Mumbai, Nov 29 (IANS) The Indian stock market opened in green on Friday as buying was seen in the Media and Pharma sector in early trade.
At around 09.44 a.m., the Sensex was trading at 79,369.57 after gaining 325.83 points or 0.41 per cent, while the Nifty was trading at 24,019 after rising 104.85 points or 0.44 per cent.
The market trend remained positive. On the National Stock Exchange (NSE), 1345 stocks were trading in the green, while 876 stocks were in the red.
Nifty Bank was up 224.45 points or 0.43 per cent at 52,131.30. Nifty Midcap 100 index was trading at 56,397.95 after gaining 97.20 points or 0.17 per cent. Nifty Smallcap 100 index was at 18,585.40 after gaining 73.85 points or 0.40 per cent.
According to market experts, “It is better for investors to wait and watch. Lots of stock-specific actions are likely starting today in response to the inclusion of 45 new stocks to the F&O list.”
Buy on dips strategy may not yield short-term gains in this market. However, this strategy can be applied by investors with a medium to long-term time horizon.
Large Caps in financials, IT, capital goods and telecom are ideal for accumulation from a medium to long-term perspective,” they said.
In the Sensex pack, Sun Pharma, Adani Ports, M&M, Bharti Airtel, L&T, Bajaj Finance, Titan and HCL Tech were the top gainers. Power Grid, ITC, TCS, Maruti, Tata Steel and Tech Mahindra were the top losers.
In Asian markets, the markets of China and Hong Kong were trading in green. Whereas, the markets of Bangkok, Jakarta, Seoul and Japan were trading in red. The US stock markets closed in red on the previous trading day.
Mandar Bhojane, Research Analyst of Choice Broking said, “In the Nifty 50, the daily chart shows a bearish candle, reflecting profit booking after a pullback from key support levels.
Immediate support is placed at 23,800 and 23,680, which align with strong Fibonacci levels. These zones could act as potential reversal points, offering a buying opportunity if confirmed by price action.
On the upside, 24350 serves as immediate resistance. A sustained move above this level could propel the index toward 24,800 and 25,000, unlocking significant upside potential,” he said.
Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth Rs 11,756 crore on November 28, while Domestic Institutional Investors (DIIs) were net buyers, purchasing equities worth Rs 8,718 crore.
