Kunal Shah, Senior Technical Analyst at LKP Securities
The BANK NIFTY bulls came back with full strength and knocked out the bears from the resistance zone of 42,600-42,800 on the last day of monthly expiry. It has witnessed a fresh breakout on the daily chart, pushing it higher towards the level of 44,000 in the near term. The lower-end support is now visible at 42,600 which will act as a cushion for the bulls. The broader participation will resume in markets helping it to scale on the higher end.
Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty closed at its all time closing high on Nov 24, while Sensex touched all time high. Overnight positive cues from the US led to this bullishness. A late surge post 2:50 pm resulted in Nifty closing 1.19 percent or 216.9 points higher at 18484.1. Volumes on the NSE were however subdued while advance-decline ratio surged to 1.46:1. Broad market indices underperformed. IT and Oil & Gas stocks did well on rotational buying. Global stocks edged up in the wake of Federal Reserve minutes that revealed most policymakers expect to slow the pace of interest-rate increases. Nifty could now head towards its all time high of 18,604 while 18,325-18,410 band could provide support.
Rupak De, Senior Technical Analyst at LKP Securities
Nifty started higher and extended gains during the day. The daily momentum indicator RSI remains in a positive crossover. The trend looks positive as long as it sustains above 18350 Going forward, 18350 may provide immediate support. On the higher end, resistance is visible at 18650, above which Nifty may move up further.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas:
The Nifty witnessed strong momentum towards the end of the session on November 24. The hourly upper Bollinger, which had become flat in the last session, expanded today along with the price action. Thus the index went on to cross the hurdle of 18450.
The benchmark index is now eyeing the all-time high of 18,604. This will be the make or break level to be monitored on a closing basis, which will determine further course of action not only from a short term perspective but also for the medium term. The immediate support zone shifts higher to 18,400-18,380.
Record high close for Bank Nifty at 43,075.50
MohitNigam, Fund Manager & Head - PMS, Hem Securities
We believe that Indian markets are trading in a positive trend backed by strong corporate earnings, easing supply constraints, cooling commodity prices and strong demand across various sectors. Investors should use any significant dip as a strong opportunity to buy in these markets.
On the technical front, immediate support and resistance in Nifty 50 are 18300 and 18600 respectively. Immediate support and resistance in Bank Nifty are 42500 and 43500 respectively.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Investors wound up their short positions on the expiry day, triggered by US Fed minutes indicating a moderate pace of rate hikes going ahead that eventually propelled benchmark indices Sensex & Nifty to new all-time highs.
Other positive catalysts such as the WTI crude oil prices staying sluggish and the falling US Dollar index and yields improved the risk appetite of investors leading to a broad-based buying.
Technically, on daily charts the Nifty has now formed a long bullish candle and is also holding higher high and higher low formation on daily and intraday charts which is broadly positive.
For traders, as long as the index holds the support of 18,400, there are chances it could hit 18,600-18,700 levels. On the other hand, below 18,400 the uptrend would be vulnerable.
Sensex touches all-time high of 62,405.65; ends at record-high close of 62,272.68
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"Two triggers assisted the Sensex rally to record highs. One, in the mother market US, the market construct turned favourable with rising equities, declining bond yields and falling dollar. Two, macro developments in India show steady rise in credit growth and capex indicating strong economic recovery. Along with this, sharp correction in crude is a big positive. This has facilitated this Sensex rally led by large-caps, mainly the HDFC twins, Infosys, TCS and RIL."
Record-high close for Nifty at 18,484.10
VinodNair, Head of Research at Geojit Financial Services said
"Led by broad-based buying, domestic indices witnessed solid gains as investors digested the latest FOMC meeting minutes, which hinted that the rate hike cycle may be slowing down. The optimism was further boosted by falling crude prices and the declining dollar index. Crude oil prices dropped over talks of a possible price cap on Russian oil and a rise in US product stockpiles"
Rupee Close:
Indian rupee ended 23 paise higher at 81.62 per dollar against previous close of 81.85.
Market Close:
Benchmark indices ended higher with Sensex hitting fresh record high and Nifty crossing 52-week high.
At Close, the Sensex was up 762.10 points or 1.24% at 62,272.68, and the Nifty was up 216.80 points or 1.19% at 18,484.10. About 1886 shares have advanced, 1494 shares declined, and 133 shares are unchanged.
Apollo Hospitals, HDFC Life, BPCL, Infosys and Tata Consumer Products were among the top Nifty gainers, while losers included Cipla, Coal India, Kotak Mahindra Bank, Tata Motors and Bajaj Finance.
All the other sectoral indices ended in the green with IT and oil & gas up 1-2 percent.
The BSE midcap index rose 0.5 percent and smallcap index up 0.4 percent.
USFDA Inspection of the Company’s Mandideep Unit-1 facility
We would like to inform you that the U.S. FDA inspected Lupin’s Mandideep Unit-1 facility from November 14, 2022 to November 23, 2022. The inspection of the facility closed with issuance of a Form483 with eight observations each for the Drug Product facility and API facility at the site, Luoin said in its release.
Lupin was quoting at Rs 718.05, down Rs 0.75, or 0.10 percent.
India Vix down over 4% as Nifty inches towards record close. The Nifty Bank index rallies for third day in a row and scales to new record high.
CLSA View on Oil Marketing Companies
-Cooling-off brent to sub-USD 90 has driven up refining & marketing margins of IOC & BPCL
-Refining & marketing margins of IOC & BPCL rise to near multi-quarter highs
-Notwithstanding big H1 losses, Q3 profit should improve materially
-Prefer BPCL & IOCL over HPCL but ONGC & Oil India remain top buys
-ONGC & OIL pricing in crude of sub-USD 40/bbl while government ensuring realisation of USD 75/bbl
Market at 3 PM
Indian benchmark indices extended the gains with NIfty above 62000 and Nifty crossing 18400 ahead of expiry.
The Sensex was up 499.55 points or 0.81% at 62010.13, and the Nifty was up 146.70 points or 0.80% at 18414. About 1745 shares have advanced, 1487 shares declined, and 110 shares are unchanged.
HDFC Life, Apollo Hospitals and BPCL are the top movers on the Nifty, while Infosys, HDFC Bank, RIL are the top three contributors to Sensex rally.
Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Orient Beverages, franchisee of Bisleri International, up 10 percent. Here's why
BSE-listed Orient Beverages is the franchisee of Bisleri International and has license for trading /marketing of packaged drinking water and carbonated soft drinks under the trade brand “Bisleri”.
It was locked in upper circuit after Bisleri International chairman Ramesh Chauhan told media that the bottled water brand is in talks with Tata Group and others for selling some of his stake.
More than 100 stocks touched their 52 week highs during the day on the BSE; Click to View More
Gainers and losers on the BSE Sensex:
Ravindra Rao, CMT, EPAT VP-Head Commodity Research, Kotak Securities
The US dollar fell after the release of FOMC meeting minutes on Wednesday. As expected, it showed majority of the policymakers were with the view of slower rate hikes as recent Fed’s aggressive stance is impacting the economic growth.
US Dollar index closed near day low of 106.03 in the previous session, a fall by more than 1%. Although the minutes indicated the end of jumbo rate hikes, the policy makers were uncertain on when will be the end point of the rate hikes.
Smaller rate hikes by Fed are positive for risk asses as well as for safe haven assets like gold as dollar weakness supports.
European Markets Updates
GTL Infra | NCLT dismisses insolvency petition by Canara Bank
The Hon'ble National Company Law Tribunal, Mumbai Bench vide its order dated November 18, 2022 has dismissed petition filed by Canara Bank for initiation of Corporate Insolvency Resolution Process under Section 7 of the Insolvency & Bankruptcy Code, 2016. The Hon'ble Tribunal held that the business of the Company is sustainable, it is a viable going concern under its current management and the overall financial health of the Company is not bad enough to be admitted under CIRP, GTL infra said in an exchange filing. The stock was trading at Rs 1.26, up Rs 0.01, or 0.80 percent on BSE. It has touched an intraday high of Rs 1.27 and an intraday low of Rs 1.24.
Market alert
: China’s Evergrande plans to present restructuring proposal early December, according to Bloomberg
Market update at 2 PM: Sensex is up 398.03 points or 0.65% at 61908.61, and the Nifty added 115.80 points or 0.63% at 18383.10.
Credit Suisse maintains 'Outperform' rating On Interglobe Aviation, target Rs 2,350
-Outperform call, target at Rs 2,350 per share
-Strong yield on strong demand & limited capacity with lower costs can drive profits
-Competition remains weak (particularly SpiceJet & GoAir)
-Stay outperform on strongest positioning in a sector, with large opportunity
Interglobe Aviation was quoting at Rs 1,905.35, up Rs 11.80, or 0.62 percent.
Uniparts India's IPO to open for subscription on November 30
Uniparts India, a manufacturer of engineered systems and solutions, is going to open its initial public offering (IPO) for subscription on November 30.
The offer will close on December 2. The anchor book if any will open for a day on November 29.
The company is expected to announce its IPO price band in coming days.
The IPO will see the sale of more than 1.44 crore shares by promoters and investors.
BSE Realty index fell 0.5 percent dragged by the Indiabulls Real Estate, Prestige Estate, Oberoi Realty
HSBC maintains buy rating on Delhivery, target cut to Rs 455
-Buy call, target cut to Rs 455 from Rs 710 per share
-Consecutive weak quarters have shattered street’s confidence
-e-Com industry growth slowed down in India, but it’s now in the price
-Market share loss tough to adjudge, but not a structural worry
KPI Green Energy to consider proposal for issue of bonus on November 30
A meeting of the Board of Directors of KPI Green Energy is scheduled to be held on November 30, 2022 to consider the proposal for issue of bonus equity shares to the shareholders of the company.
And to consider, approve and recommend appointment of Mr. Shanker Baheria as Non-Executive Independent Director of the company.
HSBC keeps 'Buy' rating on Jubilant FoodWorks, target cut to Rs 750 per share
-Buy rating, target cut to Rs 750 per share
-Aggressively scaling up Domino’s network while pursuing stable margin profile
-Market fears of a slip in margin
-Risk-reward is favourable & valuation appealing
Jubilant Foodworks was quoting at Rs 546.95, up Rs 5.80, or 1.07 percent on the BSE.
Market at 1 PM
Indian benchmark indices extended the gains and trading at day's high with Nifty around 18400.
The Sensex was up 427.24 points or 0.69% at 61937.82, and the Nifty was up 129.20 points or 0.71% at 18396.50. About 1838 shares have advanced, 1329 shares declined, and 125 shares are unchanged.
Geojit keeps Accumulate rating on TTK Prestige, target of Rs 1,025
-Maintain 'Accumulate' rating, revise target of Rs 1,025
-Barring short-term pressure on demand and margins due to high inflation, the longterm outlook is positive given rising middle-income households, improvement in the real estate sector, and easing input prices, along with TTK’s strong brand recall.
TTK Prestige was quoting at Rs 888.45, up Rs 1.00, or 0.11 percent on the BSE.
HG Infra Engineering receives appointed date letter from Adani Road Transport
HG Infra Engineering has received a letter from Adani Road Transport regarding declaration of appointed date as November 3, by Authority for project in Uttar Pradesh.
The company will execute civil and associated works on engineering procurement & construction basis for development of an access-controlled six lane road project in Uttar Pradesh on DBFOT (toll) basis under PPP. The project will be completed within 820 days from appointed date.
HG Infra Engineering was quoting at Rs 586.50, up Rs 12.75, or 2.22 percent on the BSE.
BSE Oil & Gas index rose 1 percent supported by the IOC, BPCL, HPCL, ONGC
Easy Trip Planners board to consider the proposal of acquisition on December 1"
A meeting of the Board of Directors of Easy Trip Planners is scheduled to be held on Thursday, December 01, 2022, through video conferencing for considering the proposal of Acquisition.
BSE Power index added 0.6 percent supported by the Power Grid, NHPC, Adani Green
Capri Global Holdings picks 1.58% stake in Fino Payments Bank
Investor Capri Global Holdings has picked 1.58% stake or 13.19 lakh shares in Fino Payments Bank via open market transactions. These shares were bought at an average price of Rs 228.77 per share.
Credit Suisse keeps 'Outperform' rating on Apollo Hospitals, target at Rs 5,100 per share
-Outperform call, target at Rs 5,100 per share
-Apollo 24x7 is scaling up to leadership position in digital health
-Upside from Amazon partnership would reflect in FY24
-Discounting pressure has eased
Apollo Hospitals Enterprises was quoting at Rs 4,755.85, up Rs 150.50, or 3.27 percent.
L&T Construction wins a significant order
The Heavy Civil Infrastructure Business of Larsen & Toubro has secured an order from the prestigious Greenko group, one of the world’s leading renewable energy companies, for development of an off stream pumped storage project in Madhya Pradesh.
The Civil and Hydromechanical works of the project will be executed through a Consortium led by Larsen & Toubro, under a stringent timeline of 30 months. Upon completion, the project will be one of the largest clean energy projects of its kind in India.
Larsen & Toubro was quoting at Rs 2,045.05, up Rs 20.65, or 1.02 percent.
Market at 12 PM
The Sensex was up 337.80 points or 0.55% at 61848.38, and the Nifty was up 103.00 points or 0.56% at 18370.30. About 1895 shares have advanced, 1230 shares declined, and 128 shares are unchanged.
Confidence Petroleum adds 10 new auto LPG dispensing stations
The company feels delight in informing that under its rapid growth plan in Auto LPG Sector, to achieve the set-out target has scaled new height by adding 10 NEW Auto LPG Dispensing Stations to its existing fleet in the states of - 6 in Tamilnadu, 2 in Maharashtra, 1 in Karnataka, 1 in Telangana, said Confidence Petroleum in its release.
With this 10 new locations the strength of our ALDS stations has reached to 219, it added.
Confidence Petroleum was quoting at Rs 82, up Rs 0.85, or 1.05 percent on the BSE.
ifty FMCG index rose 0.5 percent led by the Tata Consumer Products, Godrej Consumer Products, Varun Beverages
N
TVS Motor launches its first TVS Experience Centre in Singapore
TVS Motor Company today inaugurated its first state-of-the-art TVS Experience Centre in Singapore. The new TVS Experience
Centre will offer a range of TVS Motor’s premium motorcycles including the flagship model, TVS Apache RR310 for racing enthusiasts, and the TVS Apache RTR range for the performance seekers, company said in its release.
TVS Motor Company was quoting at Rs 1,053.30, up Rs 1.75, or 0.17 percent.
Global Cloud Xchange signs up Sonata Software as its technology and business transformation partner
Sonata Software has signed an agreement with Bermuda headquartered Global Cloud Xchange (GCX), a leading network service provider powering global connectivity for new media providers, telecom carriers and enterprises.
Sonata Software, chosen by GCX as its technology and business transformation partner of choice, shall support and maintain the end-to-end application landscape and help GCX migrate from legacy technology and platforms to enable strategic business transformation in this multiyear agreement.
Indian Railway Finance Corporation shares hit 52-week high after 2.45 million shares changed hands in two bunch trades
Can Fin Homes to consider interim dividend on November 28
Can Fin Homes' board of directors will hold a meeting to consider a proposal for payment of 'interim dividend' for FY23, on November 28. They will also fix record date for payment of interim dividend, if any.
Can Fin Homes was quoting at Rs 524.10, down Rs 1.20, or 0.23 percent.
IOL Chemicals gets patent for preparation of Sartan Drugs Of Formula
:
The company informed that Controller of Patent, Indian Patent Office, Government of India has granted patent for invention entitled "An improved safe process for the preparation of Satran Drugs oF Formula I. Valsartan, Losartan, Irbesartan, Olmesartan, Candesartan and other Sartan drugs are a class of medicines
known as angiotensin II receptor blocker (ARBs) used to treat high blood pressure and heart failure. IOL Chemicals was trading at Rs 352.25, up Rs 21.50, or 6.50 percent on BSE. It has touched an intraday high of Rs 356.20 and an intraday low of Rs 331.05.
ICICI Bank to acquire 10% in a JV of IOC and Chennai Petro for Rs 50,000
Cipla: US FDA classifies company's Goa manufacturing unit as official action indicated
.
- US FDA may continue to withhold product approvals from Goa facility
- Product approvals from Goa may remain on hold till observations are resolved.
Market update at 11 AM: Sensex is up 329.90 points or 0.54% at 61840.48, and the Nifty jumped 103 points or 0.56% at 18370.30.
LIC of India picks additional 2.01% stake in M&M Financial Services
Life Insurance Corporation of India bought additional 2.01% shares in Mahindra & Mahindra Financial Services via open market transactions, increasing the shareholding to 7.02% from 5.01% earlier.
Mahindra & Mahindra Financial Services was quoting at Rs 205.30, down Rs 1.55, or 0.75 percent.
Ravindra V.Rao, CMT, EPAT VP-Head Commodity Research Kotak Securities:
WTI Crude oil trades flat near $77.80/bbl after a near 4% fall in the previous session. Price cap on Russian oil by G7 above the current market level is putting a downward pressure on price. As per the EU official they are considering a price cap on Russian oil between USD 65 to USD 70 which is around the level Russian crude is trading at. However, Russia has indicated that it will pull off the exports to nations who are joining the price cap. This will eventually be bullish for prices as supply tightness might trigger buying.
Additionally, oil price also got a hit amid rise in product inventories as indicated by the EIA inventory report. On the positive side crude oil got some support from US Dollar weakness after the release of FOMC minutes.
On the price front WTI crude oil didn’t sustain above USD 82/bbl level which was the resistance. However, the correction in oil prices might deepen further only if it closes and sustains below USD 75/bbl, the recent low which is also a double / identical bottom. Till then a range move expected between USD 82-76/bbl. Bulls need to close it above USD 82 if they want to take it to USD 85/bbl.
