GIFT Nifty up 21 points: Asian markets, crude oil prices, dollar movement, three listings & more

Domestic stock indices are likely to open higher amid a lack of directional cues from global markets. Asian shares were mixed in the early trade, tracking a flat closing for US stocks overnight. The US dollar continued to slide while crude prices were down on demand concerns . Back home, the Street was awaiting three IPO listings including that of Tata Technologies, Gandhar Oil and FedBank Financial Services. Here's what you should know before the Opening Bell:

Nifty outlook
Nagaraj Shetti of HDFC Securities said Nifty formed a long bull candle on the daily chart with gap up opening, which indicates a decisive upside breakout of a strong overhead resistance. The opening upside gap remains unfilled, he noted.

"The short-term trend of Nifty continues to be positive. Having witnessed a decisive upside breakout of 19,900 levels, there is a possibility of continuation of sharp upside momentum for Nifty in the coming sessions. One may expect formation of new all-time highs above 20,250-20,350 levels in the next few sessions. Immediate support is placed at 19,950 levels," he said.

Nifty Bank outlook
Jatin Gedia of Sharekhan said Nifty Bank witnessed a continuation of the positive momentum from the previous week. It continued to inch higher and has closed above the 40-day moving average which is a sign of strength, Gedia said. “On the upside we expect the Bank Nifty to target levels of 44,500 from a short-term perspective,” he said.

GIFT Nifty signals a positive start
Nifty futures on the NSE International Exchange traded 21 points, or 0.10 per cent, higher at 20,130, hinting at a positive start for the domestic market on Thursday.

Asian stocks mixed in early trade
Asian shares opened mixed on Thursday as investors brace for economic data and policy events across continents. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.92 per cent. Japan's Nikkei shed 0.27 per cent; Australia's ASX 200 was flat; New Zealand's DJ gained 0.35 per cent; China's Shanghai added 0.16 per cent; Hong Kong's Hang Seng fell 0.18 per cent; South Korea's Kospi added 0.06 per cent.

Oil prices fall on weak demand
Oil prices fell in early Asian trade on Thursday on weaker-than-expected Chinese manufacturing data, but investors-maintained caution ahead of an OPEC+ meeting where production cuts are expected. Brent crude futures fell 28 cents, or 0.3 per cent, to $82.90 a barrel by 0024 GMT, while US West Texas Intermediate (WTI) crude futures fell 24 cents, or 0.3 per cent, to $77.68 a barrel.

Dollar drifts near three-month low
The dollar was rooted near a three-month low on Thursday and was set to post its steepest monthly decline in a year as investors ramped up bets that the Federal Reserve is done with rate hikes ahead of a crucial inflation report later in the day. The dollar index eased 0.058 per cent to 102.74. Sterling was last at $1.2695, up 0.01 per cent on the day, while the euro was up 0.06 per cent at $1.0975. The yen strengthened 0.09 per cent to 147.11 per dollar.

Wall Street stocks end on flat note
US stocks edged mostly lower on Wednesday as a robust upward GDP revision eased recession fears, while Federal Reserve officials' remarks raised questions about the duration of the central bank's restrictive policy. The Dow Jones Industrial Average rose 13.44 points, or 0.04 per cent, to 35,430.42, the S&P 500 lost 4.31 points, or 0.09 per cent, at 4,550.58 and the Nasdaq Composite dropped 23.27 points, or 0.16 per cent, to 14,258.49.

Tata Technologies listing today
Shares of Tata Technologies is set to make its Dalal Street debut on Thursday, November 30. Tata Tech sold its IPO in the range of Rs 475-500 apiece with a lot size of 30 shares between November 22 and November 24. The Tata Motors promoted entity raised a total of Rs 3,042.51 crore via IPO route. The issue was overall subscribed a strong 69.43 times, attracting 73,58,222 bids, during the three-day bidding process, worth more than Rs 1 lakh crore.

Gandhar Oil Refinery to make market debut
Shares of Gandhar Oil Refinery (India) is set to make its Dalal Street debut on Thursday, November 30. Gandhar Oil sold its IPO in the range of Rs 160-169 apiece with a lot size of 88 shares between November 22 and November 24. The white-oil manufacturer raised a total of Rs 500.69 crore via IPO route. The issue was overall subscribed a strong 64.07 times.

Fedbank Financial Services to list today
Shares of Fedbank Financial Services will make its Dalal Street debut on Thursday, November 30. Fedbank Financial sold its IPO in the range of Rs 133-140 apiece with a lot size of 107 shares between November 22 and November 24. The Federal Bank promoted shadow lender raised a total of Rs 1,092.26 crore via IPO route. The issue was overall subscribed a strong 2.20 times, during the three-day bidding process.

Stocks in F&O ban
Six stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Thursday, November 30. The new addition namely- Hindustan Copper and Manappuram Finance- will join the existing retentions including Balrampur Chini Mills, Bharat Heavy Electricals (BHEL), Granules India and Indiabulls Housing Finance. Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under ban in the F&O segment.

FPIs buy shares worth Rs 72 crore
Provisional data available with NSE suggest that FPIs were net buyers of domestic stocks to the tune of 71.91 crore on Wednesday. On the other hand, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 2,360.81 crore.

Rupee gains 2 paise against US dollar
The rupee appreciated by 2 paise to close at 83.32 against the US dollar on Wednesday in its second straight day of gains following FII inflows into capital markets and strong stocks rally. A weak American currency against major rivals supported the domestic unit while an upward movement in crude oil prices ahead of the crucial meeting of oil-producing countries capped the gain in the rupee, forex traders said.

Note: With inputs from PTI, Reuters and other agencies

Also read: ICICI Bank, Voltas, Engineers India: Trading strategies for these buzzing stocks

Also read: Stock recommendations for November 30, 2023: Gujarat Gas, Chambal Fertilisers and Quess Corp