Stock Market News Today – 17th November 2023

Summary: Nifty may take support at 19,661, followed by 19,602 and 19,508. On the higher side, 19,851 can be the immediate resistance, followed by 19,909 and 20,004.

Sensex jumped 307 points to 65,982, while the Nifty50 gained 90 points to 19,765. The Nifty formed a bullish candlestick pattern with long upper shadow & minor lower shadow on the daily scale.

On the broader markets front, the Nifty Midcap 100 and Smallcap 100 indices gained 0.8 percent and 0.6 percent, respectively.

Key Support & Resistance Levels For Nifty

The pivot point calculator indicates that the Nifty may take support at 19,661, followed by 19,602 and 19,508. On the higher side, 19,851 can be the immediate resistance, followed by 19,909 and 20,004.

Key Support & Resistance Levels For Bank Nifty

As per the pivot point calculator, the index is expected to take support at 44,079, followed by 43,995 and 43,859. On the upside, the initial resistance is at 44,352, then at 44,436 and 44,572.

Stocks On The Radar

• Delhivery: Foreign investor SoftBank mulls selling stake worth $150 million in Delhivery via block deal, according to sources. SoftBank may sell around 4 percent stake if the block deal fructifies.
• JSW Steel: The company has withdrawn its application for the final mine closure plan for surrender of the Jajang iron ore block in Keonjhar, Odisha.
• SJVN: The company has signed a Power Purchase Agreement for a 200-MW grid connected wind power project with Solar Energy Corporation of India (SECI). Its subsidiary SJVN Green Energy (SGEL) bagged 200 MW at a tariff of Rs 3.24 per unit on build own and operate (BOO) basis in open competitive tariff bidding process.
• TVS Motor: The Chennai-based two-and-three-wheeler maker announced its entry into Europe by signing an agreement for import and distribution with Emil Frey, the automobile importer and retailer in Europe. 
• JSW Infrastructure: The company has received Letter of Award from Karnataka Maritime Board, Government of Karnataka for development of port at Keni in Karnataka on public private partnership basis. The estimated cost of the project is Rs 4,119 crore with an initial capacity of 30 MTPA.

India “not out of the woods yet” on inflation – RBI bulletin

• India is not home-free with regards to the pressures of high prices but the moderation in retail inflation over the last two months is a relief, the Reserve Bank of India (RBI) said in its November bulletin published on Thursday.
• “We are not out of the woods yet and have miles to go, but (inflation) readings of around 5% and 4.9% in September and October, respectively, are a welcome relief from the average of 6.7% in 2022-23 and 7.1% in July-August 2023,” the RBI said in its ‘State of the Economy’ article in the bulletin, according to a Reuters report.

FII and DII data

Foreign institutional investors net bought shares worth Rs 957.25 crore, while domestic institutional investors purchased Rs 705.65 crore worth of stocks on November 16, provisional data from the National Stock Exchange showed.

Dow weighed down by Walmart, Cisco Systems

• A rally in Wall Street stocks showed signs of fatigue Thursday as shares of Cisco Systems and Walmart plunged following corporate forecasts, weighing on the Dow, according to AFP report.
• The Dow Jones Industrial Average finished down 0.1 percent at 34,945.47. The broad-based S&P 500 added 0.1 percent at 4,508.24, while the tech-rich Nasdaq Composite Index also climbed 0.1 percent to 14,113.67.

Oil prices hit 4-month low

Oil prices dropped more than 5% on November 16 to their lowest in four months, as investors worried about global oil demand following weak data from the US and Asia. Brent futures fell $4.38, or 5.4%, to $76.80 a barrel by. US West Texas Intermediate crude (WTI) shed $4.27, or 5.5%, to $72.39.

Stock under F&O ban on NSE

The NSE has added Chambal Fertilisers and Chemicals, India Cements, Manappuram Finance a to its F&O ban list for November 17, while retaining Delta Corp, Hindustan Copper, MCX India, SAIL, and Zee Entertainment Enterprises in the said list. Indiabulls Housing Finance removed from the said F&O ban.

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.