Stock Market 2024: Major western markets are likely to be on a holiday during the occasion of Thanksgiving Day which will be celebrated on Thursday, November 28. In the United States, Thanksgiving is even celebrated as a national holiday. Does this apply to Indian stock market as well? Will trading on BSE and NSE closed on Thursday? On November 27, Sensex and Nifty extended their gains and held above 80,200 and near 24,275 levels.
Stock Market On Wednesday:
Sensex ended at 80,234.08, up by 230.02 points or 0.29%, while Nifty 50 gained by 80.40 points or 0.33% to end at 24,274.90. Bank Nifty surged over 110 points to above 52,300 levels and Nifty Financial Services jumped nearly 125 points to over 24,171 levels. Top gainers were Adani Enterprises, Adani Ports, Bharat Electronics, Trent, and NTPC. While top losers were Apollo Hospital, Titan Company, Wipro, Shriram Finance, and Hindalco.
Satish Chandra Aluri, Lemonn Markets Desk said, Benchmark indices posted gains on Wednesday led by a rebound in Adani Group stocks. Broader Mid and Small caps also posted strong gains, outperforming the benchmarks. Overnight rally in the US stocks closing at record highs along with news of a ceasefire deal between Israel and Hezbollah brokered by the U.S. and France led to overall positive global sentiment. US Fed meeting minutes for the last meeting showed that officials are evenly divided on the neutral level and agreed to go as per incoming data on future pace of cuts.
Thanksgiving Holiday:
This year, Thanksgiving is celebrated on November 28. This special occasion is celebrated as national holiday in the United States, Canada, Saint Lucia, Liberia, and unofficially in countries like Brazil, Germany and the Philippines. It is also observed in the Australian territory of Norfolk Island.
However, in India, this is neither a national or state holiday. Hence, markets in India will be opened for trading in currency, derivatives, commodities, bonds and much more.
What To Expect On Thursday, November 28?
Looking ahead, markets await Q2 GDP data and Infrastructure output. In the US, focus will be on core PCE inflation data, as per Aluri.
While Vinod Nair, Head of Research, Geojit Financial Services, the global sentiment is positive as the US FOMC minutes and a truce in the Middle East were optimistic. Decelerating inflation and robust growth prospects could lead to continued rate cuts by the Federal Reserve.
According to Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services, easing geopolitical concerns and record highs on Wall Street lifted sentiment, while FPI inflows resumed after two months of selling pressure. US Federal Reserve minutes highlighted optimism about easing inflation and a resilient labor market, creating scope for gradual interest rate cuts. Investors now await key US economic data releases later, including the second estimate of Q3 GDP growth, PCE inflation data, and initial jobless claims, which will provide further market direction.
On the technical terms, Hardik Matalia, Derivative Analyst at Choice Broking said, "On the daily chart, the Nifty index formed a small-bodied bullish candle with both upper and lower wicks, indicating indecision in the market. This pattern reflects a tug-of-war between buyers and sellers, though the bullish close suggests that buyers had a slight edge by the end of the session. It traded sideways in a narrow range in the start of the session but buyers pulled the Nifty index higher to close at 24275.35 mark. Looking ahead, the 24,000 level is expected to serve as a crucial support zone. A decisive break below this level could push the index toward the 23,800-23,600 range. On the upside, 24,500 remains a significant resistance level, and a sustained breakout above this mark could pave the way for further gains. In the current volatile environment, traders are advised to follow a buy-on-dips strategy as long as the index holds above 24,000. To manage risk effectively, a strict stop-loss at 23,800 on a closing basis is recommended."
Shrikant Chouhan, Head Equity Research, Kotak Securities said, "We are of the view that, as long as index is trading above 24150/79800 the bullish sentiment is likely to continue. On the higher side the market could move up to 24400-24500/80500-80900. However, below 24150/79800 uptrend would be vulnerable."
To investors, Ajit Mishra - SVP, Research, Religare Broking said, Nifty has demonstrated resilience throughout this consolidation phase, and the upcoming monthly expiry of November derivatives contracts on Thursday could potentially trigger a breakout above the 24,350 level, paving the way for a move toward 24,550. Notably, rotational buying in select heavyweight stocks across sectors is helping sustain a positive market sentiment. On the downside, a close below 24,100 could put pressure on the bulls and prolong the consolidation phase. In this environment, traders should prioritize prudent stock selection and effective trade management.
Which Stocks To Buy On November 28?
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher has recommended buying three stocks on Thursday. These are:
- BUY HFCL cmp 133.50 Stop Loss 129 Target 142
- BUY JP POWER cmp 17.35 Stop Loss 16 Target 22
- BUY GMR INFRA cmp 81.80 Stop Loss 79.50 Target 85
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