Market Outlook 13th Nov 2024
The Nifty Index opened positive but failed to hold its opening gains and drifted lower with intensity. It cascaded throughout the day and fell to 23,839 zones and closed with losses of around 260 points. It formed a bearish candle on the daily frame and has been making lower lows from the last four sessions.
Now till it holds below 23,900 zones, weakness could be seen towards 23,750 then 23,500 zones, while hurdles are placed at 24,000 and 24,200 zones.
On option front, Maximum Call OI is at 24,500, then 25,000 strike while the Maximum Put OI is at 23,000, then a 23,500 strike. Call writing is seen at 24,000, then 24,200 strike while Put writing is seen at 23,900, then 23,500 strike. Option data suggests a broader trading range in between 23500 to 24,300 zones while an immediate range between 23,700 to 24,100 levels.
The Bank Nifty Index opened on a positive note but failed to sustain at higher zones and started the southbound journey. The selling intensified in the post-noon session as the index tested 51,000 zones. It formed a bearish candle on the daily scale and closed near its 100 DEMA. Now till it holds below 51,250 zones, some weakness could be seen towards 50,750, then 50,250 levels, while on the upside hurdle is seen at 51,500, then 51,750 zones.
Fin Nifty Index opened on a positive note but failed to sustain at higher levels as it kept drifting lower with every passing hour and closed near its day’s low. It formed a bearish candle on the daily scale and is nearing its 100 DEMA (23,465). Now till it holds below 23,700 zones, some weakness could be seen towards 23,350 then 23150 levels, while on the upside hurdle is seen at 23,700 then 23,800 zones.
Nifty future closed negative with losses of 1.22 per cent at 23931 levels. Positive setup in Ramco Cements, L&T Technology services, Ipca Labs, Metropolis Healthcare, Max Financial, INFY, HCL Tech, TCS, Coforge, LTI Mindtree, Indian Hotel while weakness in Britannia, Bosch Ltd, GAIL, Tata Power, Siemens, Navin Fluroine, BHEL, Voltas, ABB, NMDC, SUNTV, VEDL, India Mart, Tata Motors.
NTPC - TECHNICAL CALL OF THE DAY
Price has broken down from a descending triangle on the daily chart with a bearish marubozu candle which suggest bearish are holding grip.
The RSI indicator is declining which confirms the downward momentum.
Sell NTPC 28th Nov FUT CMP 381 SL 391 TGT 360
Top 5 Stocks To Watch Out For November 13
Elpro International:
The Board has approved the proposed acquisition of 100% of the partnership interest in EduSpace Services LLP ("EduSpace") by the Company and its wholly-owned subsidiary, Elpro Reality from the existing Partners ofEduSpace.
The Proposed Transaction is being undertaken with the objective of increasing the Company's footprint in the real estate market and consolidating its real estate assets and represents an attractive opportunity to increase its real estate portfolio and is fully complementary to the real estate services of property development and leasing of land and premises that it currently undertakes.
Ultratech Cement:
The company is considering a proposal to raise funds by issuance of up to 3,00,000 fully paid, unsecured, listed, rated, redeemable, rupee denominated non-convertible, non-cumulative debentures of Rs. 1,00,000/- each aggregating to up to Rs 3,000 crore in one or more tranches, on private placement basis, including the terms and conditions of the issue, on or after 15th November 2024.
Pokarna:
The Board of Directors of Pokarna Engineered, a wholly-owned subsidiary, has approved an investment of Rs 440 crore to expand its Quartz Manufacturing plant in Mekaguda, Telangana, in line with its growth strategy to meet increasing market demand. The board has proposed around ~ 8.1 Lakh Sqmtr which is expected to be added by Q4FY26.
The expansion is aimed at meeting the growing demand for premium quartz surfaces globally while enhancing PESL’s production capacity and operational efficiency.
Aurobindo Pharma:
CuraTeQ Biologics, a wholly owned subsidiary of Aurobindo Pharma has received a GMP certificate of compliance for its biosimilars manufacturing facility from the EMA. The GMP inspection, conducted by EMA representatives from April 8th to April 12th assessed mammalian and microbial drug substance manufacturing facility sections, prefilled syringes and vials filling, packaging, and QC testing and release laboratories.
UPL:
UPL Corporation Ltd. (UPL Corp), and CAC Nantong Chemical Co. Ltd. (CAC Nantong), a leading agrochemical company in China, jointly announced a new strategic partnership to develop, register, and commercialize cyproflanilide products within their respective markets.
Cyproflanilide is a new, proprietary insecticide specifically designed to combat pest resistance. It is effective across a wide range of chewing pests in multiple crops, including but not limited to rice, corn, cotton, soybeans, fruits, and vegetables.
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