After rising for two consective days, the stock market ended Wednesday's (November 9) volatile session with moderate losses. Metal, pharma, select IT and auto stocks were under pressure.
The BSE Sensex fell 152 points to 61,033, while the Nifty50 declined 46 points to settle at 18,157 and formed a bearish candle on the daily charts, taking support at 18,100 mark.
"The positive chart pattern like higher tops and bottoms continued on the daily timeframe chart and Wednesday's swing high of 18,296 could be considered as a new higher top of the sequence," Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.
Shetti feels there is a possibility of further consolidation or minor downward correction in the next 1-2 sessions before showing upside bounce again from the lows. Immediate support is placed at 17,950 levels.
The broader markets also traded lower. The Nifty Midcap 100 and Smallcap 100 indices were down seven-tenth of a percent and six-tenth of a percent, respectively.
We have collated 15 data points to help you spot profitable trades:
Note: The open interest (OI) and volume data of stocks in this article are the aggregates of three-month data, and not just of the current month.
Key support and resistance levels on the Nifty
As per the pivot charts, the key support level for the Nifty is placed at 18,122, followed by 18,080 & 18,011. If the index moves up, the key resistance levels to watch out for are 18,259 followed by 18,301 and 18,369.
The Nifty Bank rose nearly 100 points to 41,783 and formed a bearish candle on the daily charts on November 9 as the closing was lower than opening levels. The important pivot level, which will act as crucial support for the index, is placed at 41,693, followed by 41,626 and 41,519 levels. On the upside, key resistance levels are placed at 41,907 followed by 41,974 & 42,081 levels.
The maximum Call open interest of 24.77 lakh contracts was seen at 19,000 strike, which can act as a crucial resistance level in the November series.
This is followed by 19,500 strike, which holds 24.2 lakh contracts, and 18,200 strike, which have more than 20.21 lakh contracts.
Call writing was seen at 18,300 strike, which added 4.4 lakh contracts, followed by 18,200 strike which added 3.36 lakh contracts, and 19,000 strike which added 2.39 lakh contracts.
Call unwinding was seen at 18,000 strike, which shed 1.27 lakh contracts, followed by 18,100 strike which shed 1.14 lakh contracts and 19,200 strike which shed 15,750 contracts.
Maximum Put open interest of 37.42 lakh contracts was seen at 17,000 strike, which can act as a crucial support level in the November series.
This is followed by 18,000 strike, which holds 27.41 lakh contracts, and 17,500 strike, which has accumulated 22.68 lakh contracts.
Put writing was seen at 18,000 strike, which added 4.8 lakh contracts, followed by 18,300 strike, which added 3.14 lakh contracts, and 18,400 strike which added 1.24 lakh contracts.
Put unwinding was seen at 16,500 strike, which shed 1.2 lakh contracts, followed by 17,500 strike which shed 1.09 lakh contracts and 16,800 strike which shed 95,050 contracts.
A high delivery percentage suggests that investors are showing interest in these stocks. The highest delivery was seen in SBI Life Insurance Company, Whirlpool, SBI Card, Bharti Airtel, and Kotak Mahindra Bank, among others.
An increase in open interest, along with an increase in price, mostly indicates a build-up of long positions. Based on the open interest future percentage, here are top 10 stocks including Manappuram Finance, Punjab National Bank, RBL Bank, PI Industries, and Tata Communications, in which a long build-up was seen.
A decline in open interest, along with a decrease in price, mostly indicates a long unwinding. Based on the open interest future percentage, here are the top 10 stocks including Nifty Financial, Honeywell Automation, ONGC, Hindalco Industries, and Syngene International, in which long unwinding was seen.
An increase in open interest, along with a decrease in price, mostly indicates a build-up of short positions. Based on the open interest future percentage, here are the top 10 stocks in which a short build-up was seen including Jubilant Foodworks, MRF, Dr Lal PathLabs, Ramco Cements, and Divis Laboratories.
A decrease in open interest, along with an increase in price, mostly indicates a short-covering. Based on the open interest future percentage, here are the top 10 stocks, in which short-covering was seen. The list includes Bosch, Hero MotoCorp, Gujarat State Petronet, Cummins India, and Vedanta.
Indigo Paints: Sequoia Capital India Investments IV sold 7.5 lakh shares in Indigo Paints at an average price of Rs 1,343.82 per share, and SCI Investments V offloaded 8.09 lakh shares at an average price of Rs 1,343.65 per share. However, ICICI Prudential Life Insurance Company bought additional 2.5 lakh shares, Goldman Sachs (Singapore) Pte - ODI acquired 2.67 lakh shares and PICTET - Indian Equities purchased 3.24 lakh shares. The average buying price was Rs 1,343 per share. Sequoia Capital had held 28.54% stake in Indigo Paints as of September 2022.
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Eicher Motors, Zomato, Adani Green Energy, Apollo Hospitals Enterprise, Ashok Leyland, Aster DM Healthcare, Bata India, Mrs. Bectors Food Specialities, Berger Paints India, Campus Activewear, Container Corporation of India, Gujarat State Petronet, Gujarat Gas, Indian Hotels, Jindal Steel & Power, Kalpataru Power Transmission, Kalyan Jewellers India, Linde India, Mazagon Dock Shipbuilders, Muthoot Finance, NHPC, Oil India, Page Industries, Power Finance Corporation, RITES, SAIL, Suzlon Energy, Torrent Power, and Trent will be in focus ahead of September FY23 quarter earnings on November 10.
Tata Motors: The passenger and commercial vehicle maker has posted net loss of Rs 944.6 crore for the quarter ended September FY23, narrowing from loss of Rs 4,441 crore in same period last year, with strong operating and top line performance. Revenue from operations at Rs 79,611 crore for the quarter grew by 30 percent and EBITDA increased by 35.4 percent to Rs 5,572 crore compared to same period last year. Jaguar Land Rover's revenue at 5.3 billion pound grew by 36 percent YoY for the quarter with EBITDA margin at 10.3 percent expanded by 300 bps YoY. Tata Motors to delist its American Depositary shares from The New York Stock Exchange.
Tata Power Company: The company said its subsidiary Tata Power Renewable Energy has received the 'Letter of Award' from the Maharashtra State Electricity Distribution Corporation (MSEDCL) to set up 150MW solar project in Solapur, Maharashtra. The project will be commissioned within 18 months from the PPA execution date.
Happiest Minds Technologies: The company announced partnership with Singapore-based ESG (environmental, social and governance) solution provider CredQuant for BFSI (banking, financial services & insurance) customers. This collaboration with CredQuant will help BFSI customers in addressing ESG screening, ESG rating models, sustainability disclosures & reporting, impact reporting and carbon footprint.
Piramal Enterprises: The company posted consolidated loss of Rs 1,536.4 crore for the quarter ended September FY23, impacted by impairment on financial instruments, net loss on fair value changes, and higher other expenses. It had consolidated profit of Rs 426.5 crore in year-ago period. Revenue grew by 20.3 percent to Rs 1,893.7 crore compared to same period last year.
Pidilite Industries: The company recorded a 11.3 percent year-on-year decline in consolidated profit at Rs 332.4 crore for the quarter ended September FY23, dented by weak operating performance. Profit and operating income missed analysts' estimates, while revenue was in line with estimates. Revenue at Rs 3,011.2 crore for the quarter increased by 14.6 percent compared to year-ago period. EBITDA fell 9.1 percent to Rs 500 crore and margin declined by 430 bps to 16.6 percent YoY in Q2FY23.
Narayana Hrudayalaya: The healthcare service provider has clocked a 70 percent year-on-year growth in consolidated profit at Rs 168.8 crore for the quarter ended September FY23, led by healthy operating performance and higher top line. Consolidated revenue from operations grew by 21.4 percent to Rs 1,141.5 crore and EBITDA at Rs 274.9 crore increased by 51.9 percent compared to year-ago period.
Gujarat Pipavav Port: The company has recorded a massive 58.5 percent year-on-year growth in consolidated profit at Rs 72.1 crore for the quarter ended FY23 with revenue for the quarter growing 16.7 percent to Rs 227.3 crore and EBIDTA increasing 11.2 percent to Rs 121 crore compared to year-ago period. However, margin fell 265 bps YoY to 53.23 percent in Q2FY23.
Foreign institutional investors (FIIs) have net bought shares worth Rs 386.83 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 1,060.12 crore on November 9, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
The NSE has added Punjab National Bank under its F&O ban list for November 10. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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