Closing Bell: Nifty above 19,750, Sensex up 276 pts; metal, realty, pharma rally

The Nifty opened at a gap up today and consolidated for most part of the day and closed up ~89 points. On the daily charts we can observe that since last four trading sessions, the Nifty is trading within the range 19875 – 19627. On the downside the Nifty is trading above the zone of 19650 – 19600 where multiple support parameters in the form of the 40-hour moving average and the lower end of the rising channel is placed. Thus, in case of a dip this zone should act as a support, and we expect the Nifty to hold on to this zone and head higher over the next few trading sessions.

The hourly momentum indicator has a positive crossover, however, the Nifty is not breaching the range and once it does that, we can expect it to gain momentum. Until then, the range bound price action is likely to continue. In terms of levels, 19610 – 19650 is the crucial support zone while 19900 – 19930 is the immediate resistance zone.

Bank Nifty also consolidated and closed with a gain of 110 points. Intraday witnessed a dip however, it was bought indicating buying interest at lower levels. We expect the pullback to continue till 44000 – 44050 from short term perspective. Structure becomes weak below 43400.

The Nifty concluded with a gain after a positive trading session, maintaining a consistently positive sentiment as it consistently closed above the critical support level of 19500. Traders are advised to consider buying during dips as long as the Nifty remains above 19500. However, a drop below 19500 could potentially initiate panic among traders. Looking upwards, a rise above 19850 might spark a rally towards 20000 and beyond.

The Bank Nifty index persisted in a sideways momentum, characterized by lower volumes, and remains in close proximity to its 20-day moving average (20DMA). Immediate resistance on the upside is situated at 44,000, marked by higher call writing, and a breakthrough above this level is expected to initiate short-covering moves. On the downside, support is established at 43,300, and a breach below this level may pave the way for a decline towards 42,800.

Markets snapped the recent losing streak and ended higher despite a mixed trend in other Asian indices and weakness in European gauges. Cautious optimism prevailed in the market as investors resorted to selective buying in an uncertain market. Corporate earnings season is coming to an end and the market is awaiting fresh cues to take exposure.

Today, the market exhibited positive momentum, with attention centred on the minutes of the latest Fed meeting. The declining inflation and the recent cooling job data in the US provides foundation for a dovish comment from the Fed. The drop in bond yields and the dollar index suggests mounting speculation regarding the potential peak in the interest rate cycle. This will attract funds to emerging markets. The gain in the broad market was led by consumer durables and realty, thanks to a strong rebound in festive demand.

The markets started the session on a firm note and as the day progressed, the Index kept compounding its gains under the leadership of the Metal and select heavyweights to settle at 19,783.40 with gains of 89.40 points. Apart from the Metal, the Realty segment extended its up move by ending the session at a fresh 52-week high while the PSU Banking ended in red.

The tech sector witnessed routine profit booking activity. The Pharma sector advanced further as the majority of its components ended the day at fresh highs. Near its critical resistance level of 19,840, the index has formed a Shooting Star kind of candlestick pattern which generally indicates a reversal of the trend.

On the higher side, 19,840 will remain a strong hurdle while the support level has been shifted to 19,700.

Indian rupee ended flat at 83.35 per dollar versus previous close of 83.34.

Benchmark indices ended higher on November 21 with Nifty above 19,750.

At close, the Sensex was up 275.62 points or 0.42 percent at 65,930.77, and the Nifty was up 89.40 points or 0.45 percent at 19,783.40. About 1957 shares advanced, 1634 shares declined, and 124 shares unchanged.

Biggest gainers on the Nifty included SBI Life Insurance, HDFC Life, Adani Enterprises, Hindalco Industries and JSW Steel, while losers were Coal India, ONGC, BPCL, Tech Mahindra and LTIMindtree.

Among sectors, pharma, realty, and metal up 1 percent each, while oil & gas and capital goods down 0.5 percent each.

BSE Midcap and smallcap indices ended marginally higher.

Lupin has received approval from the United States Food and Drug Administration (U.S. FDA) for its Abbreviated New Drug Application for Pitavastatin Tablets, 1 mg, 2 mg, and 4 mg, to market a generic equivalent of Livalo Tablets, 1 mg, 2 mg, and 4 mg, of Kowa Company Limited. The product will be manufactured at Lupin’s Pithampur facility in India.

Also, it has received tentative approval from the USFDA for its Abbreviated New Drug Application for Dapagliflozin Tablets, 5 mg, and 10 mg to market a generic equivalent of Farxiga Tablets, 5 mg, and 10 mg of AstraZeneca AB. This product will be manufactured at Lupin’s Pithampur facility in India.

Brigade Group has expanded its flexible and managed offices brand BuzzWorks, by launching a distinctive premium workspace in Brigade Towers. This expansion is part of the BuzzWork’s plan to have 5000+ seats in its portfolio by FY24 that includes the establishment of new centres in pivotal locations such as Hyderabad, Chennai, and Ahmedabad Gift City.

-Buy Call, Target Rs 145 per share
-Weak China macro conditions continue to cloud outlook for commodities
-Asian steel spread has already contracted to the lowest level in a decade
-Any positive developments in china can provide upside
-Expect company’s India margin to expand in Q3
-Higher coking coal price poses some risk in Q4, TSE losses should narrow
-Cut FY24-26 EBITDA by 6-22 percent & EPS by 16-45 percent
-Prefer coal in India metals & mining space

Exide Industries has invested Rs 100,00,00,015 by way of subscription in the equity share capital of its wholly owned subsidiary, Exide Energy Solutions, on rights basis. With this investment, the total investment made by the company in EESL stands to Rs 1,680.01 crore.

The yen rallied against the dollar for a fourth straight session on Tuesday as investors positioned for the possibility that the Bank of Japan will tighten monetary policy next year while the Federal Reserve loosens.

The dollar hit its lowest level since mid-September at 147.16 yen and was last down 0.61% at 147.45.

More broadly, the dollar index, a gauge of the greenback against six other currencies, fell to its lowest since late August at 103.17 and was last 0.13% weaker at 103.32.

Indian Rupee gained slightly by 2 paise today on weak US Dollar and positive Asian markets. However, FII outflows capped sharp gains. US Dollar declined and fell to a two and half month low, amid rising expectations of a no-rate hike by US Federal Reserve in its upcoming FOMC meeting.

We expect Rupee to trade with a slight negative bias on Dollar demand from OMCs and FII outflows. However, positive Asian markets and a weak US Dollar may support Rupee at lower levels. Traders may take cues from existing home sales data from US and FOMC minutes. Rupee may also take cues from volatility in crude oil prices. USDINR spot price is expected to trade in a range of Rs. 83 to Rs. 83.70.

Stock Market LIVE Updates | Macquarie View On Banks 

-Be prepared for growth slowdown, price increases 
-RBI regulations to drive down growth, PL loan pricing could be up 100-150 bps
-Banks have already tightened the filters following RBI's new norms

TVS Motor Company today announced the launch of TVS NEO AMI 125 in Africa.

A well-tuned 124.8cc, single-cylinder, 4-stroke, 3-valve, air-cooled SOHC- (Single Overhead Camshaft), fuel-injected engine in the TVS NEO AMI will deliver a maximum power output of 9.8 bhp at 7,500 rpm and a peak torque of 10.8 Nm at 5,500 rpm.

Stock Market LIVE Updates | Bernstein View On IT sector

-Sector focus has shifted away from FY24 towards growth outlook for FY25
-Believe stabilisation of US macro, bottoming of cloud revenue upcycle in FY25
-Strong sector order book (Up 48 percent QoQ) 
-Leaky buckets remain (BFSI, Telcos) 
-Sector is better positioned for a growth recovery in FY25
-See improving margins & a double-digit EPS growth
-Valuations are stable, in-line with 5-year average
-Remain positive on selective large caps like Infosys & TCS 

Sensex Today | Market at 3 PM

The Sensex was up 272.36 points or 0.41 percent at 65,927.51, and the Nifty was up 91.00 points or 0.46 percent at 19,785. About 1836 shares advanced, 1385 shares declined, and 96 shares unchanged.

With loan assets of around Rs 47,075 crore, Indian Renewable Energy Development Agency is the largest pure-play green financing NBFC in India. To meet the net-zero emission target, the government has set a humongous target for RE installations by 2030. Considering its nodal agency status and varied financial products, IREDA is well placed to capitalize the growth in the RE Sector. At higher price band, IREDA is demanding a TTM P/B multiple of 1.2x, which is at discount to the average. Assign "subscribe" rating for the issue.

Flair Writing Industries’ Rs 593 crore initial public offer will open for subscription on November 22. The IPO consists of a fresh issue of 96.05 lakh shares worth Rs 292 crore and an offer-for-sale of 99.01 lakh shares worth Rs 301 crore. Several analysts have assigned a ‘Subscribe’ rating to the issue owing to the decent financials, reasonable valuation and strong presence in the writing instruments industry.

The price band for the issue, which will close on November 24, has been fixed at Rs 288-304 per share. The promoters of the company are Khubilal Jugraj Rathod, Vimalchand Jugraj Rathod, Rajesh Khubilal Rathod, Mohit Khubilal Rathod and Sumit Rathod.

The Indian Renewable Energy Development Agency Ltd's IPO aimed at raising Rs2150 crore saw demand for 1.26 times the shares available by 2.30 p.m. on Tuesday. The closing date is Nov. 23. Bids totaled 595.3 million shares against 470.92 million on sale. The retail category had 128% demand, the non-institutional portion had 130% bids, and the qualified institutional buyers' portion saw a 121% subscription.

Shares of several companies, including Coal India, EID Parry (India), EPL, Gillette India, Gujarat Pipavav Port, National Peroxide, Oil and Natural Gas Corporation, RMC Switchgears, Senco Gold, Sun TV Network, Talbros Engineering, and Tide Water Oil (India), experienced varied trading patterns following the ex-dividend date on November 21.

Coal India gained 0.5 percent while ONGC fell 0.3 percent, EID Parry India was trading flat while EPL gained 3.4 percent. Gillette India was up 1 percent, Gujarat Pipavav Port rose 4.5 percent, National Peroxide up 1.2 percent, RMC Switchgears fell 0.5 percent, Senco Gold was down 0.2 percent, Sun TV Network lost 2.1 percent, Talbros Engineering rose 1 percent, and Tide Water Oil (India) fell 1 percent. These companies' boards have sanctioned both interim and final dividends for their eligible shareholders.

Realty firm Godrej Properties will meet its target to sell properties worth Rs 14,000 crore this fiscal year as it expects strong demand for ongoing and upcoming housing projects, its Executive Chairperson Pirojsha Godrej said.

Godrej Properties, the real estate arm of Godrej Group, had sold properties worth Rs 12,232 crore in the previous fiscal. Godrej Properties, the real estate arm of Godrej Group, had sold properties worth Rs 12,232 crore in the previous fiscal. Read More

Indian Railway Finance Corporation plans to float bonds worth Rs 3,000 crore, including Rs 2,500-crore greenshoe, on November 22, market sources said. The bonds will mature in three years or on November 11, 2026.

Bidding for these bonds will took place on November 22 between 10am and 11am on the electronic bidding platform of the National Stock Exchange of India. The pay-in date is set for November 24. The pay-in date is when the exchange of bonds and money takes place between the issuer and the investor.

The bonds have been rated ‘AAA’ by CRISIL, ICRA and CARE ratings. Read More

Sensex Today | Market at 2 PM

The Sensex was up 331.08 points or 0.50 percent at 65,986.23, and the Nifty was up 104.90 points or 0.53 percent at 19,798.90. About 1863 shares advanced, 1350 shares declined, and 88 shares unchanged.

Infosys announced collaboration with Proximus, Belgium’s leading digital services and communications solutions provider, to deliver an IT modernization and consolidation project.

Datamatics Global Services has signed a contract with a US based company for Digital Experiences Business. The total client target spend over 5 years is estimated at USD 36 million.

The Rs 2,150.21-crore IPO of the Indian Renewable Energy Development Agency (IREDA) has been subscribed 1.21 times so far on November 21, the first day of bidding, with bids coming in for 56.86 crore shares against the issue size of 47.09 crore.

Retail investors bought 1.2 times their quota of shares, while non-institutional investors picked 1.22 times their allotted portion.

The 67.19-crore-share initial public offering comprises a fresh issue of 40.32 crore shares and an offer-for-sale of 26.88 crore shares by the government of India. Read More

Sensex Today | BSE Capital Goods index down 0.6 percent dragged by Suzlon Energy, Thermax, BHEL:

Gold prices rose to their highest levels in more than two weeks on Tuesday, aided by a weaker U.S. dollar and lower Treasury yields as investors look forward to minutes from the Federal Reserve's latest meeting for cues on its interest rate outlook.

Spot gold was up 0.7% at $1,991.37 per ounce, as of 0713 GMT. U.S. gold futures gained 0.7% to $1,993.50.

Suzlon Energy fell around 5 percent to hit the lower circuit on November 21 morning ahead of an investor meet later in the day. The company said the event is being organised by JM Financial Institutional Securities.

The company's financials for the fiscal second quarter and the half-year ended September 30 would be discussed in the meeting and no other unpublished price-sensitive information would be shared during the meeting. Read More

Talbros Automotive extended its gains from the previous session, jumping 16.4 percent in the morning trade on November 21 after the company has received Rs 580 crore worth of orders from international and domestic customers.

The orders received are across its business divisions, including export orders of Rs 415 crore and multiple EV orders for Rs 270 crore from leading original equipment manufacturers (OEMs). Read More

-Initiate buy, target Rs 640 per share
-Company’s multi-micro-mkt presence make it beneficiaries of strong demand
-See strong b/s (D/E of 0.1x), robust cash flows
-Recent platform with IFC would enhance future growth potential
-Delay in the launch of new projects is a key risk
-Subdued sales leading to a longer monetisation timeline & lower discounted value

Sensex Today | Nifty Metal index up 1.5 percent led by Welspun Corp, Adani Enterprises, MOIL:

Som Distilleries received the relevant permissions from the Excise department towards the proposed expansion of the beer capacity at our Hassan plant.

Sensex Today | Market at 12 PM

The Sensex was up 276.35 points or 0.42 percent at 65,931.50, and the Nifty was up 91.80 points or 0.47 percent at 19,785.80. About 1893 shares advanced, 1254 shares declined, and 97 shares unchanged.

State Bank of India: The government has appointed Vinay M Tonse as the managing director (MD) of the country's largest public sector lender, according to a CNBC-TV18 report. Currently Vinay M Tonse is the deputy managing director of SBI.

Tech Mahindra through its material subsidiary Tech Mahindra (Americas) Inc, entered into a collaboration deed with NEOM Tech and Digital Company (TONOMUS). Tech Mahindra will incorporate a wholly owned subsidiary (joint venture company) to provide technology and digital services that support the cognitive foundation of cities and communities.

BSE 500 index represents over 90 percent of the total market capitalisation on BSE and covers all major industries. These stocks are usually traded daily and have ample liquidity. This slideshow is part of seres that will analyse Q2 performance of these companies. READ MORE

Post reporting below-estimated operating performance in Q2FY2024, management has guided for flat volume growth in the tractor industry in FY2024 due to a high base, shift in the festive season, and uneven monsoon trends.

M&M continues to expand its market share in the tractor segment via augmenting its distribution network and suitable product interventions. Further, capacity ramp up in the SUV segment is on track. M&M has been observing strong demand in the PV segment, which has been reflected in the company’s strong order book. Currently, the order book stands at 2,86,000 units in the PV segment. Along with a strong order book in the SUV segment and leading position in the domestic tractor segment, M&M is now gradually introducing its global portfolio to expand its addressable market.

M&M is consistently focussing on improvement in its operating profitability. The company’s EV projects are on track. Historically M&M’s operating performance has largely depended on the tractor segment; however, the auto segment is expected to drive its operating performance in the coming years due to increasing volumes going ahead.

Maintain Buy rating on the stock with a revised Price Target of Rs 1,777 due to a healthy order book in the PV segment, market leadership in the tractor segment, opportunity to grow in the farm machinery segment, and its road map to play in the EV space.

-Downgrade to reduce, target cut to Rs 2,856 per share
-Q2 EPS dip of 5 percent YoY to Rs 12.4 was 11 percent below estimate due to sharp sales slowdown
-H1 EPS formed just 41 percent of our full-year estimate
-Have cut EPS estimate by 8 percent for FY24-25 considering sales challenges for its large divisions
-Short-term sales challenges rising QoQ
-Short-term sales challenges leading to plant shutdowns is a cause of concern

CRISIL Ratings has revised its outlook on the long-term debt instruments and bank facilities of IIFL Finance, from Stable to Positive. The agency has also reaffirmed the long-term rating at ‘AA’ and short-term rating at ‘A1+'.

Sensex Today | Market at 11 AM

The Sensex was up 249.31 points or 0.38 percent at 65,904.46, and the Nifty was up 80.50 points or 0.41 percent at 19,774.50. About 1908 shares advanced, 1155 shares declined, and 107 shares unchanged.

Strides Pharma Science announced that its step‐down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for Levetiracetam Oral Solution USP, 100 mg/mL, from the United States Food & Drug Administration (USFDA).

Shares of Oberoi Realty share price gained 2 percent in early trade on November 21 after the company launched the first luxury residential project in Kolshet, Thane.

On November 20, the company announced the launch of ‘Forestville by Oberoi Realty’, spread across 18 acres, consist of five residential towers. The company has launched the first phase of this development consisting of three towers.

The apartments at Forestville will comprise predominantly of spacious three-bedroom apartments starting from 1,090 sq ft at Rs. 1.87 crore onwards. Read More

Tata Steel share price gained over a percent on November 21 after international brokerage Jefferies maintained a positive outlook on the company.

Its analysts expect Tata Steel's India margins to expand in the December quarter and Tata Steel Europe (TSE) losses to narrow by Q4 FY24. The brokerage sees up to 40 percent upside in the stock in a bull case scenario.

Tata Steel's European business is facing severe margin pressure due to the ongoing restructuring in the UK (TSUK) and blast furnace relining in the Netherlands (TSN). Since the TSN relining is expected to be completed by December, Jefferies expects it to lift profitability in the fourth quarter. Read More

Sensex Today | BSE Oil & Gas index down 0.5 percent dragged by HPCL, IOC, BPCL:

-Exits its fourth investment cycle in 2024, shortest in 30 years
-Monetisation of these investments as upcycle picks-up remains underappreciated
-Five catalysts should reverse peak investor skepticism
-See significant ramp-up in retail revenue, especially grocery
-Inventory restocking for chemicals in India will act as a catalyst
-Tightening in global fuel markets, as China caps domestic refining capacity until 2025
-Monetisation of 5G via fixed wireless offering & market share gains

Kirloskar Electric Company said the management has withdrawn the lockout at the company’s unit No. 15 situated at Bhudihal, Nelamangala taluk, Bengaluru Rural District with effect from November 20. Further, the management has requested all workmen through labour union to report to work.

KM Sugar Mills said there was an accident in the factory at Masodha, Ayodhya, Uttar Pradesh as 15MW cable has caught fire. And one engineer died due to the fire. The cause of the accident is yet to be ascertained. The factory operations are temporarily closed.

Laurus Labs has completed the acquisition of balance 8,333 equity shares from the promoter group shareholders of Laurus Bio on November 20, 2023.

With this acquisition the company holds 87.59% shareholding (on fully diluted basis) in Laurus Bio.

Coal India shares tanked 4 percent in early trade on November 21 as the state-run miner traded ex-dividend from November 21.

The board of directors declared the first interim dividend for the current financial year at Rs 15.25 per equity share with a face value of Rs 10 (152.5 percent). The date of payment for the dividend shall be December 9.

For the year ended March 2023, Coal India has declared an equity dividend of 242.50 percent, amounting to Rs 24.25 per share. Read More

The range bound movement of the market is likely to be broken with an upward move soon. The global cues are supportive. The softening US bond yields (the 10-year yield is at 4.41 percent ) will provide the big global macro backdrop for a market rally. The market is likely to wait till the State elections outcome is known. If the State election outcome indicates political stability after the General elections of 2024, that will act as the trigger for the rally. And, if such a rally happens, it is likely to be led by large-caps across the board in sectors like banking, IT, automobiles, capital goods, telecom, real estate and construction-related segments.

Weakening Chinese growth prospects will weigh on commodities. Financials, particularly NBFCs, beaten down by the RBI decision to hike the risk weightage on unsecured loans present long-term buying opportunity.

Shares of Kirloskar Electric gained 6.35 percent at the open on the NSE on November 21, a day after the electric device company lifted the lockdown at its Bengaluru unit.

"The management has withdrawn the lockout at the Company’s unit no. 15 situated at Bhudihal, Bengaluru Rural District with effect from November 20, 2023 at 06:30 AM and has requested all workmen through labour union to report to work," Kirloskar Electric said in a regulatory filing on November 20. The company had first informed the exchanges about the lockout on October 16 due to alleged non-cooperation by the workers at the facility. Read More

Sensex Today | Market at 10 AM

The Sensex was up 238.18 points or 0.36 percent at 65,893.33, and the Nifty was up 78.30 points or 0.40 percent at 19,772.30. About 2061 shares advanced, 851 shares declined, and 109 shares unchanged.

Shares of IIFL Finance gained at the open on November 21, a day after credit agency CRISIL revised its outlook to positive.

In a regulatory filing, IIFL Finance announced that CRISIL had revised its outlook on the long-term debt instruments and bank facilities of IIFL Finance, from 'stable' to 'positive'. The agency has also reaffirmed the long-term rating at ‘AA’ and short-term rating at ‘A1+'. The positive outlook revisions have also been made for IIFL Finance subsidiaries - IIFL Home Finance Limited and IIFL Samasta Finance Limited.

The credit agency, in a November 20 release said that the outlook revision reflects the strengthening market position of IIFL Finance group and the expected sustained improvement in its profitability. "The ratings continue to be supported by the group’s comfortable capitalisation with improved gearing, and its diversified portfolio with majority contribution from inherently less risky asset classes,” the release added. Read More

Sensex Today | BSE Realty index up nearly 1 percent led by Oberoi Realty, Brigade Enterprises, Mahindra Lifespace Developers:

Oberoi Realty has launched Forestville by Oberoi Realty, the first luxury residential project in Kolshet, Thane. Forestville, which spreads across 18 acres, will consist of 5 residential towers. The company has launched the first phase of this development consisting of 3 towers.

Tata Power Company's ubsidiary Tata Power Renewable Energy (TPREL) has crossed the 1.4 GW capacity of group captive projects in last seven months. This achievement is the result of signing of power delivery agreements (PDA) with various industries across segments. With these group captive projects, TPREL's overall renewables capacity as on October 2023 has reached 7,961 MW.

Jio Financial Services opened 1% higher on November 21 on a report that the Reliance Industries group company is planning its maiden bond issue. The stock closed at Rs 215.5 on the National Stock Exchange (NSE) the previous , down 2.4 percent. At 9:20 am, the stock was trading at Rs 217.60.

According to news agency Reuters, Jio Financial Services was in early talks with merchant bankers for its maiden bond issue. The report, citing four sources, said the company could be looking to raise around Rs 5,000 crore to Rs 10,000 crore through the issue and "may tap the market in the last quarter of the year". Read More

RateGain Travel Technologies provides hospitality software has announced closure of qualified institutions placement (QIP) issue and approved the issue of 93.31 lakh equity shares at a price of Rs 643 per share, which is at a discount of 4.97% to the floor price.

Karnataka Bank has entered into a strategic corporate tie-up with HDFC Life Insurance to offer life insurance products to its customers. This collaboration is set to deliver a host of benefits to customers seeking financial security and life protection.

ABB India and Titagarh Rail Systems have formed a strategic partnership to supply propulsion systems for metro rolling stock projects in India. The partnership covers an agreement for Titagarh to purchase ABB propulsion systems including traction converters, auxiliary converters, traction motors and TCMS software. It also includes securing the manufacturing rights and production license for traction motors along with the complete transfer of technology of the GoA 4 (driverless metro) TCMS software from ABB to Titagarh.

Tata Power Company's ubsidiary Tata Power Renewable Energy (TPREL) has crossed the 1.4 GW capacity of group captive projects in last seven months. This achievement is the result of signing of power delivery agreements (PDA) with various industries across segments. With these group captive projects, TPREL's overall renewables capacity as on October 2023 has reached 7,961 MW.

: Indian indices opened higher on November 21 with Nifty above 19750 amid positive global cues.

The Sensex was up 233.13 points or 0.36 percent at 65,888.28, and the Nifty was up 70.50 points or 0.36 percent at 19,764.50. About 1791 shares advanced, 368 shares declined, and 119 shares unchanged.

Hindalco Industries, Tata Steel, Adani Enterprises, JSW Steel and HDFC Bank were among major gainers on the Nifty, while losers were Coal India, ONGC, Tata Consumer Products, Cipla and Divis Labs.

The benchmark indices, Sensex and Nifty, are anticipated to open slightly higher on November 21, as per indications from the GIFT Nifty, suggesting a positive start for the broader index with an expected gain of 40 points.

On November 20, the BSE Sensex experienced a decline of 140 points, closing at 65,655, while the Nifty50 saw a drop of 38 points to settle at 19,694. The daily charts revealed the formation of a small bearish candlestick pattern with minor upper and lower shadows. Immediate support levels are identified at 19,600-19,500, while resistance is noted near the 19,850-20,000 range.

The Bank Nifty also underwent a correction, but it is currently approaching a crucial support zone between 43400 and 43300, where potential buying interest is expected. The hourly momentum indicator has signaled a positive crossover, indicating a buy signal. There is an anticipation that the support zone will hold, leading to a resumption of an upward movement. On the upside, the levels of 44000-44100 are likely to act as immediate hurdles from a short-term perspective.