Weekly Market Analysis for November 25 to 29, 2024
What happened last week?
Nifty closed the week at 23907, up by 1.6% from previous week.
Last week Nifty tested the close of Election Results week (June 1st week) at 23300, but bounced back quickly from there.
Despite the bribery and fraud charges on Adani Group, the market bounced back on Friday.
But still, Nifty formed a lower high and lower low pattern in the weekly chart. From Price action point of view we are still in a downtrend in the weekly timeframe.
FIIs sold -11,414.18 Cr and DIIs bought +11,036.76 Cr in the cash market last week.
FIIs have reduced their shorts on Index Derivatives. FIIs have also gone long on Stock Derivatives. FIIs are not as Bearish as they were in the previous weeks.
Nifty Sentiment Analysis…
Both Weekly and Monthly Max Pain went up on Friday. Sentiment has reversed.
We will follow the direction of the blue and pink lines below. They should be moving in the same direction. Whichever direction it is, we will go along with it.
What else happened?
BJP led Mahayuti alliance has scripted a landslide victory in Maharashtra while the INDIA bloc retained Jharkhand in the Assembly polls 2024.
US Markets bounced back by 1.7% last week. China and HongKong continue to fall.
Bitcoin’s value surged, nearing the $100,000 mark, with a record high of $98,372 observed during the week.
Gold and Silver prices continue to surge. Gold up 5.7% last week.
Key Upcoming Events
November 27 (Wednesday):
- US FOMC Minutes
- US Initial Jobless Claims
November 29 (Friday):
- India GDP Growth Rate
Key Stock Announcements
New Orders & Projects:
Ashoka Buildcon declared L1 bidder for NHAI projects worth INR 2,791 crore.
Afcons awarded INR 1274 crore Song Dam construction project in Uttarakhand.
RVNL awarded INR 294.95 crore contract for track doubling in Telangana.
GRSE signed a INR 226.18 crore contract for 13 hybrid ferries.
NBCC secures INR 202 crore Unity Mall consultancy project in Jaipur.
NBCC awarded INR 112 crore project for Odisha school upgrades.
ITI Limited wins INR 95 crore contract for Mining Digital Transformation System in Uttarakhand.
Winsol Engineers secured INR 48.28 crore transmission project in Gujarat.
RPP Infra Projects Ltd secures INR 38.32 crore contract for roads, drains.
AVP Infracon wins INR 33.19 crore sub-contract for highway project in TN.
Hindustan Zinc declared preferred bidder for Rajasthan gold mine block.
Australian Premium Solar receives INR 19 crore order for solar products.
Partnerships, Acquisitions & Investments:
Cyient and Allegro partner to innovate automotive semiconductors.
Nazara and Nikhil Kamath's WTFund invest in Indian gaming studios Norian & Xigma.
ONGC and NTPC create joint venture ONGC NTPC Green for renewable energy.
Manba Finance partners with Piaggio for customized three-wheeler financing solutions.
L&T Technology Services partners with Colorado Smart Cities Alliance.
L&T Mindtree extends partnership with Nexi Group to enhance their technology platforms.
GPIL acquires 51% stake in Jammu Pigments, enters non-ferrous recycling.
Godrej Properties acquires 53 acres in Joka, Kolkata for residential development.
Tata Power signs MoU with ADB for USD 4.25 billion clean energy projects.
Tata Power and Bhutan's Druk Green Power partner for 5,000 MW clean energy projects.
JSW Steel Italy signs deal with Metinvest Adria for Piombino plant.
Oil India partners with TotalEnergies for methane reduction and offshore exploration.
Adani Infra (India) Limited to acquire ~30% stake in PSP Projects Limited.
RITES signs MoU with NISE for assuring quality in Green Energy.
Power Grid Corporation acquires Khavda V-A Power Transmission Limited.
GNFC signs MoU with INEOS for joint venture acetic acid plant.
Business Operations:
Rajoo invests INR 30 crore in Yantralaya expansion with advanced machinery.
Ramco Industries buys Ramco Cements shares for INR 41.95 crore.
Reliance Power and Infrastructure restructured boards, targeting renewable investments.
APAR Industries expands Continuous Transposed Conductor capacity to meet growing demand.
PG Electroplast to manufacture EVs and batteries for Spiro Mobility.
HCLTech and ServiceNow launch AI Labs to accelerate business transformation.
Shalby Limited disclosed Dr. Vikram Shah's acquisition of 25,000 shares.
Bharat Forge negotiates artillery system contract with India's Defense Ministry.
Indian Hotels Company Limited announces 'Accelerate 2030' strategy.
Hyundai unveils IONIQ 9 electric SUV with innovative features.
TVS launches new 2.2 kWh variant of iQube electric scooter in Nepal.
RateGain launches Demand Booster to boost hotel direct bookings.
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Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This weekly update highlights market trends and upcoming events for your awareness. It does not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.