
Tarsons Products will hopefully make an impressive debut today. The Rs 1,023.84-crore IPO received bids for 1,18,38,926 shares against 1,08,44,104 shares on offer, translating into 1.09 times subscription, according to an update on the NSE. The initial public offer has a fresh issue of up to Rs 150 crore and an offer for sale of up to 1,32,00,000 equity shares.
The price range for the offer is at Rs 635-662 per share
Sebi levies Rs 1.15 cr fine on Voltaire Leasing and Finance, others
Sebi has imposed total fine of Rs 1.15 crore on Voltaire Leasing and Finance Ltd, its officials, one entity and eleven individuals for fraudulent trading in the shares of the firm. They violated Prohibition of Fraudulent and Unfair Trade Practices norms.
The investigation period was between August 2014-July 2015. They had manipulated the price of the scrip and the company and its directors–Dilip Rajkumar Patodia, Amlesh Sadhu and Harivallabh Mundra –were also part of the scheme for manipulating the price in the scrip.
FII data
On November 25, 2021, Foreign institutional investors have done net selling worth Rs 2,300.65 crore, while domestic institutional investors have done net buying worth Rs 1,367.80 crore in the Indian equity market.
