Updated on: Thursday, November 25, 2021, 04:12 PM IST

Markets bounce back sharply on F&O expiry day after recent losses; Reliance Industries steals show, surges 6%

The strong bull rally on the Dalal Street has seen the benchmark index rising 10,000 points after hitting the 50,000 mark in intra-day trade on January 21, 2021. |

The strong bull rally on the Dalal Street has seen the benchmark index rising 10,000 points after hitting the 50,000 mark in intra-day trade on January 21, 2021. |


The benchmark indices were up at end of trading session on November 25. The benchmark index gained more than half a percent in Thursday session and recouped Wednesday's losses, settling at 17,536.25 levels while Banknifty closed in red at 37,364.75 levels with a marginal loss of 0.2 percent.

The Nifty Midcap 150 index was closed with 0.46 percent gains and Nifty small cap 250 index ended with 0.86 percent gain. Though the European markets are facing COVID-19 lockdowns but the indices continue to stay strong with trading in green.

At close, the Sensex was up 454.10 points or 0.78 percent at 58,795.09, and the Nifty was up 121.30 points or 0.70 percent at 17,536.30. About 2054 shares have advanced, 1166 shares declined, and 106 shares are unchanged.

Heavyweight Reliance Industries was the top gainer in the Nifty50 with 6 percent gains. Divis Lab, Infosys have also contributed good gains in the Nifty index while IOC, Britannia, ICICI Bank were the laggards.

Gaurav Udani, CEO & Founder, ThincRedBlu Securities, said, " Nifty gave a good recovery after making a low of 17,350. It closed at 17,550 up by 150 points. This up move in Nifty may continue tomorrow till its next resistance range of 17,650-17,000. Overall trend in Nifty is weak and traders are suggested not to create new long positions in this pull back. High risk traders can consider new long around 17,400-17,350 levels keeping 17,200 as a strict stoploss."

Sachin Gupta, AVP, Research, Choice Broking said, "Technically, the Nifty has pulled up with the support of the Lower Bollinger Band formation and closed above 17,500 levels. The indicator Stochastic has also reversed from the oversold territory with positive crossover, which indicates bullish strength in the index. At present, the Nifty has immediate support at 17,350 levels while resistance at 17,650 levels. On the other hand, Bank Nifty has support at 37,000/36,650 levels and resistance at 38,000 levels."

Mohit Nigam, Head - PMS, Hem Securities said, "Latent View Analytics continued being the investors choice, as the stock rallied 20 percentf to hit a record Rs. 701.90 on the NSE. Shares of One97 Communications (Paytm), continued its recovery journey today, by almost 4 percent to hit Rs. 1812.75 on the NSE. Shares of IndusInd Bank traded at its six month low at 956.10, nearly two percent down on the BSE. Reliance gained around 6 percent because of turning Gasification undertaking into a wholly owned subsidiary. On the technical front, immediate support and resistance in Nifty 50 are 17,310 and 17560 respectively. For Bank Nifty, the support and resistance are 37,160 and 37,810 respectively."

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd., said, "On the last day of November F&O series, markets rebounded sharply, largely supported by gains in Reliance Industries Ltd. Technically, Nifty has formed a strong bullish candle and at the same time it is consistently taking support between 17,400 to 17,350 levels. We are of the view that the intraday support has now shifted to 17,450 from 17,350 and as long as its trading above 17,450 the uptrend wave will persist up to 17,600-17,700. On the flip side, below 17450, the uptrend would be vulnerable."

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Published on: Thursday, November 25, 2021, 03:54 PM IST