The pivot point calculator indicates that the Nifty may take support at 19,412, followed by 19,398 and 19,374. On the higher side, 19,460 can be the immediate resistance followed by 19,475 and 19,499.

Benchmark indices on November 8 ended on a flat note amid volatility. At close, the Sensex was up 33.21 points or 0.05 percent at 64,975.61, and the Nifty added 36.80 points or 0.19 percent at 19,443.50. About 1769 shares advanced, 1454 shares declined, and 97 shares unchanged.

Among sectors, except, IT and bank (down marginally), all other indices ended in the green with realty, oil & gas, healthcare and capital goods up 1 percent each, while auto, FMCG and metal up 0.5 percent each.

The BSE Midcap and Smallcap indices rose 0.8 percent and 0.9 percent respectively.

Key support and resistance levels on Nifty

The pivot point calculator indicates that the Nifty may take support at 19,412, followed by 19,398 and 19,374. On the higher side, 19,460 can be the immediate resistance followed by 19,475 and 19,499.

Asian markets

Asian share markets rallied on Thursday and the dollar was weaker after most US stocks edged higher and the S&P 500 recorded its longest winning streak in two years, with investors on high alert for signs that global interest rates have peaked. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, although up 4.6 percent so far this month, according to a Reuters report.

Oil ticks higher as markets shrug off China inflation data

Oil prices edged up on Thursday as markets shrugged off deflationary indicators in China and looked for further clues on the status of demand from the world’s two biggest oil consumers. Brent crude futures rose 62 cents, or 0.8%, to $80.16 a barrel by 0145 GMT. US WTI crude futures were up 61 cents, or 0.8%, at $75.94 a barrel.

Stocks on the radar

• Biocon: Subsidiary Biocon Biologics has entered into a definitive agreement with Eris Lifesciences for the divesture of its dermatology and nephrology branded formulations business units in India, on a slump sale basis. The total transaction value of the divestment is Rs 366 crore.
• Tata Power Company: The company has reported an 8.8 percent on-year increase in consolidated net profit at Rs 1,017.4 crore for quarter ended September FY24, partly driven by other income and lower tax cost. Revenue from operations stood at Rs 15,738 crore for the quarter, increasing 12.2 percent over a year-ago period.
• Mazagon Dock Shipbuilders: The state-owned shipbuilding company has registered a massive 55.6 percent on-year growth in consolidated profit at Rs 333 crore for July-September period of FY24, driven by other income and strong operating numbers. Consolidated revenue from operations increased by 7.4 percent to Rs 1,827.7 crore compared to the year-ago period.
• Pidilite Industries: The adhesives, sealants and construction chemicals manufacturing company has reported a 36 percent on-year growth in consolidated profit at Rs 458.5 crore for the quarter ended September FY24, driven by healthy operating numbers post fall in input cost. Revenue from operations increased by 2.2 percent YoY to Rs 3,076 crore for the quarter with domestic consumer volume growth at 8 percent.
• United Spirits: The alcoholic beverages company has registered a 37 percent on-year decline in standalone profit at Rs 341.3 crore for the July-September period of FY24 as the base was high due to exceptional gain. Standalone revenue from operations fell 1.4 percent YoY to Rs 2,864.7 crore for the quarter.
• Oil India: The state-owned oil & gas exploration company has reported an 81 percent year-on-year decline in standalone profit at Rs 325.3 crore for the quarter ended September FY24, impacted by the exceptional loss. Revenue from operations grew by 15.1 percent year-on-year to Rs 5,342.4 crore.
• Bata India: The footwear company has recorded a 38 percent on-year decline in consolidated profit at Rs 34 crore for July-September period of FY24, impacted by expenses towards VRS, but operating numbers were strong. Revenue from operations declined 1.3 percent to Rs 819 crore compared to the corresponding period last fiscal.

US Markets

World stock markets sputtered on Wednesday and the dollar eased as some investors accepted the notion that interest rates will stay higher for longer even though the Federal Reserve may have halted hiking them.

Yields across the Treasury curve mostly fell as the auction of benchmark 10-year notes fared modestly better than expected, and on the view that the Fed has likely ended its hiking cycle.

The S&P 500 rose 0.10% and the Nasdaq Composite added 0.08% to extend their winning streaks to eight and nine consecutive sessions. The Dow Jones Industrial Average fell 0.12%.

Earnings on November 9

Adani Ports, Aurobindo Pharma, Bosch, Zee Entertainment, GSK Pharma, Apollo Hospitals, Ashok Leyland, Page Industries, Muthoot Finance among others are scheduled to report earnings today.

FII and DII data

Foreign institutional investors offloaded shares worth Rs 84.55 crore, while domestic institutional investors bought Rs 524.47 crore worth of stocks on November 8, provisional data from the National Stock Exchange showed.

Stocks under F&O ban on NSE

The NSE has added Delta Corp to its F&O ban list for November 9, while GNFC (Gujarat Narmada Valley Fertilizers and Chemicals) was retained in the said list. Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit.

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.