Top Stocks To Watch Out For November 8: Wipro, INOX, Reliance Power & Others In Focus

Market Outlook 8th Nov 2024

The Nifty Index opened flat and sharply fell in the first hour and was followed by a consolidation of 80 points in the rest part of the day. It dropped to 24,180 levels and wiped off all the gains of the previous session to close with losses of around 280 points.

It formed a bearish candle on daily frame and negated its lower highs formation of the last three sessions. Now it has to hold above 24,150 zones, for a bounce towards 24,350 and 24,450 zones whereas supports are placed at 24,050 then 23,850 zones.

On option front, Maximum Call OI is at 24,500 then 25,000 strike, while Maximum Put OI is at 23,000 then 24,000 strike. Call writing is seen at 24,500, then 24,200 strikes, while Put writing is seen at 24,200, then 24,000 strike. Option data suggests a broader trading range in between 23600 and 24,600 zones while an immediate range between 23,800 to 24,400 levels.

The Bank Nifty Index opened on a negative note and drifted lower towards 51,750 zones in the initial hour of the session. Later, it remained consolidative in a narrow range of 250 points and ended in losses near 51,900 zones. It formed a small bearish candle on a daily scale as momentum is missing at higher zones.

The index has again got stuck in a wider range and is hovering near its 50 DEMA. Now it has to hold above 51,750 zones for a bounce towards 52,250, then 52,500 levels, while a hold below the same could see some weakness towards 51,500, then 51,250 zones.

The Fin Nifty Index opened on a negative note, and it further drifted lower in the opening hour of trade as it tested 23900 zones. Post the morning fall, it remained consolidative in a range for the entire trading session. It formed a bearish candle on the daily scale as the index is oscillating in a range and is hovering near the 50 DEMA.

Now it has to hold above 23,800 zones for a bounce towards 24,100 then 24,250 levels, while a hold below the same could see some weakness towards 23,700 then 23,550 zones.

Nifty future closed negative with losses of 1.24 per cent at 24,281 levels. Positive setup in Apollo Hospital, Coromandel, PI Ind, Navin Fluor, Page Ind, HAL, Voltas, Petronet, Syngene, Federal Bank, CUB, SBIN, HDFC AMC, Atul and Coforge while weakness in Hindalco, Grasim, Auropharma, Tatamotors, Godrejprop, Mphasis, ABB, Colpal and Titan.

COROMANDEL INTERNATIONAL - TECHNICAL CALL OF THE DAY

The stock has given a trend line breakout with high buying volumes to support the up move.

Buying was visible across the fertiliser space which may support the bull run. The RSI Indicator is rising, suggesting bullish momentum.

Buy COROMANDEL CMP 1777 SL 1725 TGT 1885

Top 5 Stocks To Watch Out For November 8

Wipro:

Wipro and Google Cloud announced the launch of Wipro’s Google Gemini Experience Zone, a new in-person experience where Wipro customers can see the power of Google’s AI technologies and work with Wipro to identify the optimal generative AI use cases for their businesses. 

Wipro’s Google Gemini Experience Zone will be hosted at Wipro’s innovation labs in Silicon Valley Innovation Center, Mountain View. A similar experience zone will soon be set up in Bengaluru. These zones will serve as spaces where enterprises can gain hands-on experience with Google’s AI technology, including Gemini models, Vertex AI, and more.

Inox India:

INOX India (INOXCVA) announced the securing of a significant contract from Highview Power, UK for their upcoming Liquid Air Energy Storage (LAES) facility at Carrington, Manchester, UK. Under the contract, INOXCVA will supply 5 Vertical 690kl, high pressure EN Design Vacuum Insulated Cryogenic Tanks for the project.

This contract marks INOXCVA’s entry into the cutting-edge field of liquid air energy storage and represents the company’s first order for a liquid air energy storage project. Notably, these will be largest shop-fabricated vacuum insulated Industrial Gas tanks ever made by INOXCVA.

Reliance Power:

The company has received a notice from Solar Energy Corporation of India Limited (SECI) whereby it was directed that the Company including its subsidiaries stand debarred from participating in all future tenders issued by SECI for a period of 3 years from the date of issuance of the notice, i.e., 6th November 2024. 

The reason given is that while submitting a bid to SECI, one of thier subsidiary namely, Reliance NU BESS Limited (formerly known as Maharashtra Energy Generation Limited) has submitted alleged fake endorsement of bank guarantee against EMD (issued by foreign bank) which was arranged by third party.

Oil India:

Oil India has been selected as the preferred bidder for the Phop Graphite and Vanadium Block in Arunachal Pradesh. This selection was made by the Ministry of Mines in a recently concluded auction of eight critical mineral blocks, held under Tranche IV of the Auction of Critical and Strategic Mineral Blocks. The critical minerals, essential for high-tech and green energy applications, will play a crucial role in reducing India’s dependence on imports.

Brigade Enterprises:

The company has signed a Joint Development Agreement for developing a residential project of around one million square feet located at West Chennai. The project will be developed as part of a 1.5 million square feet mixed use development. the Gross Development Value of the project is about Rs 800 crore.

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