Author: Cherian Varghese

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Daily Market Feed Post Market Analysis

Volatile Monthly Expiry for Nifty! – Post-Market Analysis

nifty post-market analysis | marketfeed

NIFTY started the day flat at 20,108 with a small gap-up of 12 points. After opening, the index fell sharply by over 100 points to 20,015 levels. It took support there and bounced back up to 20,150 levels with heavy volatility. Nifty closed at 20,133, up by 36 points or 0.18%.

BANK NIFTY (BNF) started the day at 44,711 with a gap-up of 145 points. After opening, the index fell nearly 500 points to 44,250 levels. Then, it moved in a 200-point range for most part of the day. BNF closed at 44,481, down by 84 points or 0.19%.

Other indices except Nifty PSU Bank (-1.1%) closed flat-to-green. Nifty Pharma (+1.56%) and Nifty Realty (+1.4%) moved up the most.

Major Asian markets closed mostly in the green. European markets are currently trading in the green.

Today’s Moves

UltraTech Cement (+3.1%) was NIFTY50’s top gainer. Yesterday, the company acquired the cement grinding assets of Burnpur Cement Ltd for ₹169.78 crore. 

Tata Technologies made a stellar debut in the stock market today. Its shares listed at ₹1,200 per share, a premium of 140% over its issue price of ₹500 per share.

New India Assurance (+10%) surged on the back of strong volumes.

Adani Ent (-1.59%) was NIFTY50’s top loser. 

Aether Industries (-5.99%) fell sharply for the second day in a row after a fire at the company’s Surat facility left six people dead and one missing.

Markets Ahead

After the strong upward rally, major Indian indices experienced a slight retracement with some volatility today. However, the key support levels remained intact. This indicates that the markets continue to maintain a bullish stance.

Nifty: The major support to monitor is the round levels of 20,000. The immediate support is near 20,100. If there’s a breakdown from this level, the index could decline to 20,000 and further to 19,960 levels. Meanwhile, the resistance to keep an eye on is near the all-time high (ATH) level of 20,200.

Bank Nifty: The index is encountering resistance at the crucial breakdown levels of 44,600, where the cup and handle pattern was also formed. That level has to be taken out for the index to move to 45,000 and 45,500. On the other hand, the immediate support to observe is 44,300. If there’s a breakdown from this level, the index could decline to 44,000 and 43,800 levels.

S&P Global Rating has upgraded India’s GDP growth from 6.0% to 6.4% for FY24. This has brought some optimism to the broad market.

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Market News Top 10 News

Foot Locker Set For India Entry – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Foot Locker signs pact with Metro Brands, Nykaa for India entry

American sportswear & footwear retailer Foot Locker has signed a long-term licensing agreement with Metro Brands Ltd (MBL) and Nykaa Fashion for its India entry. MBL will have the rights to own and operate Foot Locker stores within India and sell authorised merchandise in Foot Locker stores. Nykaa Fashion will be the exclusive e-commerce partner, operating Foot Locker’s India website and retailing authorised merchandise.

Read more here.

Aurobindo Pharma gets USFDA approval for HIV drug

Aurobindo Pharma has received approval from the US Food & Drug Administration (USFDA) to market a generic medication used to treat human immunodeficiency virus (HIV-1) infection. The approval is to manufacture and market Darunavir tablets in strengths of 600 mg and 800 mg. As per IQVIA data, the product has an estimated market size of $274.8 million for the 12 months ended October 2023.

Read more here.

ATGL launches green hydrogen blending pilot in Ahmedabad

Adani Total Gas Ltd (ATGL) has started blending green hydrogen in natural gas they sell to households for cooking purposes and industries as fuel in Ahmedabad. ATGL will employ the latest technologies to blend green hydrogen (GH2) with natural gas for over 4,000 residential and commercial customers in Ahmedabad. The pilot project is expected to be commissioned by Q1 of the financial year 2024-25.

Read more here.

Adani Power to blend green ammonia with coal at Mundra plant

Adani Power Ltd (APL) will use green ammonia along with conventional fuel coal to run the boiler of 330 megawatts (MW) at its Mundra plant in Gujarat. The quantum of green ammonia will be up to 20% of the total fuel requirement. Adani Power has partnered with IHI and Kowa-Japan for the pilot project. They are also examining its expansion to other APL units and stations.

Read more here.

SBI takes possession of PC Jewellers promoters’ assets

State Bank of India has taken possession of two residential properties owned by PC Jewellers Ltd in New Delhi after the firm and its guarantors failed to repay ₹1,168.90 crore. In a notification, SBI cautioned the public not to deal with the property and that any dealings with the property would be subject to the charge of the bank for an amount of ₹1,267 crore. SBI has already filed a case against PC Jewellers in the National Company Law Tribunal.

Read more here.

UltraTech acquires assets of Burnpur Cement for ₹69.79 crore

UltraTech Cement has acquired the cement grinding assets of Burnpur Cement Ltd in Jharkhand for ₹169.79 crore. The company has acquired 0.54 million tonnes per annum (MTPA) cement grinding assets of Burnpur Cement Ltd at Patratu in Jharkhand. Last year, Punjab National Bank had put up for sale the account of loss-making Burnpur Cement and invited bids from Asset Reconstruction Companies (ARCs) to recover loans outstanding of over ₹50 crore.

Read more here.

Report on Zee-Sony merger risks collapse incorrect: ZEEL

Zee Entertainment Enterprises Ltd (ZEEL) called the news report captioned “Sony-Zee Merger Risks Collapse Over Eleventh-Hour CEO Drama: Report” “factually incorrect.” The report was published by NDTV. ZEEL is continuing to work towards a successful closure of the proposed merger as per the Composite Scheme of Arrangement approved by NCLT, Mumbai Bench.

Read more here.

Fire reported at Aether Industries’ Surat plant

Aether Industries announced a fire incident at its manufacturing site in Surat, Gujarat. The fire caused injuries to about 25 workers and further evaluation of losses and damages is being conducted. However, no casualties had been reported.

Read more here.

SEBI bans 9 entities from the stock market

The Securities & Exchange Board of India (SEBI) has barred nine entities from the securities market for at least two years and directed them to refund Rs 8 crore collected from investors, which they received via unregistered investment advisory services, within three months.  The regulator has also imposed a penalty totalling ₹18 lakh on them and asked them to pay the amount within 45 days.

Read more here.

NSE, BSE grant approval for delisting ICICI Securities shares

ICICI Bank had obtained approval from the National Stock Exchange (NSE) and Bombay Stock Exchange to delist the shares of ICICI Securities. On November 9, the Reserve Bank of India (RBI) granted approval to ICICI Bank, allowing it to establish full ownership of ICICI Securities. On June 26, ICICI Bank disclosed its intention to review a proposal regarding the delisting of ICICI Securities.

Read more here.

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Daily Market Feed Post Market Analysis

Nifty Towards ATH, Regains 20,000! – Post-Market Analysis

Financial Trading Concept with Green UP Arrow and a Stock Market Chart as a Background. 3D Render

NIFTY started the day at 19,976 with a gap-up of 86 points. Even after the big gap up, the index continued moving up with a lot of strength to 20,100 levels— making a 150-point upward rally. Nifty closed at 20,096, up by 206 points or 1.04%.

BANK NIFTY (BNF) started the day at 44,081 with a gap-up of 201 points. After initial consolidation near 44,000 levels, the index gave a breakout and moved up with strength to 44,630 levels— making an intraday movement of more than 600 points. BNF closed at 44,566, up by 685 points or 1.56%.

All indices except Nifty Realty (-0.5%) and Nifty Media (-0.13%) closed in the green. Nifty Auto (+1.63%) moved up the most.

Major Asian markets closed mixed. European markets are currently trading flat-to-green.

Today’s Moves

Axis Bank (+3.82%) was NIFTY50’s top gainer. The bank has entered into a credit card point conversion partnership with Air India.

Aster DM Health (+18.8%) surged after the company said its subsidiary would sell its stake in Aster DM Healthcare FZC to Alpha GCC for ~₹8,125 crore).

Adani Total Gas (+13.7%) moved up with strength after the company launched its green hydrogen production and blending pilot in Ahmedabad.

Adani Ent (-1.1%) was NIFTY50’s top loser. 

Aether Industries (-8.41%) crashed after the company reported a fire at its Surat facility early that injured 25 people.

Markets Ahead

The Indian stock markets are looking strong, which is evident in today’s closing. Opting option buying trades could be a good strategy in the upcoming days, especially during market dips or corrections. The all-time high (ATH) in Nifty and Bank Nifty can be expected before the state election results kick in!

Nifty: The immediate support for the index is near the round levels of 20,000. The resistance will be near 20,200 (ATH levels). So if there’s a gap down or gap up tomorrow, there could be buying seen again after some retracement. On the other hand, a flat opening may lead to a continuation of the up-move.

Bank Nifty: The index is at an interesting breakout resistance level of 44,600, also forming a cup and handle pattern. A breakout could take the index up to 46,000 levels (as it’s still far from ATH when compared to Nifty). Meanwhile, the key support to watch is near 44,400 levels. A breakdown from there may take BNF down to 44,000 levels.

As per reports, the Indian stock markets are expected to see an inflow of around ₹30,000 crore from a major US pension fund from 2024 onwards, which could give a boost to local stocks!

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Sideways Weekly Closing! Where Will Nifty Go Next? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,809. The index mostly moved in a small range of 40 points throughout the day between 19,780 and 19,820. Nifty closed at 19,794, down by 7 points or 0.04%.

Nifty chart November 24- post-market analysis | marketfeed

BANK NIFTY (BNF) started the day flat at 43,607. After a small consolidation initially, the index moved up to the 43,700 resistance level, consolidated again, gave a breakdown and fell till opening levels. It again shot up and crossed the day’s high to 43,800. BNF closed at 43,769, up by 191 points or 0.44%.

Other indices except Nifty IT (-0.97%), Nifty FMCG (-0.47%), and Nifty PSU Bank (-0.34%) closed in flat-to-green. Nifty Pharma (+0.87%) moved up the most.

Major Asian markets closed mixed. UK’s FTSE100 is currently trading in the red, while Germany’s DAX and France’s CAC40 are trading in the green.

Today’s Moves

Cipla (+2.39%) was NIFTY50’s top gainer. HSBC maintained a “Buy” rating on the stock.

Shares of public sector insurance firms New India Assurance (+19.98%), General Insurance Company (+16.46%), and LIC (+9.71%) surged today amid a strong outlook.

HCL Tech (-1.49%) was NIFTY50’s top loser. 

Shares of CG Power (-6.7%) came under selling pressure today. Earlier this week, the company announced plans to set up an outsourced semiconductor assembly & test facility in India.

Warren Buffet’s Berkshire Hathaway has sold its stake in Paytm (-3.34%).

Markets Ahead

The indices had a week marked by volatility and consolidation. There was buying observed at lower levels and rejection at higher levels. The direction of the market’s future movement will likely be determined by a breakout or a breakdown on Tuesday. The Indian stock markets will be closed on Monday (November 27) on account of Gurunanak Jayanti.

Nifty: The index currently has immediate support around 19,800. A breakdown from this level could potentially lead to a decline to 19,700 and 19,630 levels. On the other hand, the resistance to keep an eye on is approximately 19,860. A breakout from this level might pave the way for targets of 20,000.

Bank Nifty: A significant resistance level to monitor in BNF is 43,800. A breakout from this level could potentially trigger targets around the round level of 44,000. Meanwhile, the immediate support is situated near 43,600 levels. If there’s a breakdown from this support, the index may decline to 43,500 and 43,200 levels.

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Peaceful Nifty Expiry. Markets at Breakout Levels! – Post-Market Analysis

post-market analysis | marketfeed
Relax, refresh and recharge words on office table with computer, coffee, notepad, smartphone and digital tablet

NIFTY started the day flat at 19,828. After an initial up-move to 19,875 levels, the index fell sharply to the 19,800 support levels and consolidated the rest of the day. Nifty closed at 19,802, down by 9.85 points or 0.05%.

BANK NIFTY (BNF) started the day flat at 43,452. The index had a calm day following yesterday’s volatility. It consolidated within a range of 100 points, roughly between 43,550 and 43,650. It can also be seen as a consolidation between the significant resistance at 43,700 and the support at 43,500. BNF closed at 43,577, up by 127 points or 0.29%.

All indices except Nifty Pharma (-1.57%) and Nifty IT (-0.59%) closed flat-to-green. Nifty Realty (+1.03%) moved up the most.

Major Asian markets closed mixed. European markets are currently trading mixed.

Today’s Moves

Hero MotoCorp (+4.52%) was NIFTY50’s top gainer. The stock has rallied over 15% in nine days after the company reported record festive sales.

Shares of EID Parry (+8.37%) surged after promoters divested a 2.27% stake in the company for ₹190 crore through an open market transaction.

HPCL (+6.94%) moved up with strength as crude oil prices dropped sharply after OPEC+ postponed its meeting to decide on oil output.

Honasa Consumer (Mamaearth) hit a 20% upper circuit after the company reported a 94% YoY growth in Q2 net profit.

Cipla (-7.93%) was NIFTY50’s top loser. The US Food & Drug Administration issued a letter that flagged data issues at the pharma company’s unit in Madhya Pradesh.

Tube Investments (-8.25%) fell sharply today.

Markets Ahead

Being the weekly expiry for Nifty, the index remained stable and maintained its upper levels. Bank Nifty also sustained its upper levels after recovering from yesterday. However, both Nifty and BNF need to overcome their respective major resistances to achieve a clear breakout.

Nifty: The index has immediate support near 19,800. If there’s a breakdown from this level, the index may decline to 19,700 and 19,630 levels. Meanwhile, the resistance to monitor is approximately at 19,860. A breakout from this level might lead to targets of 20,000.

Bank Nifty: A major resistance to watch out for in BNF is 43,700. A breakout from this level could potentially lead to targets of 43,900 and the round level of 44,000. On the other hand, the immediate support lies near 43,500 levels. If there’s a breakdown from there, the index may decline to 43,200 levels.

India VIX remains steady, and the markets are currently stable. Confirmation of a reversal and an uptrend may occur with a further breakout from key resistance levels. In the event of a positive market reversal, you could focus more on Bank Nifty as it’s further away from the all-time high (ATH) compared to Nifty. This suggests that BNF has the potential to move swiftly to cover the gap.

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Nifty Up, Bank Nifty Down! – Post-Market Analysis

BSE - post-market analysis | marketfeed

NIFTY started the day flat at 19,784. Initially, Nifty rose to yesterday’s high of 19,830 levels, took rejection there, and experienced a sharp decline of nearly 120 points to the support level at 19,700. Then, it bounced back 120 points! Nifty closed at 19,811, up by 28 points or 0.14%.

Nifty chart November 22- post-market analysis | marketfeed

BANK NIFTY (BNF) started the day flat at 43,663. The index made higher lows and fell nearly 460 points to 43,230 levels. Then, it made a sharp retracement of 245 points. BNF closed at 43,449, down by 239 points or 0.55%.

Nifty PSU Bank (-1.14%) fell the most, while Nifty IT (+0.74%) moved up the most.

Major Asian markets closed mixed. European markets are currently trading flat-to-green.

Today’s Moves

BPCL (+3.63%) was NIFTY50’s top gainer. The company’s board will meet on November 29 to consider interim dividend for FY24.

CG Power (+19.9%) surged after the company said it would set up an outsourced semiconductor assembly and test facility in India.

Share of Vardhman Textiles (+9.06%), RSMW (+8.8%), Donear Industries (+10.4%), and others were in demand due to analysts’ optimistic outlook for the textile industry.

IndusInd Bank (-2.11%) was NIFTY50’s top loser. The bank’s promoters have denied claims of raising funds by pledging their stake.

Markets Ahead

Both Nifty and Bank Nifty had their fair share of volatility today. While Nifty fell and recovered, Bank Nifty declined and recovered half of the fall— indicating a lack of strength in BNF when compared to Nifty. Even after these volatile moves, it’s surprising to note that India Vix has cooled down.

Nifty: The immediate level to monitor is 19,800 (where the maximum straddle Open Interest is concentrated). Depending on the price action from this level, the index could potentially move upward to 19,860 and 20,000 levels eventually.

Bank Nifty: The previous swing low at 43,200 levels could serve as immediate support. If there’s a breakdown from 43,500, potential targets could be 44,000 and 43,500. On the other hand, 43,200 may act as a significant resistance. A breakout from there might lead to targets of 43,700 and 43,800.

Considering the weakness in BNF, taking advantage of sell-on-rise opportunities might be a smart approach until 43,500 is crossed. 19,800 holds significance for tomorrow’s Nifty weekly expiry. Monitoring the price action around these levels is crucial, and planning a directional trade accordingly could be a strategic move.

Even though the US Federal Reserve adopted a cautious stance in its minutes and refrained from indicating a rate cut, the Indian market managed to recover from the day’s correction and ended with small gains. Meanwhile, 4 out of 5 IPOs have been fully subscribed!

Have you applied for any IPO this week? Let us know in the comments section below!

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Bank Nifty Holding Down Nifty! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,770 with a gap-up of 77 points (well above the important resistance zone). After initial consolidation, the index moved up to 19,830 levels but faced rejection. It then fell back to the opening levels and consolidated. Nifty closed at 19,783, up by 89 points or 0.45%.

BANK NIFTY (BNF) started the day at 43,790 with a gap-up of 207 points. The index mostly consolidated during the first half, but gave a sharp fall to 53,585 levels after 1 PM. Then, BNF bounced back and later consolidated. BNF closed at 43,689, up by 104 points or 0.24%.

All indices except Nifty PSU Bank (-0.35%), Nifty IT (-0.18%), and Nifty FMCG (-0.16%) closed in the green. Nifty Metal (+1.2%) moved up the most.

Major Asian markets closed mixed. UK’s FTSE100 and France’s CAC40 are currently trading in the red, while Germany’s DAX is trading in the green.

Today’s Moves

SBI Life Insurance (+2.7%) was NIFTY50’s top gainer. 

RattanIndia Ent (+17.1%) hit a 52-week high after the company’s subsidiary, Neobrands, launched its casual fashion brand.

Coal India (-3.9%) was NIFTY50’s top loser. The drop came after the stock traded ex-dividend.

KPIT Tech (-7.28%) fell sharply after Kotak Institutional Equities downgraded the stock to “Sell”, with a target price of ₹940.

Shares of ONGC (-3.36%) turned ex-dividend today.

Markets Ahead

Bank Nifty is currently holding key resistance levels and is unable to cross them. Meanwhile, Nifty was trying to move up, but Bank Nifty was holding it down. We could expect a directional move soon, depending on whether there is a breakout or breakdown from the current levels.

Nifty: The crucial support level to watch is around 19,750. A breach of this level could lead the index to fall to around 19,700 levels (potentially filling the gap). On the other hand, a breakout from the resistance at 19,800 might push the index upward to 19,860 levels.

Bank Nifty: The major resistance is located near 43,700, coinciding with the highest Open Interest (OI) in weekly contracts. A breakout from that level could potentially trigger a short-covering rally, pushing the index to 44,000 and 44,200. Meanwhile, a breakdown from 43,650 may lead the index down to 43,500 and 43,000 eventually.

Considering tomorrow’s weekly expiry for Bank Nifty and the recent consolidation, we could expect a directional move in BNF. So keep a close watch on breakout and breakdown levels and make trading decisions accordingly!

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Consolidation in Nifty and Bank Nifty! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,731. The index initially rose to 19,750 levels, fell 50 points, and moved up with strength to 19,755 levels (the day’s high). Then, it fell sharply to 19,670 and consolidated in a nearly 45-point range for the rest of the day. Nifty closed at 19,694, down by 37 points or 0.19%.

Nifty chart November 20 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day flat at 43,591. The index initially showed strength by moving up to the 43,700 resistance zone. Then, it made a double-top and fell to 43,500 levels. After all the volatile moves, the index consolidated and BNF closed flat at 43,584, up by 1 point or 0.00%.

Nifty Auto (-0.76%) fell the most, while Nifty IT (+0.6%) moved up the most today.

Major Asian markets closed mixed. UK’s FTSE100 is currently trading in the red, while France’s CAC40 and Germany’s DAX (+2%) are trading in the green.

Today’s Moves

Divi’s Labs (+2.02%) was NIFTY50’s top gainer. The stock extended gains for the fourth day in a row. 

Tata Investment Corp (+15.17%) rallied ahead of Tata Technologies’ IPO on Nov 22.

Latent View (+9.25%) surged on the back of strong volumes.

Adani Enterprises (-2.67%) was NIFTY50’s top loser. As per a Reuters report, Indian investigators aim to resume a probe into Adani Group. The inquiry focuses on suspected coal import overvaluation.

Bajaj Finance (-2.11%) fell after the lender temporarily suspended issuing member ID cards to customers following RBI’s order.

Shares of Balkrishna Industries (-5.51%) fell sharply, extending losses for the second straight session. 

Markets Ahead

The Indian markets are currently holding near crucial resistance levels. However, the rise in India VIX and a PCR of 0.73 suggest a degree of bearish sentiment (especially in Bank Nifty). Given that both indices have been trading in a range, a decisive breakout or breakdown from these levels could lead to significant moves in the respective directions.

Nifty: The critical support level to monitor is around 19,660. If there’s a breakdown from this level, potential targets in the index could be 19,600 and 19,500. On the other, the resistance to keep an eye on is at 19,720. A breakout from this level might lead to targets of 19,760, 19,800, and 19,860.

Bank Nifty: The key resistance level to monitor is at 43,800. A breakout from this level could propel the index to 44,000 and 44,200 levels. Meanwhile, the support level to keep an eye on is around 43,400. A breakdown from this level might lead to targets of 43,000 and 42,500 eventually.

Following today’s consolidation, the upcoming FINNIFTY expiry tomorrow could be volatile. So stay alert for directional movements and trade with caution.

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Momentum Lost in Nifty and Bank Nifty! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,674 with a gap-down of 91 points. After opening, the index made a strong recovery of more than 130 points to 19,800 levels. For the rest of the day, it consolidated in a range with a negative bias. Nifty closed at 19,731, down by 33 points or 0.17%.

Nifty chart Nov 17 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,656 with a gap-down of 504 points (below the 44,000 support zones). After initial volatility, 43,800 acted as strong resistance, and the index consolidated with a negative bias. BNF closed at 43,583, down by 577 points or 1.31%.

Other indices except Nifty PSU Bank (-2.39%), FIN NIFTY (-0.9%), and Nifty IT (-0.25%) closed in the green.

Major Asian markets closed mixed. European markets are currently trading in the green.

Today’s Moves

SBI Life Insurance (+3.97%) was NIFTY50’s top gainer. The stock extended gains for the third day in a row.

Tata Investment Corp (+20%) surged on account of value unlocking opportunity with Tata Technologies IPO. The public offer opens for subscription on November 22.

Varroc Engineering (+16.8%) surged on the back of strong volumes.

State Bank of India (-3.69%) was NIFTY50’s top loser. 

RBL Bank (-7.7%), Aditya Birla Capital (-5.6%), SBI Card (-5.14%), and other banking and NBFC stocks crashed after the RBI tightened the norms for personal loans and credit cards.

Markets Ahead

Markets gave a strong closing on a weekly time frame. Looking at the daily timeframe, there is a retracement of 38% in the Fibonacci levels for Bank Nifty. However, it’s important to note that this retracement is for the uptrend from 42,100 levels. When examining the same retracement levels from 46,300 levels, it coincides with the 50% rejection zone. This suggests a bearish sentiment on an even larger time frame.

On the other hand, Nifty looks stronger than Bank Nifty, and no retracement was observed. So if Bank Nifty shows weakness, there is a possibility that Nifty might experience a slight dip as well.

Nifty: The key support levels for the index are at 19,600 and 19,500. If there’s a breakdown from 19,630, potential targets could be 19,500 and 19,400. On the other hand, the major resistance level to monitor is around 19,860. A breakout from there might set a target of 20,000.

Bank Nifty: A vital support level to monitor is around 43,400. A breakdown from this level could confirm short-term bearishness, with potential downside targets at 43,000 and 42,500. On the other hand, significant resistance is evident near 44,800, while the immediate resistance lies at 44,000. A breakout from there could cause the index to rise to 44,400 and 44,800.

The Indian stock market displayed a mixed performance today, marked by a decline in financial stocks as RBI tightened consumer lending rules. Meanwhile, global markets have been strong due to the easing U.S. interest rate outlook and a decline in oil prices.

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20,000 Loading for Nifty? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,674. After initially falling to the previous swing levels of 19,630, there was no looking back! The index rallied nearly 250 points, moving from the intraday low of 19,627 to 19,875 levels. Even though the index tried to take resistance at 19,700 and 19,800 along the way, it consistently moved up. In the final 30 mins of trading, there was a notable decline of 150 points— bringing the index down to 19,725 levels. Nifty closed at 19,765, up by 89 points or 0.46%.

BANK NIFTY (BNF) started the day at 44,251 with a gap-up of 50 points. After consolidating within yesterday’s range until 11:00 AM, the index experienced a breakout, surging over 100 points to reach 44,400 levels. However, it faced resistance, leading to a decline. Despite attempting to return to those levels, the index faced rejection for the second time, resulting in a sharp drop of over 350 points in just 30 minutes. BNF closed at 44,161, down by 40 points or 0.09%.

All indices except Nifty PSU Bank (-0.24%) and Nifty FMCG (-0.15%) closed flat-to-green. Nifty IT (+2.69%) moved up the most.

Major Asian markets closed well in the red. European markets are currently trading mixed.

Today’s Moves

Hero MotoCorp (+3.2%) was NIFTY50’s top gainer. The two-wheeler maker marked its highest-ever festive retail sales, surpassing the 14 lakh unit mark.

Alok Industries (+9.79%) surged on the back of strong volumes.

Coforge (+6.7%), Mphasis (+4.23%), TCS (+2.7%), TechM (+2.8%), and other IT stocks rallied for the second day in a row, supported by softer-than-expected inflation data in the US. 

PowerGrid (-1.45%) was NIFTY50’s top loser. The stock turned ex-dividend today.

Kalyan Jewellers (-4.94%) fell sharply after brokerage firm ICICI Securities downgraded the stock from ‘Buy’ to ‘Add’.

Markets Ahead

Nifty was on steroids and moved with a lot of strength! As discussed in yesterday’s post-market report, Indian markets have turned bullish and buying on dips would be an ideal strategy. As we highlighted, focusing on long-side trades in Nifty was a wise move, given the index’s potential for upward movement. This strategy has proven to be effective in today’s market session.

Both indices experienced a significant drop in the last half-hour of trading. Whether this is merely profit booking or an indication of more incoming declines remains to be seen.

Nifty: The immediate resistance to watch out for is 19,800. A breakout from there could give us targets of 19,870 (today’s high) and 19,910. Meanwhile, the support can be seen near 19,700 levels (the earlier resistance now acting as support). A breakdown from there may give us targets of 19,635 and 19,500 eventually.

Bank Nifty: There is clear resistance near 44,400 levels. A breakout from there may take the index up to 44,500. The major support to look out for is the 44,000 round levels. A breakdown could give us targets of 43,800 and 43,700.

Bank Nifty is looking weaker than Nifty. If there’s a flat or gap-down opening tomorrow, considering short trades in both indices could be a strategic move. On the other hand, if there’s a minor correction following a big upward rally and the index opens flat and moves upward, planning buy-in-dips trades might be a suitable approach.

Being Nifty expiry today, option sellers would have been in trouble as CE premiums were seeing gamma spikes. Option premiums were very erratic, and the last 150-point fall created panic for PE sellers as well.

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Market News Top 10 News

ONGC to Invest Rs 1 Lakh Cr to Set Up Petrochem Plants – Top Indian Market Updates

ONGC market updates | marketfeed

ONGC to invest ₹1 lakh crore to set up 2 petrochem plants

Oil & Natural Gas Corporation (ONGC) plans to invest about ₹1 lakh crore to set up two petrochemical plants to convert crude oil directly into high-value chemical products as it prepares for energy transition. The company aims to raise its petrochemical capacity to 8.5-9 million tonnes (MT) by 2030. One project is likely to be set up by ONGC on its own and the other in a joint venture.

Read more here.

Suzlon’s wind turbine gets RLMM listing

Suzlon Group’s S144 – 3 MW series of wind turbines received the Revised List of Models & Manufacturers (RLMM) listing from the Ministry of New & Renewable Energy (MNRE). This listing marks an important milestone for the successful commercialisation of the product. Suzlon has already installed a prototype of this series at a hub height of 160m with a hybrid lattice tubular (HLT) tower at the Gondal site in Gujarat.

Read more here.

RBI asks Bajaj Finance to stop disbursal of loans under ‘eCOM’ and ‘Insta EMI Card’

Reserve Bank of India (RBI) has asked NBFC Bajaj Finance to stop sanctioning and disbursing loans under its two lending products ‘eCOM’ and ‘Insta EMI Card’ with immediate effect due to non-adherence of lending norms set out by the regulator. The central bank said it will review these supervisory restrictions following the rectification of the deficiencies listed.

Read more here.

Siemens to buy extra 18% stake in India unit for €2.1 billion

Siemens AG plans to acquire an additional 18% stake in its India unit from Siemens Energy AG for €2.1 billion in cash. This would increase Siemens’ stake in the publicly listed India unit from 51% to 69%, while Siemens Energy’s stake would decline from 24% to 6%. Siemens Energy is looking to shore up its finances to offset losses of its Gamesa wind business.

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IIFL Finance to invest ₹200 crore in subsidiary

IIFL Finance Ltd. will invest ₹200 crore in its material subsidiary, IIFL Samasta Finance, by subscription of equity shares. The company’s Board of Directors approved the investment by subscription of approx. 7.48-crore fully paid-up equity shares of face value ₹10 each at ₹26.74 per share. The subsidiary will use the money to support growth, reduce gearing, and improve capital adequacy.

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TCS forcing employees to transfer to different base locations: NITES

Nascent Information Technology Employees Senate (NITES) has filed a complaint with the labour ministry against Tata Consultancy Services (TCS). The IT sector employee rights organisation alleged that TCS has initiated transfers of employees to different base locations without consulting them. The affected employees are required to relocate to the new location within 14 days or stand to have their salaries deducted.

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Gland Pharma gets tentative USFDA approval for Angiotensin

Gland Pharma Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Angiotensin II Injection. The injection is used to treat low blood pressure. According to IQVIA data, the Angiotensin II Injection had sales of around $38 million for 12 months ended September 2023 in the US.

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Trade deficit widens to record high in October

India’s merchandise exports rose by 6.21% YoY to $33.57 billion in October 2023. Trade deficit rose to a record high of $31.46 billion during the month. Imports increased to $65.03 billion last month, compared to $57.91 billion recorded in October 2022. During the April-October period of FY24, exports contracted by 7% YoY to $244.89 billion.

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Religare did not disclose ₹250Cr ESOPs issued to Rashmi Saluja in subsidiary: InGovern

According to a report by InGovern, Religare Enterprises Ltd failed to disclose employee stock options issued to Chairperson Rashmi Saluja in its subsidiary Care Health Insurance Ltd. Nearly 2.27 crore options, representing 2.5% of the share capital and valued at over ₹250 crore, were granted to Saluja in January 2022. The options were issued at a “deep discount” of an exercise price of ₹45.32 per share

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Daily Market Feed Post Market Analysis

Nifty Closes Near 19,700 After Big Gap-Up! – Post-Market Analysis

nifty post-market analysis | marketfeed

NIFTY started the day at 19,651 with a gap-up of 208 points. The index formed a 75-point red candle (5-min chart) at opening. Following this, it consolidated within a nearly 30-point range till 1 PM, gave a breakout of the consolidation, and gradually rose to 19,690 levels amidst some volatility. Nifty closed at 19,675, up by 231 points or 1.19%.

Nifty chart November 15 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,398 with a gap-up of 507 points. The index formed a 205-point red candle at opening! Then, it fell sharply to 44,165 levels and consolidated in a 95-point range for the rest of the day. BNF closed at 44,201, up by 310 points or 0.71%.

All indices closed in green. Nifty Realty (+2.95%) and Nifty IT (+2.59%) moved up the most.

Major Asian markets closed well in the green (Japan’s Nikkei rose 2.5%). European markets are currently trading in the green.

Today’s Moves

Eicher Motors (+5.5%) was NIFTY50’s top gainer. The stock continued its strong up-move after the automaker posted better-than-estimated Q2 results.

Network18 (+10%) surged on the back of strong volumes.

Bajaj Finance (-1.86%) was NIFTY50’s top loser. 

Shares of Rajesh Exports (-8.05%) hit a three-year low after the company’s Q2 profit fell 88% YoY to ₹45.3 crore.

Natco Pharma (-4.48%) fell sharply despite the company reporting a 6x jump in net profit to ₹369 crore in Q2.

Markets Ahead

Both Nifty and Bank Nifty have crossed their important resistance levels, indicating a bullish trend.

Nifty: The crucial resistance to monitor is at 19,700. A breakout from this level might lead Nifty to touch 19,850. On the other hand, the immediate support stands at 19,650. If there’s a breakdown from this point, the index might experience a decline to 19,580 and 19,500 eventually. Given the current bullish trend in the markets, considering buying opportunities during each dip could be a strategic approach.

Bank Nifty: The critical support level to keep an eye on is 44,150. If this level is breached, BNF could potentially decline to the gap-filling zone at 43,900. Meanwhile, a breakout from 44,300 (resistance level) could propel BNF upward, reaching 44,300 initially and eventually climbing to 44,500.

There seems to be more space for Nifty to move on the upside than Bank Nifty. So you could take your trades accordingly!

The big gap-up today was influenced by positive global signals, particularly the softer-than-expected inflation data in the US and the UK. This suggests optimism regarding a potential end to the interest rate cycle (bond yields have also come down). Moreover, the decline in India’s CPI inflation further contributed to the improved market sentiment.

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