Stock Markets today: Weak start for Dec series | Talbros Automotive, ABB Power, Adani Transmission, CG Power are stocks in the news
The Nifty traded in a narrow range on November 27 and ultimately ended in the red. On the weekly chart, the index closed in the green for the fourth consecutive week however it formed a Doji pattern on the weekly chart. This shows loss of momentum on the way up. The same is evident from the daily momentum indicator also as it has triggered a bearish crossover. Thus, the index is expected to witness a short-term consolidation before heading higher.
Indian indices: Indian stock markets ended lower on November 27, ahead of the GDP data due later today. Losses were led by banks, IT stocks and heavyweight Reliance Industries. The Sensex fell by 0.25% or 110 points to 44150. The Nifty dipped by 0.14% or 18 points to 12,969.
The Nifty traded in a narrow range on November 27 and ultimately ended in the red. On the weekly chart, the index closed in the green for the fourth consecutive week however it formed a Doji pattern on the weekly chart. This shows loss of momentum on the way up. The same is evident from the daily momentum indicator also as it has triggered a bearish crossover. Thus, the index is expected to witness a short-term consolidation before heading higher. This means that the swing high of 13145 is unlikely to get taken out without further consolidation. The hourly chart shows that Nifty has a potential to form a Head & Shoulders pattern whose right shoulder is currently in formation. For that the index is forming a distribution near 61.8% retracement of the recent decline. So the index is expected to trade with a downward bias over the next few sessions and can come down to test 12800-12730.
Talbros Automotive Components entered in a Technical Assistance Agreement (TAA) with its Japanese partner
ABB Power Products signed MoU with Ashok Leyland and the Indian Institute of Technology Madras for an e-mobility pilot
Other technical observations:
On the daily chart, the Nifty is above the 20-day moving average (DMA) and the 40-DEMA, i.e. 12601 and 12294 respectively. The momentum indicator is bearish on the daily chart. On the hourly chart, the Nifty is above the 20-hour moving average (HMA) and the 40-HEMA, i.e. 12938 and 12927 respectively. The hourly momentum indicator is bullish. The market breadth was positive with 1185 advances and 675 declines on the National Stock Exchange
Following are the stocks/sectors which were in news today:
Adani Transmission rose by 3% to Rs 376, after it completed acquisition of Alipurduar Transmission from Kalpataru Power Transmission for an enterprise value of around Rs 1300 cr.
CG Power and Industrial Solutions hit 5% upper circuit to Rs 41, after Tube Investments of India acquired a controlling stake in the company.
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Asian stock markets closed near record highs as investors weighed renewed doubts about a highly-anticipated coronavirus vaccine against hopes that some of the region’s economies will recover quicker than their Western peers.
European markets were slightly lower on November 27, as investors digest vaccine news and China data.
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