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Share Market Today | Gift Nifty Indicates Flat Start for Indian Market Amid Mixed Cues

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Synopsis:

Today’s share market features how Varun Beverages launches QIP at ₹594.56/share, Morgan Stanley invests ₹1,336 crore in PNB Housing, US FDA flags Cipla’s Bengaluru plant, and Tata Power commissions a 126 MW solar project. FIIs net sell ₹2,502.58 crore.

Latest Market News

1. Varun Beverages opens QIP today, sets floor price at ₹594.56/share.

2. Morgan Stanley Buys 1.4 Cr Shares Of PNB Housing Finance At An Average Price Of ₹939.3/Sh Valued At ₹1,336 Cr.

3. Cipla | US FDA issues Form 483 with 8 observations for the company’s Virgonagar, Bengaluru-based Manufacturing Unit. US FDA inspected the manufacturing facility in Virgonagar from November 7-13, 2024.

4. Tata Power commissions 126 MW Floating Solar Project in Omkareshwar, Madhya Pradesh.

5. #FundFlow | #FIIs net sell ₹2,502.58 crore while #DIIs net buy ₹6,145.24 crore in equities today (provisional).

TATA POWER CO LTD

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408.05-0.05 (-0.01 %)

Updated - 21 November 2024
413.40day high
DAY HIGH
397.40day low
DAY LOW
13362385
VOLUME (BSE)

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

US Share Market News

  1. Performance Overview:

    • The S&P500 eked out marginal gains on Wednesday, as Treasury yields rebounded from session lows despite in-line inflation data favouring a  December rate cut. 

  2. Sector-Specific Movements:

    • The Dow Jones Industrial Average rose 47 points, or 0.1%, the S&P 500 index was up 0.02%, while the NASDAQ Composite fell 0.2%. 

    • On Thursday evening, Focus was now on an address by Fed Chair Jerome Powell for more cues on monetary policy. Powell had reiterated the Fed’s data-driven stance on rate cuts last week, after the central bank cut rates by 25 bps.

  3. Economic Indicators:

  • Data released earlier Wednesday showed that headline consumer prices rose 2.6% last month on an annualized basis, compared to 2.4% in September. Month-on-month, the figure came in at 0.2%, matching September's pace.

  • These figures were all in line with expectations. Bets on a December rate cut jumped to 82.5% following the data, up from 60% the prior day. 

Other Asset Classes

  1. Treasury Yields:

    • The 10-year Treasury yield was little changed Wednesday as investors assessed a key inflation reading that came in as expected. The yield on the 10-year Treasury climbed less than 2 basis point to 4.451%.

  2. Currency:

    • Bitcoin (BitfinexUSD) fell 1% to $88,621 in recent trading, giving up gains after topping $93,00 for the first time ever. The popular crypto is riding growing bets that a second Donald Trump administration would be favourable for the bitcoin.

    • The U.S. dollar advanced to a one-year high against major currencies on Wednesday. The dollar index rose 0.43% to 106.44 after reaching as high as 106.53.

  3. Commodities:

    • Gold prices extended losses for the fourth straight session on Wednesday, weighed down by a stronger dollar and elevated bond yields. Spot gold was down 0.7% at $2,580.39 per ounce.

    • Oil rebounded on Wednesday on short-covering after prices fell near a two-week low in the prior session on OPEC’s demand forecast cut. Brent crude futures rose 0.54%, to close at $72.28 a barrel.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets opened mixed on Thursday morning trade after the U.S.′ October consumer price index reading fueled expectations for the Fed to cut rates again in December.

  2. Specific Index Performance:

    • Japan’s Nikkei 225 gained 0.74% while the Topix added 0.58%. While Hang Seng suggests a negative opening.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a flat opening for the Indian market amid mixed Asian cues. Bias continues to remain down Nifty spot likely to consolidate in the range of 23350-23700.

  2. Market in Previous Session:

    • Benchmark indices declined for the fifth straight session amid persistent selling pressure from foreign institutional investors (FIIs). The downturn was intensified in the last 1 week mainly on account of disappointing corporate earnings and rising inflation. Both Nifty and Sensex fell to their respective five-month lows. 

    • The Sensex was down 984 points or 1.25 per cent at 77,690.95 and the Nifty was down 324 points or 1.36 per cent at 23,559.05. Marking a 10 per cent drop from its all-time high. Advance-decline ratio was very weak with 266 stocks advancing and 2210 shares declining.

    • Bank Nifty also witnessed a sharp decline and closed the session down by 2.1% at 50088.35 levels. The broader market extended decline for the fifth consecutive session as the Nifty midcap and small-cap index closed sharply lower by 2.31% and 2.73% respectively. All the sectoral indices closed in the red with a decline mainly led by the Banking, Realty, Auto, Metals and Pharma stocks.

  3. Nifty Short-Term Outlook:

    • The index witnessed a sharp decline and closed lower for the fifth consecutive session. Nifty has formed a second sizable bear candle with a lower high and lower low signalling continuation of the corrective bias. 

    • Nifty started the session on a weak note and breached the lower band of the last two weeks' range (23800-24500) in the morning trade. Index thereafter witnessed a sharp decline and tested the 200 days EMA placed around 23545 levels on expected lines.

    • Bias continues to remain down and a breach below yesterday's low (23500) will open further downside towards the 23300-23100 levels. On the higher side, yesterday's breakdown area of 23800 will act as immediate resistance.

    • Index need to start forming higher highs and higher lows in the daily chart on a sustained basis to signal a pause in the current corrective trend.  

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 23,670 followed by 23,800 levels. Conversely, downside support is located at 23,470, followed by 23,350.

    • Bank Nifty: Intraday resistance is positioned at 50,410, followed by 51,750, while downside support is found at 49,750, followed by 49,400.

Derivative Market Analysis

  1. Nifty:

    • The highest call OI is positioned at the 24,000 level, while immediate call OI is noted at 23,800, which will act as a resistance level. 

    • The highest put OI is observed at the 23,000 level, with immediate put OI positioned at 23,500, which will serve as crucial support.

    • A dominance of call writing is noted above the 23,800 and 24,000 levels, suggesting limited upside potential. Meanwhile, put writers have shifted positions to lower levels, indicating caution for downside movement.

    • The Nifty put-call ratio has declined by 0.02 and is currently at 0.30.

  2. Bank Nifty:

    • The highest put OI addition is observed at the 49,500 level, followed by the 50,000 level, which will serve as crucial support. 

    • The accumulation of both calls and put OI at the 50,500 strike suggests it is a key deciding level for the day.

    • Major call OI is noted at the 52,000 level, while immediate call OI is at 51,000, which will act as a resistance level.

    • According to option chain analysis, Bank Nifty’s broader range for the index is between 50,000 and 52,000.

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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