The bulls took a breather on November 14 after a run-up in the previous session. The benchmark indices closed with moderate losses led by selling pressure in FMCG and select banks stocks.
The BSE Sensex was down 171 points at 61,624, while the Nifty50 declined 21 points to 18,329 and formed a bearish candle on daily charts, indicating a consolidation movement in the market at the highs.
The market breadth was muted on Monday and the broad market indices have closed on a flat note,"
"The positive chart pattern like higher tops and bottoms continued on the daily chart and the swing high of Monday could signal a possibility of a new higher top of the sequence. Hence, there is no confirmation of any higher top reversal pattern unfolding at the highs," Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.
Shetti feels the choppy movement or minor weakness could continue for the next 1-2 sessions before showing another round of sharp upside bounce from the higher lows. Immediate support is placed at 18,250, the market expert said.
On the broader markets front, the Nifty Midcap 100 index closed flat and the Nifty Smallcap 100 index was up half a percent.
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 18,313, followed by 18,292 & 18,259. If the index moves up, the key resistance levels to watch out for are 18,380 followed by 18,401 and 18,435.
The Nifty Bank shed 60 points to 42,077 and formed a bearish candle on the daily charts on November 14. The important pivot level, which will act as crucial support for the index, is placed at 41,990, followed by 41,927 and 41,825 levels. On the upside, key resistance levels are placed at 42,193 followed by 42,256 and 42,357 levels.
The maximum Call open interest of 29.23 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 24.95 lakh contracts, and 18,300 strike, which have more than 22.14 lakh contracts.
Call writing was seen at 18,400 strike, which added 4.12 lakh contracts, followed by 19,000 strike which added 3.67 lakh contracts, and 18,700 strike which added 2.34 lakh contracts.
Call unwinding was seen at 18,200 strike, which shed 2.07 lakh contracts, followed by 18,000 strike which shed 1.38 lakh contracts and 19,500 strike which shed 1.21 lakh contracts.
Maximum Put open interest of 32.64 lakh contracts was seen at 18,000 strike, which can act as a crucial support level in the November series.
This is followed by 17,000 strike, which holds 27.84 lakh contracts, and 18,300 strike, which has accumulated 23.31 lakh contracts.
Put writing was seen at 18,400 strike, which added 2.04 lakh contracts, followed by 17,500 strike, which added 1.83 lakh contracts, and 19,000 strike which added 1.8 lakh contracts.
Put unwinding was seen at 17,200 strike, which shed 1.75 lakh contracts, followed by 18,200 strike which shed 1.74 lakh contracts and 17,300 strike which shed 82,500 contracts.
STOCKS WITH A HIGH DELIVERY PERCENTAGE
A high delivery percentage suggests that investors are showing interest in these stocks. We have seen the highest delivery in Bharti Airtel, SBI Card, Power Grid Corporation of India, Hindustan Unilever, and ICICI Prudential Life Insurance, 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 the top 10 stocks including Abbott India, United Breweries, L&T Infotech, JK Cement, and Coforge, 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 GNFC, Cummins India, Bank Nifty, TVS Motor Company, and Bajaj Auto, 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 Sun TV Network, Bharat Forge, Alkem Laboratories, Nifty Financial, and BHEL.
53 stocks witnessed short-covering
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 including Dr Lal PathLabs, Deepak Nitrite, Navin Fluorine International, Gujarat Gas, and Manappuram Finance.
HBL Power Systems: Oman India Joint Investment Fund sold 40.27 lakh equity shares in the company at an average price of Rs 98.16 per share.
PB Fintech: WF Asian Reconnaissance Fund acquired 50 lakh equity shares in the Policybazaar operator at an average price of Rs 388 per share. However, Tiger Global Eight Holdings almost exited the company by selling remaining 79.98 lakh shares in the company at an average price of Rs 389.44 per share. Tiger Global on November 11 already sold 1.08 crore shares. Internet Fund III Pte Ltd sold another 54.19 lakh shares in PF Fintech at an average price of Rs 389.38 per share.
Alstone Textiles (India): Paschim Finance and Chit Fund Pvt Ltd sold 1.97 lakh shares in Alstone, and Victory Software offloaded 78,900 shares at an average price of Rs 247.25 per share.
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Rajesh Exports, Advance Syntex, Bhanderi Infracon, Constronics Infra, Hanman Fit, MRC Agrotech, NINtec Systems, Riddhi Steel and Tube, Shahlon Silk Industries, and SSPN Finance will be in focus ahead of their September FY23 quarter earnings on November 15.
Stocks in News
Hinduja Global Solutions: The company reported massive 599 percent sequential growth in consolidated profit at Rs 239 crore for quarter ended September FY23, aided by higher other income and tax write-back. Revenue from operations grew by 1.6 percent QoQ to Rs 1,167.5 crore in Q2FY23.
Apollo Tyres: The tyre maker reported better than expected earnings growth. It recorded 12 percent year-on-year growth in consolidated profit at Rs 194.5 crore for the quarter ended September FY23, supported by top line. Revenue from operations grew by 17 percent YoY to Rs 5,956 crore and EBITDA rose 11.6 percent to Rs 712 crore, though margin contracted 60 bps due to higher input cost.
NMDC: The state-run iron ore producer registered a 62 percent year-on-year decline in profit at Rs 885.7 crore for quarter ended September FY23, impacted by lower top line as well as operating income. Numbers were below analysts' expectations. Revenue from operations for the quarter at Rs 3,328 crore declined 51 percent and EBITDA fell 73 percent to Rs 851.2 crore compared to year-ago period.
NBCC India: The public sector undertaking reported a massive 34 percent year-on-year increase in consolidated profit at Rs 95.5 crore for quarter ended September FY23 led by healthy operating performance. Revenue from operations for the quarter grew by 8 percent to Rs 2,029.7 crore and EBITDA surged 74 percent to Rs 88.4 crore compared to same period last year. The company secured total business of Rs 332 crore in October.
CESC: The power utility company reported a 9 percent year-on-year decline in consolidated profit at Rs 305 crore for quarter ended September FY23, impacted by weak operating performance. Revenue grew by 12 percent YoY to Rs 3,913 crore, but EBIDTA fell 46.4 percent to Rs 490 crore and margin dropped more than 13 percentage points on higher input cost.
Aarti Industries: The speciality chemicals manufacturer has recorded a 17 percent year-on-year decline in consolidated profit at Rs 124.5 crore for September FY23 quarter on sharp drop in operating profit margin. Revenue for the quarter grew by 34 percent YoY to Rs 1,685 crore and EBIDTA rises 4.7 percent to Rs 267 crore, but margin fell more than 4 percentage points on higher input cost.
Biocon: The pharma company's quarterly earnings missed analysts' estimates. Consolidated profit fell by 48.8 percent year-on-year to Rs 81.8 crore for quarter ended September FY23 impacted by lower operating margin. Revenue from operations for the quarter grew by 26.4 percent to Rs 2,320 crore and EBITDA rose 5.7 percent to Rs 471 crore, but margin fell nearly 4 percentage points compared to same period last year on higher input cost. The company has received board approval for fund raising via NCDs up to $250 million and commercial paper up to $275 million on private placement basis.
Fund Flow
Foreign institutional investors (FIIs) have net bought shares worth Rs 1,089.41 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 47.18 crore on November 14, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
The NSE has added BHEL and Sun TV Network, and retained Gujarat Narmada Valley Fertilizers and Chemicals, and Punjab National Bank under its F&O ban list for November 15. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
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