Index trend and stocks in action November 29, 2019
The Nifty opened the session on a positive and, thereafter, the index oscillated back and forth in a confined range but kept its head above 12,100 during the whole session. In the last hour of expiry, a renewed buying interest was seen that helped the index to close at the day’s high and scale to a fresh new all-time high. In the November series, the Nifty gained 2.30 per cent.
On Wednesday, the Nifty had formed an inside bar on the daily chart, the pattern broke out on the upside with a small body bullish candle and, the index closed at fresh record high levels. This indicates that the rally is likely to continue further. Further, on the weekly time scale, after forming three consecutive Doji bars, it formed a very big bullish bar. The index is currently trading in uncharted territory. However, going forward we see the probable resistance is placed at 12,280 levels. Since there is no significant reversal signal on any timeframe, it is advised to continue to the long position.
The daily Bollinger bands have started to expand, which is in favor of the bulls. The RSI has reached near the 70 levels and negated the Head and Shoulder pattern breakdown. The MACD histogram has turned to green territory again. The ADX is as high as 30.35, which shows the trend strength. +DI is above the -DI and this sequence is also a bullish sign.
Overall, we would suggest you be with the trend and continue with a bullish bias on the market for now. Immediate support for the index is placed at 12,100 mark, followed by 12,000. On the upside, the level of 12,280 is likely to act as a resistance in the near term.
Aurobindo Pharma: Auro Vaccines LLC, a 100 per cent subsidiary of Aurobindo Pharma USA Inc., USA, has entered into a definitive agreement to acquire certain business assets from Profectus BioSciences Inc., USA, a clinical-stage vaccine development company.
BPCL: Labour and clerical workmen of marketing and refineries are observing a 1-day strike from the morning of November 28 to till the morning of November 29 as a mark of protest against the Govt. of India's decision to disinvest its entire stake in the corporation with transfer of management control.
Lemon Tree: The company launched 101 rooms hotel- Rex Fox Hotel in Vijayawada, Andhra Pradesh.
Kohinoor Foods: Oriental Bank of Commerce declared company as wilful defaulters as per RBI guidelines.
ICICI Securities: ICICI Securities has paid Rs. 28.6 lakh to SEBI towards settlement amount in the matter of 2 trading accounts that were opened in January 2007 and July 2008 by account holders by misrepresenting their identities.
ONGC: ONGC issued US$300 million notes under MTN Program.
CG Power: the company has intimated Avantha Holdings Limited (AHL) of rescinding the Royalty Agreement and, consequently, does not have any liability towards the payment of brand royalty, including the monetisation proposal.