Nifty is expected to open lower on November 29, tracking mixed global cues over worries that the new United States law backing Hong Kong protesters could hit prospects of a US-China trade deal.
As per Reuters, China warned the US on November 28 that it would take firm counter-measures in response to their legislation backing anti-government protesters in Hong Kong.
Trends on SGX Nifty indicate a negative opening for the broader index in India. Around 08:00 hours IST, Nifty futures was 9 points, or 0.07 percent, down at 12,177 on the Singapore Exchange.
On November 28, market benchmarks ended in green after touching record highs. For Nifty, experts now say the swing high of 12,103 could act as immediate support, while the next major support remains intact at 12,000.
According to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, if the Nifty holds above 12,103 levels, it may rally further to 12,250-2,300 levels.
The rupee dropped by 27 paise to close at 71.62 against the US Dollar on November 28, ending its two-day winning run due to month-end dollar demand from oil importers and growing concerns ahead of the GDP data to be released on November 29.
On the institutional front, foreign portfolio investors (FPIs) were net buyers in the Indian markets for Rs 1,008.89 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 155.47 crore, provisional data showed.
Stocks in news:
HDFC Bank: The lender has formed a six-member committee to find a successor of Managing Director Aditya Puri.
ONGC: The company has issued $ 300 million notes under the MTN program. The notes are rated Baa1 from Moody’s Investors Service and BBB- from S&P Global Ratings.
Aurobindo Pharma: Its USA unit entered a pact with Profectus BioSciences to buy certain business assets for $ 11.29 million.
CG Power: The company has cancelled royalty pact worth Rs 411.2 crore with Avantha Holdings.
Kohinoor Foods: Oriental Bank of Commerce has declared the company as wilful defaulters as per RBI guidelines.
We spoke to IndiaNivesh Securities and here’s what they have to recommend:
Raymond: Buy | LTP: Rs 724 | Target: Rs 770 | Stop Loss: Rs 680 | Upside 6%
Page Industries: Buy | LTP: Rs 22,147.95 | Target: Rs 24,000 | Stop Loss: Rs 21,000 | Upside 8%
UltraTech Cement: Buy | LTP: Rs 4,299 | Target: Rs 4,570 | Stop Loss: Rs 4,150 | Upside 6%