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Gaurav Ratnaparkhi of Sharekhan said that the dip on Tuesday had taken support near the hourly lower Bollinger Band. Ratnaparkhi believes the positive momentum will pick up once the swing high of 17,324 is taken out.
This year, November's gains were derailed in its final days, as concerns over how the new COVID-19 variant may impact global growth and Tuesday's hawkish shift by the Fed in the face of surging inflation left the index with a 0.8% loss for the month. The S&P 500 is up 21.6% so far this year and remains near record highs.
The shares were offloaded at Rs 300.04 apiece, valuing the transaction size at Rs 365 crore.
On the Put side, 17,000 shows the highest accumulation of Put OI, meaning that as long as Nifty keeps its head above this level, we can expect an extension of the current technical pullback on the upside.
Merck & Co Inc gained 1.8% after a panel of advisers to the U.S. Food and Drug Administration narrowly voted to recommend the agency authorize the drugmaker's antiviral pill to treat COVID-19.
Hamblin Watsa Investment Counsel sold 12.2 million shares of IIFL Finance at Rs 300 per share through a bulk deal on the BSE.
Banks have faced the brunt of the selling pressure from foreign portfolio investors throughout November. The high exposure that FPIs have to the sector makes it first at the firing line.
"Nifty Bank, which had been underperforming of late, witnessed some short-covering as the index managed to take support around its 200-DMA. Looking at the data, we expect Nifty50 to head towards 17,250-17,300 on the weekly expiry day. From a positional perspective, the index needs to close above 17,300 for broader market participation," said Ruchit Jain, Trading Strategist at 5paisa.com.
"Markets managed to settle with the gain of over a per cent amid volatility, tracking favourable local cues. Participants reacted positively to the GDP numbers in early trade but the mixed trend across sectors and feeble global cues capped the movement thereafter," said Ajit Mishra, VP - Research, Religare Broking.
The foreign brokerage forecast doubling of revenues every 2-3 years in the coming decade, which it said would be the chief catalyst for the stock. This is even as it believes marketing costs are likely to remain high for the next 2-3 years, which could put pressure on margins. If the fashion business turns profitable, this will be another major catalyst for the stock price, the brokerage said.
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