After a pretty dull second half of the month, the Nifty 50 has picked up steam and how over the last few days. The index is up nearly 500 points in the last five trading sessions, most of which have come over Tuesday and Wednesday. The mid-week session also saw BSE-listed companies cross $4 trillion in market capitalisation.

November has turned out to be the best month of the year so far for the Nifty, with the index gaining 5.5% so far ahead of Thursday's monthly F&O expiry. The Nifty is also up 1,000 points so far in November, rising from October 31's close of 19,079.

Both foreign and domestic investors were net buyers in the cash market during Wednesday's session as well.

A long bull candle was formed on the daily chart with a gap up opening, said Nagaraj Shetti of HDFC Securities. He now expects the index to form a new all-time high above levels of 20,250 - 20,350 in the next few sessions. 19,950 on the downside will act as an immediate support, he said.

Shrikant Chouhan of Kotak Securities expects some profit booking at higher levels as the current market setup is overbought. Buying on dips and selling on rallies would be the ideal strategy for day traders, he said. For the near term, 20,175 - 20,200 will act as an immediate resistance, while 20,000 - 19,980 will be a support zone.

Over the short term, Rupak De of LKP Securities expects the Nifty to move towards 20,450 - 20,500 unless it falls below the 19,850 mark. "The overall trend looks positive with broader market participation and a smart recovery in the Nifty Bank," he said.

Part of the recovery in the Nifty can also be attributed to the Nifty Bank, which has staged a smart comeback. The index closed above the 44,000 mark, which was proving to be a tough hurdle to crack. Over the last four days, the index has gained over 1,100 points.

The Nifty Bank is currently in a strong buy mode with a solid support base now established at 44,300 - 44,200 zone, said Kunal Shah of LKP Securities. He expects 44,700 to be the next significant hurdle for the index and crossing that level will determine the future trajectory of the index.

What Are The F&O Cues Indicating?

Nifty 50's November futures added 5.6% in Open Interest on Wednesday. Ahead of Thursday's expiry session, Nifty's current rollovers stand at 57%. The futures are trading at a premium of 34.85 points from 47 points earlier.

On the other hand, Nifty Bank's November futures added 4.8% in Open Interest on Wednesday. Their current rollover position is at 60%.

Nifty 50's Put-Call Ratio is now at 1.47 from 1.21 earlier.

Hindustan Copper and Manappuram Finance are back in the F&O ban for Thursday's session, while BHEL, Granules India, Balrampur Chini, and Indiabulls Housing continue to remain in the ban period.

Nifty 50 on the Call side for November 30 expiry:

For the F&O series expiry on Thursday, the Nifty 50's call strikes between 20,000 and 20,200 have seen Open Interest addition.

Nifty 50 on the Put side for November 30 expiry:

For Thursday's expiry, the 20,000 strike put of the Nifty 50 has seen maximum Open Interest addition, followed by the 20,100 put and the 19,900 put.

These stocks saw short covering on the penultimate day of the November series expiry, meaning an increase in price but decrease in Open Interest:

These stocks saw unwinding of long positions on Wednesday, meaning a decrease in both price and Open Interest:

Here are the stocks to watch out for ahead of Thursday's trading session:

Metro Brands & Nykaa: Foot Locker signs long-term licensing agreement with both companies to sell sneakers. Metro Brands granted exclusive rights to own, operate Foot Locker stores in India, while Nykaa Fashion will be an exclusive e-commerce partner.

Thomas Cook: Fairbridge Capital (Mauritius) to sell up to 8.5% stake through an Offer for Sale. The OFS includes a base offer of 6.8% and a greenshoe option of 1.7%. The Non-retail OFS opens on November 30, while the one for retail investors will open on December 1.

Zee Entertainment: NDTV report on Sony-Zee merger is factually incorrect. It is continuing to work towards a successful closure of the proposed merger. The merger will be completed as per the composite scheme of arrangement approved by the Mumbai NCLT.

Jupiter Wagons: Launches QIP on November 29 with a floor price of ₹331.34 per share

PCBL: Setting up a joint venture for nano silicon products for batteries with an initial contribution of $16 million to be followed by an investment of $28 million.

Man Infra: Board approves fund raising of up to ₹550 crore through a preferential issue.

GNFC: Share buyback to open on December 1 and close on December 7. The company proposes to buyback up to 84.78 lakh equity shares through the tender offer route.

IDBI Bank: Department of Investment and Public Asset Management has called for fresh bids from asset valuers for the bank's strategic divestment.

SBI Life: Shareholders approve the appointment of Amit Jhingran as MD & CEO.

SIS India: Board meeting for buyback of equity shares.

Tata Technologies, Gandhar Oil, Fedbank Financial to list

What Are Global Cues Indicating?

Asian markets declined across the board ahead of key economic data from the region.

The Nikkei 225 is down 0.25% and extending its three-day losing streak, while the Topix is also down 0.2%.

South Korea's Kospi is down 0.3%, while the tech-heavy Kosdaq is flat.

Hang Seng futures are indicating a slight rebound from Wednesday's drop.

Major indices on Wall Street remained sluggish on Wednesday, even as the US economy grew more than expected. However, all the three indices are up nearly 10% for November.

First Published:Nov 29, 2023 8:30 PM IST