Market Outlook November 19
The Nifty Index opened positive but failed to hold its opening gains and cascaded in the initial tick itself and touched a low of 23,350 zones. It showed some recovery thereafter but moved in swings on either sides. It formed a bearish candle on the daily frame and has been making lower lows from 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 23,600 and 23,750 zones.
On option front, the Maximum Call OI is at 24,000, then 23,500 strike, while Maximum Put OI is at 22,500, then 23,000 strike.
Call writing is seen at 23,500, then 24,000 strikes, while Put writing is seen at 23,200 then 23,400 strike. Option data suggests a broader trading range in between 23,000 to 24,900 zones while an immediate range between 23,300 to 23,700 levels.
The Bank Nifty Index opened on a positive note but failed to hold 50,400 zones and drifted lower towards 50,074 marks in the initial hour of the session. Later, some recovery was seen from lower levels but the Index remained consolidative in a narrow range of 200 points and ended with some gains near 50,350 zones.
It formed a Doji on daily scale as momentum is missing on either sides but is hovering near its 200 DEMA. Now, till it holds below 50,500 zones, weakness could be seen towards 50,000, then 49,650 levels while on the upside hurdle is seen at 50,750, then 51,000 levels.
The Fin Nifty Index opened on a positive note and headed higher towards the 23,350 zone in the first half of the session; however, it came off the highs in the post-noon session and closed near its opening zones. It formed a Doji candle on the daily scale as momentum is missing from the last couple of trading sessions and the index has closed below its 100 DEMA from the last three trading sessions.
Now, till it holds below 23,400 zones, weakness could be seen towards 23,050 then 22,850 levels, while on the upside, hurdle is seen at 23,400 then 23,500 zones.
Nifty future closed negative with losses of 0.38 per cent at 23,513 levels. Positive setup in National Aluminum, Ipca Labs, United Spirits, NMDC, Jsw steel, SBIN, Federal Bank, M&M, Tata Chemical, Can fin homes while weakness in IGL, MGL , Gujrat Gas, Biocon, TCS, Dr Reddy, Berger Paints, Cipla, SRF, Birla Soft, Gail, India Mart, NTPC, Siemens, Escorts, Axis Bank, Petronet LNG, BHEL, IOC
FEDERAL BANK- TECHNICAL BUY CALL OF THE DAY
Stock is retesting its breakout from a triple bottom pattern and formed a bullish engulfing candle on the daily chart. Buying was visible across selective banking space which may support the up move.
The momentum indicator RSI is positively placed, which confirms the bullish sentiment.
Buy FEDERALBNK CMP 200 SL 195 TGT 212
The Fin Nifty Index opened on a positive note and headed higher towards the 23,350 zone in the first half of the session; however, it came off the highs in the post-noon session and closed near its opening zones. | Image: Wikipedia (Representative)
Top 5 Stocks To Watch Out For November 19
GMR Airports:
The company has released its monthly data for October 2024, wherein it handled more than 10.7 mn Pax across all airports, reflecting a growth of 9.2 per cent YoY including both Domestic and International Traffic. Interestingly, the Pax Traffic is transcending sustainably above 10 mn Pax every month since Dec’23.
Shilpa Medicare:
Shilpa Medicare's 100 per cent subsidiary, Shilpa Pharma Lifesciences received certificate of suitability (CEP) from EDQM (European Directorate for the Quality of Medicines & Healthcare) for API, Octreotide.
Octreotide is synthetic peptide manufactured by Shilpa Pharma Lifesciences through solid phase synthesis. Acromegaly, severe diarrhea/flushing episodes associated with metastatic carcinoid tumors, profuse watery diarrhea associated with Vasoactive Intestinal Peptide (VIP) secreting tumors.
The CEP showcases Shilpa Medicare's expertise and commitment to quality-oriented development and commercial production, which meets the expectations of global quality standards.
PG Electroplast:
PG Electroplast through its wholly owned subsidiary, PG Technoplast Pvt. Ltd., has signed a Definitive Agreement with Spiro Mobility to become an Exclusive Manufacturing partner for manufacturing of the EVs of Spiro Mobility (Spiro) in India.
The Primary responsibility of PG Technoplast Pvt. Ltd. will be setting up and managing the manufacturing facilities for Electric vehicle, Lithium-Ion batteries and related components, and for procurement of parts and raw materials for the same as specified by Spiro.
Spiro shall be responsible for Research and development, marketing, sale, and distribution of the EV products manufactured by PG Technoplast Pvt. Ltd.
Ashoka Buildcon:
The company had submitted bids for Projects catering to National Highways Authority of India (NHAI) in the state of West Bengal. Further to apprise that Ashoka Buildcon has been declared as the Lowest Bidder (L-1) for the said Projects. The quoted Bid Price for the Projects is Rs 2,791 crore, excl. GST.
ITI Ltd:
ITI has received a contract worth around Rs 95 crore from Directorate of Geology & Mining, Government of Uttarakhand for Mining Digital Transformation & Surveillance System (MDTSS) project. The Uttarakhand Government envisaged this project for effective prevention of illegal mining and mineral transportation and to increase its revenue in the state.
As part of this contract, ITI will be the work agency for development, implementation and maintenance of Mining Digital Transformation & Surveillance System (MDTSS) in the districts of Dehradun, Haridwar, Udham Singh Nagar, and Nainital.The systems will be installed at 40 check gates across Dehradun, Haridwar, Nainital, and Udham Singh Nagar.
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