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Market Savera - 25/11/2024
Manage episode 458184579 series 3628935
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short-term trend of Nifty seems to have reversed upwards
U.S. stocks finished Friday higher, with all three major benchmarks rebounding ahead of the Thanksgiving holiday. Investors took comfort from data pointing to robust economic activity in the world's biggest economy.
Crude oil futures settled higher on Friday, with the U.S. crude benchmark up by more than 6% for the week as traders continued to monitor escalating tensions between Ukraine and Russia, which is among the world’s biggest oil producers.
Gold prices were heading for a more than 5% weekly gain as missile attacks between Russia and Ukraine intensified, stoking demand for haven assets.
Central Bank of India said that it has received an approval from the Reserve Bank of India to enter the insurance business through a joint venture with Italian major Generali Group.
Northeast Frontier Railway revised the estimated cost for railway electrification work to Rs 531.77 crore from Rs 288.44 crore earlier.
Hero MotoCorp and its US-based partner Zero Motorcycles are in the advanced stage of developing a mid-sized performance segment electric motorcycle
In Asia, equities and treasuries advanced, with traders welcoming Donald Trump’s pick of Scott Bessent for Treasury Secretary as a measured choice that would inject more stability into the US economy and financial markets. Investors await a slew of economic data this week including China industrial data and India’s third-quarter GDP numbers.
Nifty recorded the best single day gain since in over five months on Nov 22 after ending with close to 2.4% gain. At close, Nifty was up 2.39% or 557.4 points at 23907.3. The short-term trend of Nifty seems to have reversed. The next upside targets to be watched are around 24400 levels (23.6% Fibonacci extension) in the near term. On falls, 23532 could offer support.
Indian markets could open sharply higher post the Maharashtra election results, in line with mostly higher Asian markets today and positive US markets on Nov 22
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