The Bharatiya Janata Party (BJP)- Mahayuti secured a landslide victory in the Maharashtra Assembly Elections, with the BJP winning ‘historic’ 132 seats. The Mahayuti won 235 seats.
Mahayuti takes Maharashtra with BJP’s best-ever show; INDIA bloc retains Jharkhand – Daily Market Update 25 Nov 2024
Overview and Outlook
Global Stock Market Today
- US equity markets settled higher in range 0.20% to 1%.
- European equity markets also settled higher in range 1% to 1.5%.
- Asian Equity markets are trading in green.
- GIFT Nifty is up by 300 points, Nifty futures likely to open around 24350 levels (as on 8:35 AM).
Nifty Overview & Outlook
Nifty index settled higher at 23907 levels after adding more than 550 points or 2.39% to its previous closing values.
Broader markets underperformed the benchmark as Mid and Small cap index gained 1.16% & 0.9% respectively.
All sectoral indices, barring Media, tracked at NSE settled in green. Amongst them, IT, Realty and PSU Bank index was at the top of the tally, gained over 3% each, followed by Consumer Durable, FMCG and Oil & Gas index that gained over 2% each.
Going ahead, we reiterate our short term bullish view on Nifty index and expect it to test 24250 and higher levels in immediate near term. Cross and sustenance above 24500 spot levels will confirm the trend reversal.
Derivatives Overview & Outlook
Last Friday, long buildup was seen in Banknifty and Midcapnifty futures with increase in open interest by 1.4% and 17.8% respectively whereas some short covering was seen in Nifty futures with decrease in open interest by 7.7% and no meaningful activities were seen in Finnifty future on open interest front.
All the sectoral indices settled higher. Amongst them, Cement, Realty and Technology stocks witnessed additions of long positions along with some short covering in Infrastructure, Metal, Pharma and Power stocks.
On options front, put writing was seen at multiple strikes along with call addition at far OTM strikes and maximum positions are at 23500 PE and 25000 CE followed by 24500 CE. The quantum of put positions has exceed the quantum of call positions after more than a month indicating the continuation of current bullish move.
Institutional Trading Activity
Last week, FIIs sold stocks worth Rs 3898 Cr in the cash segment, bought stocks futures worth Rs 15128 Cr also bought index futures worth Rs 4755 Cr. DIIs were net buyers in the cash segment to the tune of Rs 11037 Cr during the week.
Nifty Futures, Banknifty Futures and Finnifty Key Levels
Nifty – Resistances 24000-24200; Supports 23700-23500
Banknifty – Resistances 51500-51800; Supports 50500-50200
Finnifty – Resistances 23750- 23880; Supports 23500-23400
F&O Security in Ban Today: AARTIIND, ADANIENT, GRANULES, GNFC, HINDCOPPER, IGL, NATIONALUM.
Disclosure
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