Stock Market News Today – 23rd November 2023

Sensex was up 92.5 points at 66,023, while the Nifty50 rose 28 points to 19,811.8, the highest closing level since September 20 and formed a bullish candlestick pattern with a long lower shadow on the daily charts.

On the daily charts, the Nifty tested the support zone of 19,700- 19,680 and witnessed a sharp recovery which indicates buying interest at support levels.

Key support and resistance levels on Nifty

The pivot point calculator indicates that the Nifty may take support at 19,734, followed by 19,705 and 19,659. On the higher side, 19,827 can be the immediate resistance followed by 19,856 and 19,902.

Key support and resistance levels on Bank Nifty

As per the pivot point calculator, the index is expected to take support at 43,281, followed by 43,172 and 42,996. On the upside, the initial resistance is at 43,634 then at 43,743 and 43,919.

Oil edges lower in choppy trade as OPEC+ delays meeting

Oil prices fell nearly 1% in a volatile session on Wednesday as OPEC+ producers unexpectedly delayed a meeting on production cuts, raising questions about global crude supplies.

Brent futures settled 49 cents lower to $81.96 a barrel, after falling more than 4% to a low of $78.41 earlier in the session. US West Texas Intermediate crude settled 67 cents lower at $77.10, after declining more than 5% to a session low of $73.79 earlier in the day.

OPEC+ postponed the meeting, originally scheduled for Nov. 26, to Nov.30, it said in a statement, a surprise development that drove prices sharply lower in early trading. The group was expected to discuss whether to expand oil output cuts.

Bulk deals

SJS Enterprises: Ace investor Ashish Rameshchandra Kacholia sold 3.47 lakh equity shares, equivalent to 1.1 percent of paid-up equity in SJS via open market transaction, at an average price of Rs 627.77 per share. Ashish held a 3.23 percent stake in SJS as of September 2023.

Stocks on the radar

• Honasa Consumer: The beauty and personal care products brand Mamaearth owner has recorded a massive 94 percent on-year growth in consolidated net profit at Rs 29 crore for the quarter ended September FY24, backed by healthy topline and operating performance. Revenue from operations during the quarter grew by 21 percent YoY to Rs 496 crore with volume-led sales growth of 27 percent.
• Welspun Corp: Subsidiary, Sintex BAPL has received approval from the Odisha Government for an investment of Rs 479.47 crore for establishing a manufacturing unit for CPVC, UPVC, SWR, agri pipes, PVC fittings and plastic tanks with an annual capacity of 37,520 MT in Sambalpur, Odisha.
• Mukta Arts: Mukta A2 Multiplex W L L, a subsidiary company in Bahrain, has entered into an agreement with Saudi Arabia-based Al-Othaim Investment Company to establish and operate cinemas across the Kingdom of Saudi Arabia.
• Gujarat State Petronet: Mirae Asset Mutual Fund has increased its equity shareholding in the natural gas distribution company by 0.13 percent via an open market transaction on November 21, to 9.15 percent from 9.02 percent earlier.
• Shalby: The company has executed the Amendment Agreement to the Operation and Management Agreement with The Santacruz Residents Association and Bhikhubai Chandulal Jalundwala General Hospital (BCJ) for the construction of a new hospital building at Santacruz, Mumbai.

FII and DII data

Foreign institutional investors net sold shares worth Rs 306.56 crore, while domestic institutional investors bought Rs 721.24 crore worth of stocks on November 22, provisional data from the National Stock Exchange showed.

Stock under F&O ban on NSE

The NSE has retained BHEL, Hindustan Copper, Indiabulls Housing Finance, India Cements, Manappuram Finance, MCX India, NMDC, RBL Bank and Zee Entertainment Enterprises to its F&O ban list for November 23, while removing Chambal Fertilisers and Chemicals, and Delta Corp from the said list.

US stocks edge higher ahead of holiday

US stocks resumed their uphill climb led by interest rate sensitive mega caps on November 22, while crude prices slid as investors digested economic data and the postponement of the OPEC+ meeting that was to take place this November 26.

All three major US stock indexes were green ahead of the US Thanksgiving holiday, with interest rate sensitive momentum stocks putting the tech-laden Nasdaq in the lead.

The Dow Jones Industrial Average rose 150.12 points, or 0.43%, to 35,238.41, the S&P 500 gained 20.47 points, or 0.45%, to 4,558.66 and the Nasdaq Composite added 83.79 points, or 0.59%, to 14,283.77.

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.