As we approach the final month of 2023, celebratory sentiments engulf the financial markets as key indices achieve unprecedented highs, ushering in a festive atmosphere. The bulls of Nifty50 have received an early visit from Santa, with a remarkable 3.46% surge in the past week, marking six consecutive weeks of ascent.
The MPC Meet which was broadly expected to be a no-surprise or shock event actually gave a little mini surprise hint to the market. The RBI Governor on the concluding part of his speech implied that it’s not just inflation but also disinflation aka slower growth is also something the RBI has its eyes on. This coupled with the fact that there was no mention of OMO bond sales implies a significantly less hawkish tone by the RBI governor compared with their previous speeches. The upward revision of FY24 GDP estimates by 50 basis points to 7% and the unchanged FY24 CPI estimates at 5.4% signal a robust and steady economic outlook. Overall, the MPC decision appears favorable for the equity markets, providing an additional boost to the already soaring Indian equity markets.
Scroll down to understand more of such market news and perspectives for the week gone by in easily understandable charts.
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India’s Services PMI has hit a 1-year low in November’23.
The accompanying chart represents the procurement trend of ethanol by Oil Marketing Companies.
The table below shows the premium of futures over their spot prices for new monthly expiry. Nifty’s December futures are trading at its 3rd highest premium in 9 months.
HINDPETRO has given a resistance breakout on the weekly chart. The stock has been facing a stiff resistance around the 330 levels since June 2019.
ADANIENT has given a breakout on the daily chart supported by rise in volumes and long buildup in future open interest (OI) data
TATAPOWER has broken out of the key resistance level of 270 on the weekly chart with rising volumes
Bank Nifty has convincingly surpassed the formidable 45,000 resistance. The index is trading above all important moving averages.
Industower Evolves Out from Contracted Bollinger Band Demonstrating Potential Breakout.
Image Source: Visual Capitalist
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