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Market Commentary

Overnight global action was Positive: On 28st Nov, U.S. markets up with S&P 500 +36.73 pts (+0.54%), Dow Jones up by +289.67 pts (+0.61%) and Nasdaq up by +197.58pts (+0.87%). India VIX was down by ~1.4%. GIFT Nifty is trading down at ~26,522 (-17.50 pts, -0.11%) indicating Indian markets will open positively.

On 28 st Nov, advance decline ratio on NSE was 3187: 1527 and BSE was 1960 2197 which showed positive in the overall markets.

Index Options Data Analysis:

Sensex max call OI is at 86,000 max put OI is at 85,500 with PCR of 0.9

Nifty max call OI is at 26,000 and max put OI is at 26,500 with PCR of 1.1

Bank Nifty max call OI both is at 58,800 with PCR of 1.16

Securities in Ban for F&O Trade for 1

NIL

Sectors in Focus:

Auto : Nifty Auto index up by +0.62% with M&M (+2.17%), EXIDEIND (1.79%), and HEROMOTOCO (+0.80%) Among the contributors.

Pharma: Nifty Pharma index was up by +0.59 % with IPCLAB (3.65%), LAURASLAB (+2.92%) and ABBTINDIA (+2.58%) among the top gainers.

Media: Nifty media index down by +0.55% with Zeel (+3.37%),Network India (+0.02%), and TIPMUSIC (+1.59%) Among the contributors.

Oil& Gas : Nifty Oil& Gas index was down by -0.69 % with GAIL (-4.09%), GSPL (-2.22%) and BPCL (-1.51%) contributing negatively to the index.

Financial Services : Nifty Financial Services index down by - 0.72 with SBILIFE (-1.72%), HDFCLIFE (-1.36%), and SHRIRAMFIN (-1.35%) Among the contributors.

Realty : Nifty Realty index was down by -0.19% with ANATRAJ (-1.44%), OBEROIRLTY (-0.76%) and LODHA (-0.53)among the top losers.

Stocks in the News

1. Mahindra & Mahindra Limited (CMP: 3757.8, MCap: 4,67,293, Sector: Automobiles, Valuation: 26.57xFY26 P/E) Mahindra & Mahindra, through its subsidiary Mahindra Lifespace Developers Limited, acquired a strategic entity to bolster its real estate portfolio, supporting long-term growth plans in the sector. This acquisition is a significant step towards strengthening its position in real estate development.

2. NTPC Limited (CMP: 326.6, MCap: 3,16,693, Sector: Power Generation & Distribution, Valuation: 8.99xFY26 EV/EBITDA) NTPC received NCLT approval for a resolution plan with MAHAGENCO for Sinnar Thermal Power Limited under CIRP, marking a key step in resolving financial distress and acquiring strategic assets.

3. Adani Enterprises Limited (CMP: 2281.05, MCap: 2,94,867, Sector: Conglomerate, Valuation: 47.11xFY26 P/E) Adani Enterprises completed the acquisition of a strategic entity, finalizing a key disinvestment or investment transaction to enhance its diversified business portfolio.4. Paytm (One 97 Communications Limited) (CMP: 1321.2, MCap: 84,466, Sector: Financial Technology, Valuation: 336.1xFY26 P/E) Paytm updated on the simplification of its group structure and the transfer of its offline merchant payments business to Paytm Payments Services Limited, a wholly-owned subsidiary, to streamline operations.

5. Dalmia Bharat Limited (CMP: 2009.25, MCap: 37,686, Sector: Cement, Valuation: 35.99xFY26 P/E) Dalmia Bharat provided clarification on media reports to address public speculations, ensuring transparency and maintaining investor confidence regarding its operations and strategic direction. Additionally, Tamil Nadu tax authorities dropped a demand notice of ?266.3 crore, resolving a significant regulatory

6. Gabriel India Limited (CMP: 1028.45, MCap: 14,773, Sector: Automotive Components, Valuation: 50.11xFY26 P/E) Gabriel India announced an update on its Joint Venture Agreement with SK Enmove Co., Ltd., extending the closure date to finalize terms or operational alignments in their strategic partnership.

7. Sterling and Wilson Renewable Energy Limited (CMP: 225.95, MCap: 5,276, Sector: Renewable Energy, Valuation: 12.52xFY26 EV/EBITDA) Sterling and Wilson provided an update on an Indemnity Agreement with Shapoorji Pallonji, Khurshed Yazdi Daruvala, and Reliance New Energy Limited, addressing liabilities to safeguard stakeholder interests

8. Ashoka Buildcon Limited (CMP: 177.75, MCap: 4,989, Sector: Construction & Engineering, Valuation: 2.13xTTM EV/EBITDA) Ashoka Buildcon acquired a stake in Ashoka Concessions Limited to make it a wholly-owned subsidiary, consolidating control over key infrastructure assets.9. Camlin Fine Sciences Limited (CMP: 164.9, MCap: 3,099, Sector: Chemicals, Valuation: 31.11xFY26 P/E) Camlin Fine Sciences completed the acquisition of a strategic entity, enhancing its market presence or operational capabilities, and allotted 4,106,181 securities via a preferential issue on November 30, 2025, to fund growth initiatives.

Previous week it was mentioned that Our view is that Nifty can correct downside to the abovementioned levels & traders should use any corrections an opportunity to buy.

Corrective levels below 26060 are (25785-25510)-25287-(25065-24750) as bounce back level.

If the trend is strong Nifty will not breach (25785-25510).

NIFTY reached a low of 25842.95 & bounced back.

Nifty made a high of 26310.45

Corrective levels area at (25851-25566)-25337-(25107-24780).

If trend is strong (25851-25566) will not be breached.

Above 26311 we open for 26500-26700 area.

Our view is that any minor correction at the above-mentioned levels should be used as an opportunity to buy for 26500-26700 area.

SMS subject to  Disclosures and Disclaimer goo.gl/8bCMyQ

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