Market Outlook 12th Nov 2024
The Nifty Index opened negative but bulls took over in the initial couple of hours, which was followed by wiping off its intraday gains. It dropped to 24,000 levels and has been making lower lows from the last three sessions. It slightly recovered in the last hour and managed to close near 24,150 zones.
It formed an outside Bar and a Doji sort of candle on a daily frame, indicating indecisiveness and tug of war between the bulls and bears. Now that it holds below 24,150 zones, some weakness could be seen towards 24,000 and then 23,850 zones, while hurdles are placed at 24,350 and 24,500 zones.
On option front, the Maximum Call OI is at 25,000, then 24,500 strike while the Maximum Put OI is at 23,000 then 23,500 strike. Call writing is seen at 24,300, then 24,500 strikes, while Put writing is seen at 24,000, then 23,600 strike. Option data suggests a broader trading range in between 23,700 to 24,600 zones while an immediate range between 23,900 to 24,400 levels.
Bank Nifty Index opened on a negative note and drifted lower towards 51300 zones in the initial hour of the session. However, quick recovery was seen from lower levels as it headed towards 52,177 marks but remained consolidative near 52,000 zones in the latter part of the day.
It formed a bullish candle on a daily scale and negated its lower high formation of the last three sessions. Now it has to hold above 51750 zones for a bounce towards 52,222, then 52,555 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 flattish note and after a small downtick in the opening trade, it witnessed a sharp upmove as it tested the 24,150 zone. However, it came off from its highs later but managed to close in the green. It formed an outside Bar as it traded both the high as well as low of the previous candle and is hovering near its 50 DEMA (23,845).
Now it has to hold above 23,850 zones for a bounce towards 24,100, then 24,250 levels, while a hold below the same could see some weakness toward 23,700 then 23,550 zones.
Nifty future closed positive with gains of 0.03 per cent at 24,226 levels. Positive setup in Biocon, PFC, Powergrid, Naukri, OFSS, INFY, Tech Mahindra, TCS, Wipro, HDFC Bank, HAL, BEL, Axis Bank, Persistent, Oberoi Realty, ICICI Bank while weakness in ICICI Prudential life, Bandhan Bank, Titan, AU Bank, Grasim, Lupin, SBI Card, NTPC, Lupin, Colpal, IEX, Exide Industries, Bajaj Finance, MGL, Havells.
INFOSYS - TECHNICAL CALL OF THE DAY
Price has bounced back from its major support levels and forming higher lows from past five trading sessions.
Buying is visible across Nifty IT space, which may support the ongoing up move. The MACD Indicator is giving a bullish crossover, which suggests upward momentum.
Buy INFOSYS CMP 1860 SL 1810 TGT 1950
The Fin Nifty Index opened on a flattish note and after a small downtick in the opening trade, it witnessed a sharp upmove as it tested the 24,150 zone. | Image: Wikipedia (Representative)
Top 5 Stocks To Watch Out For November 12
EPL:
EPL reported its Q2FY25 results with strong revenue growth with 20 per cent EBITDA margin and 72 per cent PAT growth. Revenue growth was around 8.4 per cent led by Europe at 21 per cent and close to double-digit growth in Americas and EAP. Continued EBITDA margin improvement with Q2FY25 margin at 20.0 per cent, an expansion of 188 bps on a YoY basis.
PAT witnessed a significant growth of 72.3 per cent YoY. Robust EBITDA growth, with steady depreciation and interest costs, drove strong PAT growth during the quarter.
Net Debt/EBITDA ratio improved to 0.76x vs 0.88x YoY and also Return on Capital Employed (‘ROCE’) increased to 16.5 per cent, an increase of 260 bps YoY.
AuSom Enterprises:
Ausom Enterprise received Letter of Intent from Gujarat Urja Vikas Nigam Limited for procurement of power through a competitive bidding process.
For this, Ausom Enterprise will Incorporate a 100 per cent subsidiary company as Special Purpose Vehicle (SPV) in the name of Ausom Power OR Ausom Energy OR as approved by the Ministry.
The nature of the order win is for supplying solar photovoltaic power projects to Gujarat Urja Vikas Nigam for a period of 25 years having a capacity of 50MW at an applicable tariff of Rs 2.55 per Kwh.
Balmer Lawrie:
Balmer Lawrie & Co. Ltd., signed an agreement with M/s GATX India Pvt. Ltd., the largest private railcar lessor in India, for leasing 3 nos. of rakes of BFNS 22.9t wagons for transportation of finished steel products of Steel Authority of India Ltd. (SAIL), Rourkela Steel Plant (RSP) over distances exceeding 1000 kms.
Balmer Lawrie forayed into transportation of cargo by rail with the signing of the agreement with SAIL, RSP on 13th September 2024. Balmer Lawrie aspires to cater to the growing market of rail logistics by serving the customer segments in the list of commodities allowed under the Liberalized Special Freight Train Operator (LSFTO) Scheme of Indian Railways.
L&T Tech:
L&T Technology Services has signed a definitive agreement to acquire Silicon Valley-based Intelliswift, to deepen its offerings across software product development, platform engineering, Digital Integration, Data and AI.
Intelliswift services 4 of the Top 5 Hyperscalers and caters to over 25 Fortune 500 companies including 5 of the top 10 ER&D spenders in Software and Technology. With this acquisition, LTTS will also be able to address adjacent markets of Retail and Fintech, along with the Private Equity channel.
TVS Supply Chain:
TVS Supply Chain Solutions reported Net Profit of Rs 10.6 crore for Q2FY25 as against the loss of Rs 21.9 crore in Q2FY24 and a 42.5 per cent growth on a QoQ basis. Its H1FY25 PBT was at Rs 31.6 crore as against the PBT of (Rs 41.6 crore) for H1FY 24. The consolidated revenue for Q2FY25 was up by 11 per cent to Rs 2,512.9 crore as against Rs 2,262.9 crore in Q2FY24.
During the quarter, the company won a significant new contract with a large industrial customer in North America. This is a multi-year transformational engagement with total contract value in excess of Rs 2,200 crore.
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