Weekly market wrap: Sensex, Nifty end holiday-shortened week higher by up to 2%; Nifty Realty spurts 6%

In a holiday-shortened volatile week, Indian equities aft staging a decent comeback successful today's league (November 22) pared each its losses and gained connected some the header indices. Nifty for the week to November 22 ended climbed 1.59 per cent, portion the BSE 30-share Sensex ended astir 2 per cent higher.

The gains came arsenic the D-Street mostly shrugged-off concerns astir the Adani allegations by the US court.

Also, sentiment turned optimsitc amid expectations of amended net going forward. 

Vinod Nair, Head of Research, Geojit Financial Services remarked, "The marketplace witnessed a important wide based rally, from the oversold territory, predominantly led by large-cap stocks, arsenic their valuations appeared appealing with expectations of betterment successful firm net successful the 2nd fractional of the fiscal year."

Positive momentum was besides observed successful planetary markets, owed to humble diminution successful Japan's October ostentation and 39 trillion yen stimulus package. Moderation successful planetary & home governmental play provided a alleviation to the home market, helium added.

Top sectoral gainers and losers

Of the 13 large indices, Realty jumped sharply by arsenic overmuch arsenic 6 per cent during the week, portion Auto and IT followed with gains of up to 3 per cent, portion Nifty Media and Nifty Energy indices ended successful the red.

Top Nifty gainers and losers

Power Grid Corporation (7.34 per cent), M&M (7 per cent), UltraTech Cement (over 5 per cent), Hero MotoCorp (over 4 per cent) and Hindalco (nearly 4 per cent) gains.

Top losers from the battalion included stocks similar Adani Enterprises (down 21%), Adani Ports (10 per cent), SBI Life Insurance (down implicit 5 per cent), BPCL (down implicit 4 per cent) and Bajaj Finserv (down implicit 2 per cent).
Rupak De, Senior Technical Analyst, LKP Securities. Request you to delight incorporated the views successful your story.

Technical set-up

Rupak De, Senior Technical Analyst, LKP Securities said, "Finally, the Nifty witnessed a beardown betterment arsenic the scale moved backmost supra the 200DMA, indicating an improving trend. Additionally, the Nifty has breached retired of a fewer days of congestion connected the regular timeframe."

The RSI has entered a bullish crossover adjacent the oversold zone, suggesting affirmative momentum. The sentiment appears favorable for a meaningful rally successful the abbreviated term, arsenic agelong arsenic the scale stays supra 23,600. Immediate absorption is seen astatine 23,960–24,000. A decisive determination supra 24,000 could trigger a rally toward 24,500. On the downside, supports are placed astatine 23,750 and 23,550, added De.