Stock Market Morning News for Nov 24, 2023

Nifty is likely to take support at 19,788, followed by 19,767 and 19,733. On the higher side, 19,855 can be the immediate resistance followed by 19,876 and 19,910.

BSE Sensex on November 23 was down 5.4 points at 66,018, while the Nifty50 slipped 10 points to 19,802 and formed a small bearish candlestick pattern with an upper shadow on the daily scale.

The pivot point calculator indicates that the Nifty is likely to take support at 19,788, followed by 19,767 and 19,733. On the higher side, 19,855 can be the immediate resistance followed by 19,876 and 19,910.

Key support and resistance levels on Nifty

The pivot point calculator indicates that the Nifty is likely to take support at 19,788, followed by 19,767 and 19,733. On the higher side, 19,855 can be the immediate resistance followed by 19,876 and 19,910.

Option Activity:

On the option front, maximum Put OI is at 19,800 followed by 19,000 strike, while maximum Call OI is at 20,000 followed by 20,500 strike.

Call writing was seen at 20,300 strike, followed by 20,200 strike while Put writing was seen at 19,800 strike, followed by 19,300 strike.

Key support and resistance levels on Bank Nifty

As per the pivot point calculator, the index is expected to take support at 43,484, followed by 43,437 and 43,361. On the upside, the initial resistance is at 43,635 then at 43,682 and 43,758.

Bulk Deals:

Rategain Travel Technologies Ltd: Societe Generale sold 6,15,945 shares at Rs 663.74 pre share

Sepc Limited: State Bank Of India sold 88,73,785 shares at Rs 20 per share and 208202 shares of Rajshree Sugars at Rs 52.16 per share

Homefirst Finance: Smallcap World Fund Inc bought 23,95,000 shares at Rs 870.5 per share while Fidelity Global Investment Fund Asia Pacific Equity Fund bought 4,76,331 shares at Rs 870 per share.

On the other hand, True North Fund V LLP sold 34,60,699 shares at Rs 871.13 per share and Orange Clove Investments B.V. sold 28,83,819 shares at Rs 870.6. Aether Mauritius Limited sold 23,07,229 shares at Rs 870 per share of Homefirst Finance.

Asian shares dragged lower by China

Asian shares were dragged lower by China on Friday amid little guidance from Wall Street which was closed for a holiday, while the dollar remained on the back foot as investors bet U.S. rates have peaked.

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.4% but are headed for a weekly gain of 0.9%. It is up a whopping 7.1% so far in November as investors grew increasingly confident that the US rates have peaked, with discussions shifting to the timing and speed of future rate cuts.

Japan’s markets returned from a holiday, with Nikkei climbing 1.0% to charge towards a 33-year high hit on Monday.

Japanese inflation picks up as BOJ pivot bets grow

Japan’s core consumer price growth picked up slightly in October, after easing the previous month, reinforcing investors’ views that stubborn inflation may push the Bank of Japan (BOJ) to roll back monetary stimulus before long.

The nationwide core consumer price index (CPI), which excludes volatile fresh food costs, rose 2.9% year-on-year in October, government data showed on Friday, against 3.0% expected by economists in a Reuters poll.

Stocks on the radar

• Tata Consultancy Services: The country’s largest IT services exporter stock price is set to turn ex-buyback with effect from November 24. The company had approved buyback of shares worth Rs 17,000 crore, at a price of Rs 4,150 per share in October. Meanwhile, Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) will also trade ex-buyback with effect from same date.
• JSW Steel: The company has completed making the entire investment of Rs 750 crore in JSW Paints. Accordingly, JSW Paints has completed the allotment of shares. Post this allotment, the company holds 2.94 crore equity shares in JSW Paints, representing 12.84 percent of the paid-up equity capital.
• Lupin: The pharma major has received tentative approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application for Canagliflozin tablets, and Bromfenac Ophthalmic Solution, to market in the US.
• LTIMindtree: The technology consulting and digital solutions company has launched Quantum-Safe virtual private network (VPN) link in London, to secure data transmission for the approaching quantum era. LTIMindtree collaborated with its partners Quantum Xchange, and Fortinet for Quantum-Safe VPN platform.
• NMDC: The state-owned iron ore company has fixed prices of lump ore (65.5%, 6-40mm) at Rs 5,400 per tonne and fines (64%, -10mm) at Rs 4,660 per tonne. These prices will be fixed with effect from November 23.

FII and DII data

Foreign institutional investors net bought shares worth Rs 255.53 crore, while domestic institutional investors purchased Rs 457.39 crore worth of stocks on November 23, provisional data from the National Stock Exchange showed.

Stock under F&O ban on NSE

The NSE has added Balrampur Chini Mills, and Hindustan Petroleum Corporation to its F&O ban list for November 24, while retaining Hindustan Copper, Indiabulls Housing Finance, India Cements, Manappuram Finance, MCX India, RBL Bank and Zee Entertainment Enterprises. BHEL, and NMDC removed from the said list.

Oil slips 1% on concerns over delayed OPEC+ meeting

Oil prices dipped about 1% on Thursday, extending losses on expectations that OPEC+ might not deepen output cuts next year after the producer group postponed its policy meeting.

Brent crude futures were down 68 cents, or about 0.8%, at $81.28 a barrel by 2024 GMT after falling as much as 4% on Wednesday. US West Texas Intermediate crude slid 75 cents, or 1%, to $76.35 after dropping as much as 5% in the previous session.

_{Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.}