Market Outlook 21st Nov 2024
The Nifty Index opened positive and moved upwards with intensity in the first tick, followed by some consolidation. It later slipped and wiped off most of its intraday gains but respected the previous day’s low of 23,350 zones.
It formed a small-bodied bearish candle on daily frame with longer upper shadows and broke its lower lows formation of the last seven sessions. Now till it holds below 23,500 zones, weakness could be seen towards 23,350 then 23,200 zones, while hurdles are placed at 23650 and 23,750 zones.
On option front, Maximum Call OI is at 24,000, then 23,700 strike, while Maximum Put OI is at 23,000, then 23,500 strike. Call writing is seen at 23,900, then 24,200 strikes, while Put writing is seen at 23,700, then 23,600 strikes. Option data suggests a broader trading range in between 23,000 to 23,900 zones while an immediate range between 23,300 to 23,700 levels.
The Bank Nifty Index opened on a positive note and extended the momentum towards 50,983 marks in the first half of the session. However, it failed to hold at higher levels and drifted lower towards 50,600 zones in the last hour. It formed a small-bodied candle on daily scale but negated the formation of lower highs after five sessions.
Now it has to hold above 50,500 zones for a bounce towards 51,000 then 51,350 levels, while a hold below the same could see weakness towards 50,200 then 49,900 levels.
The Fin Nifty Index opened on a positive note and extended the momentum towards 23,466 marks in the first half of the session. Later, it remained choppy in a narrow range of 100 points and ended with gains of around 150 points near 23,400 zones.
It formed a small-bodied candle on daily scale and negated the formation of lower highs after five sessions. Now it has to hold above 23,333 for a bounce towards 23,500 then 23,650 zones, while a hold below the same could see weakness towards 23,200 then 23,000 levels.
Nifty future closed negative with losses of 0.10 per cent at 23,491 levels. Positive setup in Deepak Nitrite, Federal Bank, MCX, M&M, Coromandel International, Divis Laboratories, Indian Hotels, Tech Mahindra, Hdfc Bank, Wipro, Laurus Labs while weakness in Berger Paints, BPCL , Gujrat Gas, Hindustan Unilever, ABFRL, Metropolis Healthcare, Britannia Industries, Bata India, Nestle India, Cipla, Baja Auto, ACC, Abbott India, Siemens, Container Corporation, MGL, NTPC.
INDHOTEL - TECHNICAL BUY CALL OF THE DAY
A Mat Hold pattern with a breakout is visible near life highs suggesting bullish sentiment.
Stock is holding despite of broader market weakness. The ADX line is headed up confirming the strength of the uptrend.
Buy INDHOTEL CMP 754 SL 736 TGT 790
The Fin Nifty Index opened on a positive note and extended the momentum towards 23,466 marks in the first half of the session. | Image: Wikipedia (Representative)
Top 5 Stocks To Watch Out For November 21
PSP Projects:
PSP Projects in a press release said that Adani Group firm Adani Infrastructure will acquire a 30.07 per cent stake in it from one of its founders for Rs 685 crore.
Promoter Prahaladbhai S Patel is the seller who entered into a share purchase agreement with Adani Infra (India) Limited by selling 1.19 crore equity shares representing up to 30.07 per cent of the paid-up equity share capital of the PSP Projects.
Tata Power:
In a landmark move to strengthen Regional energy security and support the clean energy transition, The Tata Power Company has entered into a strategic partnership with Druk Green Power Corporation Limited (DGPC), a subsidiary of Druk Holding and Investments Limited, sole generation utility of Bhutan, to collaborate and develop at least 5,000 MW of clean energy generation capacity in Bhutan.
This is in keeping with Bhutan’s vision for its energy sector which is to take its overall generation capacity to 25,000 MW by 2040 for its energy security and regional energy integration.
Dr. Reddy's:
The company has informed exchanges that the United States Food & Drug Administration (USFDA) completed a GMP inspection at our API manufacturing facility (CTO-2) in Bollaram, Hyderabad.
The inspection was conducted from 13th November, 2024 to 19th November, 2024. Dr. Reddy's has been issued a Form 483 with 7 observations, which they will address within the stipulated timeline.
JSW Steel:
JSW Steel Italy SrL, a subsidiary of JSW Steel has signed a Commercial Agreement with Metinvest Adria S.p.A. The Commercial Agreement is in line with the MoU dated 1st March 2024 signed between JSW Steel Italy SrL and The Ministry of Industries and Made in Italy(MIMIT) wherein the mechanism for the transfer of rights relating to the northern area of the property was defined.
As per the MoU, JSW and MIMIT have identified various areas of cooperation between JSW and the Government Institutions for the implementation of the Rail Mill Modernisation Project which includes Revamping of the Rolling Mills, Setting up Hardening Facility and Increasing the length of the Rails being produced to upto 120 meters.
Garden Reach Shipbuilders:
In a display of its capability to build new-age vessels and contribute towards a greener future, Garden Reach Shipbuilders signed a contract with the Transport Department, Government of West Bengal, for the delivery of 13 hybrid ferries. The ferries will be operated on the River Hooghly by the West Bengal Transport Infrastructure Development Corporation Ltd (WBTIDCL).
GRSE had earlier been assigned by the Government of West Bengal to design a prototype for a next generation zero-emission ferry. This ferry, named ‘Dheu’ was launched by GRSE on 11th January 2024 and technically accepted on 22nd March 2024.
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