The Nifty 50 index ended slightly lower at 24,194.50 on Tuesday, November 26, 2024, as traders assessed global developments, including the Israel-Iran conflict and US-China trade tensions. Experts predict that a decisive move beyond the 24,350 resistance will require broader sectoral participation.
Trade Setup: Key Levels to Watch
| Index | Close | Key Support | Key Resistance |
|---|---|---|---|
| Nifty 50 | 24,194.50 | 23,800 | 24,350 |
| Bank Nifty | 52,191.50 | 51,800 | 52,600-52,800 |
Traders are advised to stay selective and use dips as buying opportunities, provided Nifty holds above 23,800.
Stocks to Watch
| Stock | Recommendation | Entry Price | Target Price | Stop Loss |
|---|---|---|---|---|
| ADF Foods Ltd | Buy | ₹323.95 | ₹345 | ₹311 |
| Jagsonpal Pharmaceuticals | Buy | ₹696.2 | ₹740 | ₹670 |
| Cipla Ltd | Buy | ₹1,492 | ₹1,535 | ₹1,475 |
| ICICI Bank Ltd | Buy | ₹1,305 | ₹1,335 | ₹1,285 |
| Shree Renuka Sugars Ltd | Buy | ₹42 | ₹46 | ₹40 |
These stocks present solid opportunities for short-term gains, backed by bullish technical patterns and robust support levels.
Geopolitical and Global Market Impacts
- Israel-Iran Conflict: Heightened tensions have added uncertainty to global markets, affecting investor sentiment.
- US-China Trade Tariffs: The proposed tariffs by US President-elect Donald Trump could disrupt global trade dynamics.
- State Elections in India: With elections concluding, the Indian government is expected to focus on executing budget plans, which could stabilize inflation and support the market.
Sectoral Performance
- Gainers: IT and FMCG indices led gains, reflecting strong demand in defensive sectors.
- Losers: Auto and Pharma indices underperformed, weighed down by profit-booking.
Conclusion
Nifty 50’s consolidation phase offers a mix of caution and opportunity. While geopolitical uncertainties may weigh on sentiment, selective stock picking and strategic accumulation during dips could yield positive returns. Traders are encouraged to monitor key levels and global developments closely.
Disclaimer: The stock market is subject to risks. This article is for informational purposes only and does not constitute financial advice.
