Stock Market News Today – 20th November 2023

Nifty may take support at 19,682 followed by 19,649 and 19,596. On the higher side, 19,788 can be the immediate resistance followed by 19,821 and 19,874.

The equity market ended lower on November 17, amid selling pressure at higher levels. Sensex shed 188 points at 65,795 and the Nifty slipped 33 points to end at 19,732.

Key support and resistance levels on Nifty

The pivot point calculator indicates that the Nifty may take support at 19,682 followed by 19,649 and 19,596. On the higher side, 19,788 can be the immediate resistance followed by 19,821 and 19,874.

Key support and resistance levels on Bank Nifty

As per the pivot point calculator, Bank Nifty is expected to take support at 43,520 followed by 43,435 and 43,298. On the upside, the initial resistance is at 43,794 then at 43,879 and 44,016.

Stocks on the radar

• Aurobindo Pharma: The United States Food and Drug Administration concluded a pre-approval inspection of Unit-I & III of formulation manufacturing facility of APL Healthcare in Telangana with zero observations. The inspection, conducted during the November 13-17 period, was closed with “No Action Indicated (NAI)”. APL Healthcare is a subsidiary of Aurobindo Pharma.
• RITES: CFM Mozambique has awarded the tender for 10 diesel-electric locomotives with incidental services to RITES at a total value of $37.68 million but the company lost the tender for 300 high-side wagons.
• Exide Industries: The High Court has passed a decree by recording the terms of the Settlement Agreement executed by the parties namely Exide Industries, Vertiv Company Group Limited UK (VCGL), and Vertiv Energy (VEPL), while disposing of the suits pending since 2006. Both VCGL & VEPL agreed that they will not use the said CHLORIDE mark in India, either directly or indirectly, and will withdraw all their claims over this mark in favour of Exide.
• SBI Cards and Payment Services: After the Reserve Bank of India on November  16 tightened rules for consumer credit and bank credit to NBFCs, the credit card issuing company said it would impact the capital adequacy ratios for banks and NBFCs, and for SBI Card, it would reduce capital adequacy by around 4 percent.
• Cipla: The pharma company executed a facility demand guarantee of ZAR 945 million in favour of First Rand Bank, South Africa, for extending general banking facilities to Medpro Pharmaceutica (Pty) Ltd. Medpro is a step-down wholly-owned subsidiary of Cipla in South Africa.

FII and DII data

Foreign institutional investors net sold shares worth Rs 477.76 crore, while domestic institutional investors offloaded Rs 565.48 crore worth of stocks on November 17, provisional data from the National Stock Exchange showed.

Stock under F&O ban on NSE

The NSE has added RBL Bank to its F&O ban list for November 20, while retaining Chambal Fertilisers and Chemicals, Delta Corp, Hindustan Copper, India Cements, Manappuram Finance, MCX India, and Zee Entertainment Enterprises in the list. SAIL has been removed from the F&O ban.

Asian Markets

Japanese shares climbed to highs not seen since 1990 on Monday as strong earnings and offshore demand fuelled a three-week winning streak, while other Asian markets were more mixed with eyes fixed on the U.S. rate outlook.

Japan’s Nikkei added another 0.6% to break its September peak and bring its gains for the month so far to a whopping 9.3%. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1%, having climbed 2.8% last week to a two-month high.

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.