November 28, 2020
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What to Expect now ??….
Today Morning at Asian Markets :
Stocks in Asia-Pacific traded little changed Friday morning as investors await data on China’s industrial profits for October.
Markets will also scrutinize concerns over the Oxford-AstraZeneca vaccine candidate, with results and methods used in their phase three vaccine trials under criticism from experts in the U.S.
In Japan, the Nikkei 225 dipped 0.1% in early trade while the Topix index added 0.15%. South Korea’s Kospi was around the flatline.
Meanwhile, shares in Australia dipped, with the S&P/ASX 200 down by around 0.2%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded fractionally lower.
Data on China’s industrial profits for October is set to be out at around 9:30 a.m. HK/SIN on Friday.
US Markets,last Night
Stocks rose on Friday as traders wrapped up a strong week amid decreasing political uncertainty and positive vaccine news.
The S&P 500 gained 0.3% to end the day at 3,638.35, notching a record closing high. The Nasdaq Composite advanced 0.9% to 12,205.85 and also closed at an all-time high. The Dow Jones Industrial Average closed higher by 37.90 points, or 0.1%, at 29,910.37. Friday’s session ended at 1 p.m. ET.
The Dow and S&P 500 rose 2.2% and 2.3%, respectively, for the week. The Nasdaq, meanwhile, posted a weekly gain of nearly 3%. Earlier in the week, the Dow jumped to an all-time high, breaking above 30,000 for the first time and hit an all-time high.
Retailers led the early gains as investors bet on a strong holiday shopping season. The SPDR S&P Retail ETF (XRT) rose 0.9% and hit an all-time high. Etsy shares popped 10.7%, and Gamestop advanced 9%. Amazon shares gained 0.3%, and Shopify climbed 1.5% after Adobe Analytics said Thanksgiving Day online sales rose to a record $5.1 billion.
Also helping sentiment were comments from President Donald Trump, who said he would leave the White House if the Electoral College votes for President-elect Joe Biden.
“Certainly I will. Certainly I will. And you know that,” Trump said. He added, however, it would be hard for him to concede because “we know there was massive fraud.” Trump did not offer any concrete evidence of widespread voter fraud, however.
Friday’s gains added to the market’s surge this month, which was sparked in part by a slew of positive coronavirus vaccine trial data.
Earlier In November, Pfizer and BioNTech said their vaccine was more than 90% effective. Moderna also said its drug was highly effective in a trial.
That data helped push the Dow up 12.9% in November, putting it on track for its biggest monthly gain since January 1987. The S&P 500 and Nasdaq are up 11.3% and 11.9%, respectively, in November. Meanwhile, the small-cap Russell 2000 is on track for its best month ever, up about 20%.
November’s sharp gains were led by beaten-down value stocks as the positive vaccine news sparked hope for a strong economic recovery.
In India, on Tuesday , the Nifty and Bank Nifty are expected to open on strong positive note and up trend is expected to resume.
Market-Trend as seen by Shri Deepak Jasani, Head of Retail Research, HDFC Securities
“Indian equity benchmark indices ended lower in a highly volatile session on Nov 27. However the intraday range for the Nifty was just 121 points. At close the Nifty was down 18 points or 0.14% at 12,969. Nifty gained for the fourth consecutive week (up 0.85% WoW) and recorded the largest monthly gain in November since April.
Among sectors, Auto and PSU Banks were the main gainers while IT, Infra and Energy indices were the laggards. Broad market indices like midcap and smallcap indices ended sharply in the positive.
Asian and European stocks were mixed on Friday, amid thin trading volumes, as investors went into sidelines on reports raising doubts about the effectiveness of AstraZeneca’s COVID-19 vaccine.
Nifty continues to consolidate after making a high on Nov 25. It has formed a doji on weekly charts after a sustained rise, suggesting caution at high levels. Also a three day weekend pushed traders to reduce their open positions. A upward breach of 13146 is necessary to expect more upsides while a downward breach of 12833 could bring in more downsides and mean that a temporary top has been made on Nov 25. A better than expected India Q2 GDP number this evening could result in a good opening on Tuesday.
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Very useful and accurate report
Check your bank NIFTY target looks wrong, or typing mistake..
Will check and report
Very good analysis to four star
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Market has declined exactly as indicated by you on 24 dec. Congrats.
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Sir,
I studied your analysis in Chanakya about Yes Bank. I recently purchased 100 shares at Rs. 230 and As indicated by you, the scrip today on Monday declined to Rs. 211. Should I book losses and then wait for further fall ? or should I buy at Rs. 180 in bulk ??
Eagerly awaiting your Diwali issue. I believe that it will have show hidden pearls of Indian stock market.