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Market Ahead, November 26: All you need to know before the Opening Bell

Analysts say that Nifty has again started forming higher tops and bottoms. It has also finally provided a breakout from the crucial swing resistance of 12,040 levels

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Market Ahead | Markets

BS Web Team  |  New Delhi 

In the absence of any major domestic trigger, global cues and stock-specific action will guide the today.

In company-specific news, Subhash Chandra stepped down as chairman of Zee Entertainment following a board meeting yesterday.

In another development, aviation regulator DGCA has barred IndiGo, from operating Airbus A320 and 321 Neo aircraft having turbine blades built with titanium, which is prone to damage leading to mid-air engine shut down.

There's more trouble for DHFL as the government has ordered a Serious Fraud Investigation Office probe into the company's affairs as well as of five real estate companies. DHFL also formally put off its board of directors' meeting earlier scheduled for Monday to approve the second quarter financial results.

All the respective stocks will react to the developments today.

Apart from this, oil price, rupee's trajectory, and foreign fund flow will also influence market direction.

Global markets:

Positive comments from the United States and China rekindled hopes in global that the world’s two largest economies could soon sign an interim deal to end their trade war.

Asian stocks rose on Tuesday. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent. Australian shares were up 0.6 per cent, while Japan's Nikkei stock index rose 0.78 per cent.

In US, each of Wall Street’s three major averages kicked off the trading week with record closes on Monday. The Dow Jones Industrial Average rose 0.68 per cent, the S&P 500 gained 0.75 per cent, and the Nasdaq Composite added 1.32 per cent. The SGX Nifty was also trading higher in the early hours, indicating a flat to positive start for the domestic indices.

In commodities, oil prices edged higher on Monday and brent crude futures ended the session up 26 cents at $63.65 a barrel.

Back home, benchmark indices yesterday posted their biggest single-day gain in a month. The benchmark Sensex rose 530 points to end at 40,889, while the Nifty added 159 points to end at 12,074.

Going forward, analysts say that Nifty has again started forming higher tops and bottoms. It has also finally provided a breakout from the crucial swing resistance of 12,040 levels. Traders can now buy Nifty for the target of 12,300 with stoploss at 12,000.

Here's a trading idea by Anand Rathi Shares and Stock Brokers who recommend buying Piramal Enterprises at current levels for the target of Rs 1,950 with stop-loss at Rs 1,800.

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First Published: Tue, November 26 2019. 07:33 IST
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