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Markets traded volatile and lost nearly half a percent citing mixed global cues. The benchmark opened firm and inched further higher in the first hour but prevailing uncertainty around the new COVID variant trimmed all the gains and pushed the index lower as the day progressed. Eventually, Nifty settled around the day’s low to close at 16983 levels. Among the sectors, consumer durables, IT and realty were the top gainers whereas metal, telecom and banking ended with losses. Amid all, the broader markets outperformed wherein midcap and smallcap ended higher by 0.4% and 1.4% respectively. Markets will first react to the GDP numbers in early trades on Wednesday and the auto sales will also start pouring in from December 1. Needless to say, the excessive news flow around the new COVID variant would keep the volatility high. Keeping in mind the scenario, it’s prudent to continue with hedged positions until the markets stabilize.
Nifty witnessed sharp swings in both the directions on November 30. In the beginning of the session, the index saw strong momentum that pushed the index beyond 17320. On the higher side, however, the bounce fizzled out near the upper end of the dynamic falling channel and the 40-hour exponential moving average. Thereon, the bears took charge and dragged Nifty below 17000. Going ahead, the low point of the recent Doji formation i.e. 16900 will be the key support to watch out for. Till that holds the Nifty can go for a base formation in the range of 16800-17300.Resistance: 17000, 17200, 17500
Support: 16800, 16700, 16500
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