Market Outlook 14th Nov 2024
The Nifty Index opened negative and cascaded right from the start of the session and broke all crucial support zones. Bears had complete control over the market and it dropped to 23,500 zones to close with losses of around 320 points. It formed a bearish candle on daily frame and has been making lower lows from the last five sessions.
Now till it holds below 23,650 zones, weakness could be seen towards 23,350 then 23,200 zones, while hurdles are placed at 23,750 and 23,900 zones.
On option front, Maximum Call OI is at 24,000, then 24,500, strike, while Maximum Put OI is at 23,000, then 22,500 strike. Call writing is seen at 23,800, then 24,000 strikes, while Put writing is seen at 23,300, then 22,800 strike.
Option data suggests a broader trading range in between 23200 to 24,000 zones while an immediate range between 23,400 to 24,800 levels.
The Bank Nifty Index opened on a negative note and remained under selling pressure throughout the session to end the day with losses of more than 1,000 points. It formed a Big Bearish candle on daily scale and gave a range break down below 51,000 zones after twenty-nine sessions.
Selling pressure was seen across the banking space and it closed near its 200 DEMA. Now, till it holds below 50,500 zones, weakness could be seen towards 49,650 then 49,500 levels, while on the upside, hurdle is seen at 50,500 then 50,750 levels.
The Fin Nifty Index opened on a negative note and it drifted lower in the first half of the session, post which it consolidated in the middle session. However, in the last hour of trade, it witnessed sharp fall as the index tested the 23,050 zone.
It formed a bearish candle on the daily scale and has closed below the 100 DEMA (23,461). Now, till it holds below 23,300 zones, weakness could be seen towards 22,950 then 22,750 levels while on the upside hurdle is seen at 23,300, then 23,400 zones.
Nifty future closed negative with losses of 1.10 per cent at 23,696 levels. Positive setup in INFY, Wipro, Manappuram Finance while weakness in GNFC, Bandhan Bank, Cummins India, Granules, RBL Bank, Tata power, IDFC First Bank, Aarti Industries, Aditya Birla Capital, Tata Chemicals, Exide Industries, BHEL, AU Bank, MGL and Balkrishna.
PETRONET LNG - TECHNICAL SELL CALL OF THE DAY
Price has broken down from a descending triangle on the daily chart with a long bodied bearish candle which suggest a possible downward trend.
The RSI indicator is declining which confirms the downward momentum.
Sell Petronet Lng 28th Nov FUT CMP 316 SL 325 TGT 295
The Fin Nifty Index opened on a negative note and it drifted lower in the first half of the session, post which it consolidated in the middle session. | File/ Representational Image
Top 5 Stocks To Watch Out For November 14
Inox Green:
The Board approved the Scheme of Arrangement between Inox Green Energy Services Limited and Resco Global Wind Services Limited and their respective shareholders which provides for demerger of Power Evacuation Business of the company into the Resulting Company.
The proposed arrangement would enable consolidation of same line of business into Resco, which will result in unlocking value for the Power Evacuation Business. Such consolidation in a single entity will lend enhanced focus to the Power Evacuation Business.
SAMHI Hotels:
Duet India Hotels (Hyderabad) Private Limited, and Innmar Tourism and Hotels Private Limited, wholly owned subsidiaries of SAMHI Hotels have signed the management agreements with Marriott Hotels India Private Limited and its affiliates (“Marriott”) in relation to their assets situated in Hitec City, Hyderabad, and Whitefield, Bangalore. This signing will further expand SAMHI’s partnership with Mariott.
FDC:
The company informed exchanges that U.S. Food and Drug Administration (USFDA) had conducted an inspection at FDC’s manufacturing facility located at Baddi, Himachal Pradesh in the month of August 2024.
FDC has now received the Establishment Inspection Report (EIR) from USFDA with “No Observations”. This approval confirms the closure of inspection conducted in August 2024. The Inspection was carried out in relation to the ANDA – Cefuroxime Proxetil tablets and ANDA-Cefixime 400 mg Tablets.
Tata Power:
Tata Power announced successful commissioning of the Omkareshwar Floating Solar Project. With an impressive capacity of 126 MW, this project stands as one of India’s largest floating solar installations, marking a significant milestone in the country's renewable energy journey. The EPC contract worth Rs 596 crore was awarded by NHDC Limited to Tata Power Renewable Energy Ltd.
Tata Communication:
Tata Communications has entered into a Share Purchase Agreement with Transaction Solutions International (India) Pvt Ltd (“TSI India”) for sale of TC India’s entire stake in its wholly-owned subsidiary Tata Communications Payment Solutions Limited (“TCPSL”), a company incorporated in India and registered as a White Label ATM Operator with the Reserve Bank of India for a value of Rs 330 crore.
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