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Share Market Today | Gift Nifty Hints At Flat Start; Nifty Likely To Consolidate

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Synopsis:

Today’s share market features how NMDC approved a 2:1 bonus issue, and KPI Green Energy will review a second 2024 bonus proposal. October’s SIP inflows hit ₹25,323 crore, Alembic Pharma received USFDA approval for a hypertension drug, and Welspun Corp divested a 5% Saudi subsidiary stake. FII recorded a net outflow of ₹2,306.88 crore, while DII saw an inflow of ₹2,026.63 crore in the provisional cash segment on 11 November.

Latest Market News

1. NMDC approves issue of two bonus shares for each held.

2. ⁠KPIGreenEnergy to consider a second free share proposal for 2024 on November 14.

3. ⁠Gross SIP inflows at ₹25,323 cr vs ₹24,509 cr.

4. ⁠Alembic Pharma gets USFDA nod for hypertension treatment drug.

5. ⁠Welspun Corp divests a 5% stake in a Saudi subsidiary for 218.9 SAR. This is approx $58 million = ₹490cr approx. This will be used for financing capex.

6. ⁠11th Nov Provisional Cash segment  FII -2306.88 cr DII + 2026.63 cr.

 

ITI LTD

Trade

292.480.08 (0.02 %)

Updated - 14 November 2024
311.75day high
DAY HIGH
290.61day low
DAY LOW
9936068
VOLUME (BSE)

In-Depth Market Insights: Global Outlook, Derivatives & More

US Share Market News

  1. Performance Overview:

    • The Dow Jones climbed higher on Monday, extending its recent rally to close above 44,000 for the first time as the stocks continue to surge ahead of upcoming inflation data and a slew of Federal Reserve speakers.

    • Wall Street banks, including JPMorgan Chase & Co, Goldman Sachs Group Inc., and Citigroup Inc., were rising amid hopes that a second Trump administration could result in an easier banking regulatory environment. 

  2. Sector-Specific Movements:

    • The S&P 500 rose 0.1% to 6,001.35 points on Monday, closing above 6,000 points for the first time ever. The NASDAQ Composite rose 0.1% to 19,303.57 points, while the Dow Jones Industrial Average rose 0.7% to 44,293.13 points. 

    • The Dow benefited greatly from positioning in economically sensitive sectors, as investors looked to more expansionary policies from Trump. 

  3. Economic Indicators:

  • Focus this week was squarely on upcoming consumer price index inflation data for October, for more signs that inflation is easing. 

  • The reading comes just a week after the Fed cut interest rates by 25 basis points, and reiterated that future easing will be largely dependent on the path of inflation. This week’s CPI data is expected to factor into the outlook for rates. 

Other Asset Classes

  1. Treasury Yields:

    • The U.S. Treasury market was closed Monday for the Veterans Day holiday.  

  2. Currency:

    • The dollar index was 0.56% firmer at 105.59, its highest since July. Last week, it jumped more than 1.5% to 105.44, after U.S. election results showed Trump’s victory.

    • Bitcoin hit another high Monday, as the rally in cryptocurrencies continued following Donald Trump’s election win. The price of the flagship cryptocurrency Bitcoin was last higher by more than 12% at $89,174.

  3. Commodities:

    • Gold prices slipped more than 2% on Monday, weighed down by the greenback’s continued rise and broader implications of Donald Trump’s victory in the U.S. presidential election on fiscal policy and interest rate cuts. Spot gold fell 2.5% to $2,617.96 per ounce.

    • Oil prices fell by more than 2% on Monday after China’s latest stimulus plan disappointed investors seeking demand growth in the world’s second-biggest oil consumer, while supply looked set to rise in 2025. Brent crude futures lost $2.04, or 2.76%, to close at $71.83 per barrel.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets were mixed on Tuesday morning trade, with investors exercising caution even as the Dow Jones Industrial Average’s post-election rally continued to gain momentum to close at a record high.

  2. Specific Index Performance:

    • Japan’s Nikkei 225 added 0.23% while the Topix rose 0.68%. South Korea’s Kospi fell by 1.25%, while the Kosdaq Index dropped 2.04%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a flat opening for the Indian market amid mixed Asian cues. Nifty spot is likely to extend consolidation in the range of 24000-24350.

  2. Market in Previous Session:

    • Benchmark indices traded with high volatility and closed Monday’s session on a flat note signaling consolidation amid stock-specific action. The Sensex was up marginally by 10 points at 79,496.15, and the Nifty was down marginally by 07 points at 24,141.30. About 892 shares advanced 1958 shares declined and 49 shares were unchanged.

    • Bank Nifty outperformed after two sessions of decline and closed the session higher by 0.61% at 51876.75 levels. The broader market extended decline as the Nifty midcap and small-cap index lagged behind the main indices closing down by 0.88% and 1.20% respectively. IT, Banks and PSU index closed on a positive note while the Oil & Gas, FMCG, Media, Pharma and Metals index closed down around 1% on Monday.

  3. Nifty Short-Term Outlook:

    • The index started the week on a volatile note and closed the session on a flat note. On the daily chart, it formed a small bull candle with shadows in either direction highlighting intraday volatility.

    • Nifty in the last two weeks is broadly consolidating in the range of 24500-23800. Index during last week reacted lower from the upper band of the range (24500) and 20 days EMA which has acted as stiff resistance in the entire decline of the last 6 weeks highlighting corrective bias.

    • Index sustaining above last week's low (23816) will be crucial for any sizable pullback to materialize. Failure to do so will lead to the extension of the decline towards 23550 levels. On the higher side, only a close above 24500 levels will signal a pause in the current corrective trend.   

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 24,240 followed by 24,350 levels. Conversely, downside support is located at 24,070, followed by 24,000.

    • Bank Nifty: Intraday resistance is positioned at 52,180, followed by 52,490, while downside support is found at 51,610, followed by 51,290.

Derivative Market Analysis

  1. Nifty:

    • Call writers are active at the 24,200, 24,300, and 24,400 strike levels, indicating multiple resistance levels, with the highest call OI at the 25,000 level.

    • On the downside, major put OI is observed at 23,500, followed by 24,000, suggesting that 24,000 will act as a crucial support level.

    • According to option chain analysis, the 24,000 and 24,200 levels will be the deciding levels for the day. A break on either side of this range could trigger further directional movement.

    • The Nifty put-call ratio is positioned at 0.91.

  2. Bank Nifty:

    • The highest call OI addition is at the 53,000 level, with immediate call OI at 52,000, which will act as resistance.

    • Below 51,600, 51,500, and 51,400 strike levels, put writers are active, indicating multiple support levels, with the highest put OI at 51,000.

    • According to option chain analysis, the broader range for Bank Nifty is between 51,000 and 53,000.

    • The Bank Nifty put-call ratio increased by 0.16 and is now positioned at 0.86.

  3. Fin Nifty:

  • Call writers are active up to the 24,200 strike level. If the price surpasses 24,000, we may see short covering towards the 24,200 level.

  • Put writers are active below the 23,800 level, suggesting multiple support levels.

  • For this weekly expiry, the immediate range is between 23,800 and 24,200. A break on either side of this range could trigger further directional movement.

Stay on top of the latest market news with Bajaj Broking’s insights. Our point-to-point expert analysis digs deep into the surface, empowering you with a unique perspective on domestic and global stock market events. Get all the current share market news, including US share market updates in one place and make wise investment decisions.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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