Market Outlook November 22
The Nifty Index opened negative and sharply fell in the initial hour to drop to 23,263 levels. It broke its major support level but was followed by consolidation in a very narrow band throughout the day to close with losses of around 170 points. It formed a bearish candle on daily frame with longer lower shadow and was majorly dominated by bears and meekness in the buying of the bulls at lower levels.
Now till it holds below 23,500 zones, weakness could be seen towards 23,250 then 23,000 zones while hurdles are placed at 23,500 and 23,650 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 23,300, then 23,500 strikes while Put writing is seen at 23,300 then 23,400 strike. Option data suggests a broader trading range in between 22800 to 23,800 zones while an immediate range between 23,100 to 23,500 levels.
The Bank Nifty Index opened on a flattish note but drifted towards 49,800 zones in the initial hour of the session. Later, good recovery was seen from lower zones towards 50,550 marks but it again failed to hold at higher zones and ended with losses of around 250 points.
It formed a small bearish candle on daily scale with a long lower shadow as some buying is visible at lower levels but selling pressure is intact at higher zones. Now till it holds below 50,650 zones some weakness could be seen towards 50,000 then 49,750 levels while on the upside hurdle is seen at 50,750 then 51,000 levels.
The Fin Nifty Index opened on a flattish note, and witnessed sharp decline in the opening hour of the trade as the index tested 23,100 zones. It witnessed some pull-back from the morning lows and remained sideways for the rest of the day.
It formed a small bearish candle on the daily scale with longer lower shadow which indicates buying coming in from lower levels, while selling pressure is intact from the 100 DEMA zone.
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 0.78 per cent at 23,350 levels. Positive setup in Indian Hotel, Power Grid, National Aluminium, Federal Bank, MCX, Coforge, Ramco Cements, LTI Mindtree, Divis Laboratories, Dixon Technologies, HCL Technologies, and Persistent Systems while weakness in Berger Paints, Crompton greaves, Pidilite Industries, Samvrdhna Motherson, ITC, Bharat Forge, United Breweries, Asian Paints, PVR Inox, HAL, Glenmark Pharma, BPCL, IndusInd Bank.
ULTRACEMCO - TECHNICAL BUY CALL OF THE DAY
A Bullish engulfing pattern has formed near the stocks 200 DEMA which suggests bulls have regained control and a reversal may be seen.
The Stochastic indicator has exited the oversold zone confirming the move.
Buy ULTRACEMCO CMP 10954 SL 10670 TGT 11520
The Fin Nifty Index opened on a flattish note, and witnessed sharp decline in the opening hour of the trade as the index tested 23,100 zones. | Image: Wikipedia (Representative)
Top 5 Stocks To Watch Out For November 22
Tata Power:
Tata Power and the Asian Development Bank (ADB) have signed a Memorandum of Understanding (MoU) coinciding with the ongoing Climate Conference (COP29) at Baku, Azerbaijan, to evaluate financing for its several strategic projects aimed at enhancing India’s power infrastructure and promoting renewable and clean energy. The total estimated project cost is approximately USD4.25 billion.
The MoU outlines the evaluation of financing for several key ongoing projects such as the 966 MW Solar Wind Hybrid project and Pumped Hydro Storage Project and other projects in the pipeline around energy transition, decarbonization, and battery storage as well as ongoing financing for capex towards strengthening the distribution networks managed by Tata Power.
SJVN:
SJVN has signed a Memorandum of Understanding (MoU) with the Energy Department, Government of Rajasthan to spearhead the development of renewable energy in the state. Under the MoU, SJVN would develop 5 GW Pumped Storage Projects and 2 GW Floating Solar Projects in the state. Both the parties have agreed to collaborate for development of renewable energy on a long term basis.
Protean eGov:
According to a press release, NSE Investments is set to divest up to 20.31 per cent of its stake in Mumbai-based e-governance solutions provider, Protean eGov Technologies, through an offer for sale (OFS). The OFS will consist of a base issue of 10.16 per cent equity, with a green shoe option for an additional 10.16 per cent equity. The floor price for the issue is set at Rs 1,550 per share, a discount of close to 19 per cent from Thursday's closing price of Rs 1,849.75 per share. The OFS will open on 22nd November for Non-retail Investors and for Retail Investors on 25th November 2024.
Afcons Infrastructure:
The company has received Letter of acceptance on 21st November 2024 from Uttarakhand Project Development and Construction Corporation Ltd for Civil Works including HM Works for Construction of 130.6 m High Concrete Gravity Dam and Appurtenant Works across River Song of Song Dam Project in District Dehradun, Uttarakhand amounting to Rs 1,274 crore.
Elpro International:
The company has informed exchanges that it has acquired equity shares of Titan Company Limited. Elpro previously held 65,996 equity shares and has purchased additional 21,279 equity shares thus bringing its total to 87,275 equity shares. The cost of acquisition for additional shares is worth Rs 6.75 crore and the objective of the same is for investment purpose.
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