Share Market Highlights- Nifty, Sensex end mild in green, Bank Nifty set record high intraday; ICICI Bank, SBI led gains
Share Market Highlights: Nifty, Sensex end mild in green, Bank Nifty set record high intraday; ICICI Bank, SBI led gains Share Market News Today | Sensex, Nifty, Share Prices Highlights: Benchmark indices BSE Sensex and NSE Nifty ended trade mildly in the green, extending gains for the second day in a row. Sensex jumped over 200 points in the morning trade, while Nifty reclaimed 18300 levels. However, the indices pared their gains to close mildly in the positive territory, up 0.1%. Sensex ended at 61,510 while Nifty ended at 18,267. Nifty PSU Bank and Nifty Media ended the day with gains of over 1%, while Nifty Metal fell 0.4%. Volatility gauge, India VIX, closed at 14.04, up 1.44%. Investors will look forward to the release of the Federal Reserve’s meeting minutes. While the report will be from the last FOMC meeting, investors are eager to see if there are any clues as to the Fed’s thinking heading into the last meeting of the calendar year next month. The market is expecting another interest rate increase. However, public comments by some Fed officials in recent days indicate that the US central bank might be leaning towards a smaller amount. In the previous meetings, the Fed raised rates four consecutive times by 0.75% each, and now it could raise by only a half-percentage point in December. Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates 23 November, Wednesday Apollo Hospital, HDFC Life, JSW Steel, Bajaj Finance and SBI were Nifty 50's biggest gainers of the day, with Apollo Hospital up over 3%. Adani Enterprises, Adani Ports, Hero MotoCorp, Power Grid and TechM were the biggest laggards of the day, with Adani Enterprises down 3.4%. Domestic indices BSE Sensex and NSE Nifty ended the session mildly in the green. Sensex jumped over 200 points in the morning trade, while Nifty reclaimed 18300 levels. However, the indices pared their gains to close mildly in the positive territory, up 0.1%. Sensex ended at 61,510 while Nifty ended at 18,267. Bank Nifty hits a record high at 42,813, up over 350 points or 0.83% intraday. Punjab National Bank trading up 4.36% at Rs 50.40 after hitting a 52-week high; Federal Bank up 2.06%, trading at Rs 134; Bank of Baroda is at Rs 169, up 1.68%. Credit Suisse expects to make a pre-tax loss of up to $1.58 billion during its fourth quarter, the embattled Swiss bank said, as it prepares to ask shareholders permission for a $4 billion equity hike. The profit warning is a blow for the bank which had previously said it expected to make a net loss during the last three months of the year but did not give a figure. Read full story. Adani Enterprises, ICICI Bank, HDFC Bank, SBI and RIL are the most active stocks of the day on the NSE Nifty 50 index. Nifty Media is trading in the positive territory, up by 1.76%. Dish TV (up 3.19%), Sun TV (up 2.45%), Zee Entertainment (up 2.05%) and PVR (up 1.9%) are the top gainers in the index. On the BSE Sensex, 86 stocks rose to hit fresh 52 week highs. Ujjivan Financial Services, Mazagon Dock Shipbuilders, Karnataka Bank, Kalpataru Power Transmission, IIFL Finance, Hindustan Foods, Hindustan Aeronautics and many others were among those to hit these highs. On the flip side, 47 stocks fell to their 52 week lows. Jet Airways, Infobean, Somany Ceramics, Nureca, Max Financial Services, Motilal Oswal Financial Services, Olectra Greentech, Delhivery were among these scrips. Read full story. “Bank Nifty on track towards our target of 43,000”- Rahul Sharma, Head-Research, JM Financial Services Paytm shares jumped over 2 per cent on Wednesday to Rs 488 on NSE, recovering slightly after it slumped to an all-time low in the previous session after analysts at Macquarie termed the upstart Jio Financial Services (JFS) to be a potential threat for the payments services provider. The fintech Paytm shares crashed over 10 percent on the BSE to hit a record low of Rs 476.65. The stock has been on a downward journey for a while. The slump was accelerated last week when Softbank dumped 29 million shares of Paytm parent One97 Communications through a block deal to raise about Rs 1,631 crore. In the last one week, Paytm stock has tanked over 12 per cent. The share price has plummeted 64 per cent so far this year. Read full story The gold rate was negative on Wednesday as a result of mixed global trends, while the silver rate was down 0.13%. Read the full story. The Indian rupee was trading 15 paise lower against the US dollar, despite positive equity markets, softening crude prices and retreat in the greenback. Inox Green Energy Services shares debuted at a discount to issue price. The stock listed at Rs 60 on NSE, down 7.69% from its issue price of Rs 65. “Nifty weekly contract has highest open interest at 18300 for Calls and 18200 for Puts while monthly contracts have highest open interest at 18300 for Calls and 18200 for Puts. Highest new OI addition was seen at 18500 for Calls and 18200 for Puts in weekly and at 18500 for Calls and 18200 for Puts in monthly contracts. FIIs increased their future index long position holdings by 4.96%, increased future index shorts by -17.04% and in index options by -1.58% in Call longs, 1.43% in Call short, -11.74% in Put longs and 25.79% in Put shorts.” – Anand James, Chief Market Strategist, Geojit Financial Services “There is a sudden near-term positive change in global market mood that can influence the Indian market too. The US market construct has temporarily changed to ‘rising equity- falling bond yields – declining dollar index’ that can favour a near-term rally. But this construct can change quickly impacting market sentiments. There are no fundamental triggers that can lift markets to much higher levels. So a consolidation is likely in the Nifty 18050-18350 range. FIIs have again turned sellers during the last 3 trading sessions and might sell again at higher levels. FII’s market action doesn’t reflect a coherent and consistent strategy. It appears that they are waiting for a clear trend in equity, bond and dollar indices. A clear trend in these indices can set the market direction, but it may not happen soon.”-VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services Domestic indices opened in the green today as Sensex jumps 150 points to trade at 61,587, while Nifty cross the 18,300 mark. The BSE Sensex and NSE Nifty were in the green during the pre-open session, hinting at a positive start for the markets. Nifty is at 18,348, up 100 points or 0.57%, while Sensex is at 61,910, up over 400 points or 0.7%. “Markets may gather steam in today's trades primarily on hopes that the coming Federal Reserve minutes will be dovish. Other positive catalysts like WTI oil prices hovering around $80 a barrel and the Fed president favouring a smaller 50 basis point rate hike in the December meeting could prompt traders to cover their shorts ahead of tomorrow's monthly F&O expiry. Technically, Nifty’s biggest make-or-break intraday support is now placed at 18157 mark. Only below the 17969 mark, Nifty could slip quickly towards the 17750-17777 zone.”-Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd Short Covering MRF, Oil and Natural Gas Corporation, ABB and , Ipca Laboratories Long Unwinding Escorts, Lal Path Labs, Mindtree and City Union Bank Long Build Up L&T Infotech, Alkem Laboratories, JK Cement and Bank of Baroda Short Build Up Max Financial Services Ltd, Syngene International Ltd, Muthoot Finance, Aditya Birla Fashion and Retail “Benchmark Indices are expected to open on a positive note today as suggested by trends on SGX Nifty. We believe that IT stocks can be a good buy for both small and medium-term gains led by good corporate earnings and expectations of slowing pace of interest rate hike by FED. Investors can also accumulate auto shares as good demand and RM prices cooling off may lead to rise in these stocks. Some stock-specific actions can be witnessed in stocks such as Nykaa, Vedanta, DCW. On the technical front, Immediate support and resistance in Nifty 50 are 18100 and 18400 respectively. Bank Nifty immediate support and resistance are 42000 and 42980 respectively.”-Mohit Nigam, Fund Manager & Head – PMS, Hem Securities “Indian markets could open mildly higher, in line with mostly higher Asian markets today and positive US markets on Tuesday. Nifty snapped a three-day losing streak and ended in the positive on Nov 22 aided by encouraging global cues. It closed 0.46% or 84.3 points higher at 18244.2. Smallcap index underperformed compared to the Nifty even as the advance decline ratio improved to 0.92:1. Nifty recovered on Nov 22, as expected and could rise some more. The next resistance for Nifty is the 18273-18308 band while 18133 could offer support on falls in the near term.”- Deepak Jasani, Head of Retail Research, HDFC Securities HDFCLIFE (PREVIOUS CLOSE: 540) BUY For today’s trade, long position can be initiated in the range of Rs 532- 536 for the target of Rs 549 with a strict stop loss of Rs 529. RAMCOCEM (PREVIOUS CLOSE: 666) BUY For today’s trade, long position can be initiated in the range of Rs 655- 660 for the target of Rs 675 with a strict stop loss of Rs 648. SUNTV (PREVIOUS CLOSE: 487) BUY For today’s trade, long position can be initiated in the range of Rs 480- 484 for the target of Rs 491 with a strict stop loss of Rs 475. “Bank Nifty oscillated above the upper band of the range (42,350-42,200 levels) and moved towards 42,500-level. The index underperformed benchmark Nifty on the back of mixed action across PSU banks and private banks. The key technical indicators turned positive on the daily timeframe chart. This could lead the index towards 42,700-level initially and 43,000-level subsequently. In case of decline, the index will respect its lower band of the range, which is placed at 42,200-level. As for the day, support is placed at around 42,367 and then at 42,276 levels, while resistance is observed at 42,528 and then at 42,599 levels.”-Reliance Securities “Nifty bounced after forming Double Bottom pattern around 18,140-level and breached its prior daily falling trend. The index engulfed previous bearish candle on the daily chart and erased partial loss. Though the key technical indicators are negatively poised on the short-term timeframe chart, its near-term indicators reversed from the lower level and gave buy signal. As per the current set-up, the index may surpass, its near-term hurdle of 18,300-level and could move towards 18,440-level. In case of any decline, the index will respect its Double Bottom level-18,140. As for the day, support is placed at around 18,167 and then at 18,090 levels, while resistance is observed at 18,291 and then at 18,339 levels.”-Reliance Securities “FII Index Futures longs are highest in the last six months indicating a clear bullish outlook. Many index components saw short covering yesterday. Follow-up fresh longs should help take nifty higher. Nifty above 18300 and Bank Nifty above 42625 should fly towards new all-time highs,” said Rahul Sharma, Head-Research, JM Financial Services. Position Sizing Guide: Large Support: 18200 and 18135 Resistance: 18300 and 18442 COI Nifty: Down 0.5%| OI and Volume flat COI Bank Nifty: Up 9.5% | Sig long buildup, Volume Flat Nifty Options: Bullish | PCR: 0.99 Bank Nifty Options: Bullish with hurdle at 42500 | PCR: 1.09 FIIs bought: IF, SF FIIs sold: Cash, IO and SO “Going forward, many stock-specific adjustments are likely to continue and provide substantial trading opportunities. And even though the indices may not be doing much, the individual stocks are not at all short of action. Hence one should continue to identify such potential movers and trade accordingly and stay abreast with global and domestic developments on a regular basis.”-Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One Technically, there has been no substantial change in the market outlook as the bulls firmly withheld their support zone and showed their presence by the fag end. The undertone is expected to remain upbeat till Nifty sustains above its sacrosanct demand zone of 18100-18000. Looking at the technical setup, until the index surpasses its swing high of 18450 in a decisive manner, a range-bound movement could be continued in the comparable period. Simultaneously, some tentativeness could be sensed ahead of the November month expiry, and participants are keeping a cautious approach in the market.”- Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One “Nifty started flat following global peers and moved up higher by the end of the session. On the higher end, it moved back above 18200. A bullish harami pattern on the daily chart suggests a recovery in the term. The trend looks sideways to positive. Going forward, 18200 may provide immediate support below which the index may drift down towards 18100. On the higher end, resistance is visible at 18300/18450,”-Rupak De, Senior Technical Analyst at LKP Securities “The fight between the bulls and the bears continued in the Bank Nifty index and the day ended on a flat note. The index is on the verge of a breakout which will be triggered above the level of 42,600 on a closing basis. The undertone remains bullish and the support is visible at the 42,200-42,000 zone which will act as a cushion for the bulls. The open interest data suggest 42,000 as a line of defense as the highest open interest is built up on the put side.”-Kunal Shah, Senior Technical Analyst at LKP Securities “Markets snapped 3-day losing streak and the positivity can be attributed to subdued crude oil prices and also to some short covering. Investors will anxiously await the October Fed Meeting minutes that are slated to be released on Wednesday. Also, some volatility will also be seen ahead of the November F&O expiry. Technically, intraday support for Nifty is seen at 18137 mark. Alternatively, aggressive buying is advised only above the 18325 mark,”-Prashanth Tapse -Research Analyst, Senior VP (Research), Mehta Equities Ltd. “Despite a sluggish start, indices recovered to end with smart gains, mainly aided by a recovery in European markets. With two days to go for the monthly expiry to end, short covering came into play which rescued the markets. Globally, Chinese lockdown, rising interest rates and slowing demand will continue to weigh on the markets in the near to medium term. Technically, after a three days price correction, the Nifty found support around 18150 and also formed a small bullish candle on daily charts. The 10 day SMA (Simple Moving Average) of 18272 would be the immediate hurdle for bulls. Above the 10 day SMA level of 18272 the index could move to 18370 and further upside could lift it to 18420,” said Shrikant Chouhan, Head of Equity Research ( Retail), Kotak Securities Ltd Indian Benchmark indices are expected to open mildly in green amid positive global cues. SGX Nifty hinted at a positive start for domestic equities as Nifty futures traded 69 pts or 0.3% higher 18377 level. In the previous session, BSE Sensex rose 274 points to 61,419, while the Nifty50 climbed 84 points to settle at 18,244. “Markets are likely to remain in tight range due to absence of any major triggers. Also with India VIX at 2-year lows, we don’t expect any sharp volatility ahead of the monthly derivatives expiry on Thursday,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services. Read full story Shares in the Asia-Pacific are mixed Wednesday after U.S. stocks rose overnight and New Zealand’s central bank delivered a 75 basis point hike, the biggest rate hike ever in the central bank’s history. The NZX 50 index in New Zealand fell 0.82%. The S&P/ASX 200 was up 0.66% despite the Reserve Bank of Australia governor Philip Lowe on Tuesday hinting at more rate hikes ahead. South Korea’s Kospi rose 0.37%, while the Kosdaq climbed 1.29%. Japanese markets are closed for a public holiday. Hong Kong’s Hang Seng index was fractionally lower. In Mainland China, the Shanghai Composite was fractionally higher and the Shenzhen Component was down 0.23%. US stocks rallied on Tuesday, with the S&P 500 closing at its highest level in 2-1/2 months, as a sales forecast by Best Buy dampened concerns high inflation would lead to a dismal holiday shopping season while a bounce in oil prices helped lift the energy shares. The Dow Jones Industrial Average rose 397.82 points, or 1.18 percent, to 34,098.1, the S&P 500 gained 53.64 points, or 1.36 percent, to 4,003.58 and the Nasdaq Composite added 149.90 points, or 1.36 percent, to 11,174.41. Trends in the SGX Nifty hinted at a positive opening for India equities as Nifty futures were trading 64 points higher around 18,352 levels on the Singapore Exchange.
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