Stock Market News Today – 16th November 2023

The pivot point calculator indicates that the Nifty may take support at 19,606, followed by 19,579 and 19,536. On the higher side, 19,693 can be the immediate resistance, followed by 19,720 and 19,763.

The Nifty50 settled at 19,676, up 232 points or 1.19 percent, the biggest single-day gains since March 31, after a decisive breakout of falling resistance trendline. BSE Sensex jumped 742 points to 65,676 as buying was seen across sectors.

The index has formed a bullish candlestick pattern with long lower shadow and minor upper shadow on the daily scale.

Key Support & Resistance Levels For Nifty

• The pivot point calculator indicates that the Nifty may take support at 19,606, followed by 19,579 and 19,536. 
• On the higher side, 19,693 can be the immediate resistance, followed by 19,720 and 19,763.

Key Support & Resistance Levels For Bank Nifty

• As per the pivot point calculator, the index is expected to take support at 44,165, followed by 44,108 and 44,014. 
• On the upside, the initial resistance is at 44,352, then at 44,409 and 44,502.

Stocks On The Radar

• Bajaj Finance: RBI has directed the non-banking finance company to stop sanction and disbursal of loans under its two lending products eCOM and Insta EMI Card, with immediate effect. This action is necessitated due to non-adherence of digital lending guidelines of Reserve Bank of India.
• One 97 Communications: The Paytm operator announced a partnership with global travel technology company Amadeus to redefine travel experience with Artificial Intelligence. For the next three years, the company will integrate Amadeus’s expansive travel platform, enhancing the travellers’ experience from search to booking, and payments.
• Bayer Cropscience: The firm will trade ex-dividend with effect from November 16. The interim dividend is Rs 105 per share.
• RateGain Travel Technologies: The software company opened its qualified institutions placement (QIP) issue on November 15. The floor price has been fixed at Rs 676.66 per share.
• Suzlon Energy: India’s largest renewable energy solutions provider said its S144, 3 MW – 3.15 MW wind turbine series has received the RLMM (Revised List of Models & Manufacturers) Listing from the Ministry of New and Renewable Energy.

FII & DII Data

Foreign institutional investors net bought shares worth Rs 550.19 crore, while domestic institutional investors purchased Rs 609.82 crore worth of stocks on November 15, provisional data from the National Stock Exchange showed.

Stock Under F&O Ban On NSE

The NSE has added MCX India to its F&O ban list for November 16, while retaining Delta Corp, Hindustan Copper, Indiabulls Housing Finance, SAIL, and Zee Entertainment Enterprises in the said list. Manappuram Finance and Chambal Fertilisers and Chemicals removed from the said F&O ban.

India’s Trade Deficit Hits Record High In Oct As Gold Imports Double

India’s merchandise trade deficit rose to a record high in October, propelled by a 95 percent increase in gold imports, the commerce ministry said on November 15.

According to the latest data released by the ministry, India’s goods trade deficit increased to $31.46 billion in October compared to $26.3 billion in the same month last year and a five-month low of $19.37 billion in September. Gold imports in October amounted to $7.2 billion, up from $3.7 billion a year ago.

Wall Street Rises On Easing Inflation

US stocks closed slightly higher on Wednesday, as fresh inflation data reinforced investor hopes that the Federal Reserve is done raising interest rates, while retail stocks were boosted by an upbeat forecast from Target.

The Dow Jones Industrial Average rose 163.51 points, or 0.47%, to 34,991.21, the S&P 500 gained 7.18 points, or 0.16%, at 4,502.88 and the Nasdaq Composite added 9.46 points, or 0.07%, at 14,103.84.

Asian Markets Prepares For Presidents Meet 

Asia-Pacific markets geared up for a mixed session Thursday as investors digested high-level discussions between US President Joe Biden and Chinese President Xi Jinping, while it was left to be seen if optimism about further signs of cooling US inflation would carry through the day.

Japan’s Nikkei 225 opened near flat levels at 33,517.26, while the Topix edged 0.16% higher. In Australia, the S&P/ASX 200 dipped 0.19%.

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.