Nifty may take support at 19,421, followed by 19,402 and 19,371. On the higher side, 19,481 can be the immediate resistance, followed by 19,500 and 19,531.
The BSE Sensex fell 326 points to 64,934, while the Nifty50 declined 82 points to 19,444 on November 13 and formed a bearish candlestick pattern on the daily charts. Also, the index filled the opening upside gap of Sunday’s Muhurat trading session.
The pivot point calculator indicates that the Nifty may take support at 19,421, followed by 19,402 and 19,371. On the higher side, 19,481 can be the immediate resistance, followed by 19,500 and 19,531.
Bank Nifty also witnessed profit booking on November 13, but cut down losses by more than 200 points and settled with 105 points loss at 43,891. The index failed to sustain above 50-day EMA (43,962) and formed a Doji kind of candlestick pattern on the daily charts as the closing was near its opening levels.
As per the pivot point calculator, the index is expected to take support at 43,737, followed by 43,667 and 43,558. On the upside, the initial resistance is at 43,958, then at 44,027 and 44,137.
Stocks in the radar
Rail Vikas Nigam: The railway company received a letter of acceptance for construction work, supply of stone ballast, track linking, and side drain retaining in Dharakoh Maramjhiri section in connection with the third line, from the Central Railway. The project cost is Rs 311.18 crore.
ASK Automotive: The auto ancillary company will list its equity shares on the bourses on November 15. The issue price has been fixed at Rs 282 per share. The date of allotment of shares was November 10.
Grasim Industries: The Aditya Birla Group company reported a 17.6 percent YoY decline in standalone profit at Rs 795 crore for the quarter ended September FY24, impacted by lower realisations in caustic soda business in line with a sharp decline in global prices. Revenue fell 4.5 percent YoY to Rs 6,442 crore on lower chemicals business and muted growth in viscose.
Biocon: Subsidiary Biocon Biologics has received approval from the Medicines and Healthcare Products Regulatory Agency (MHRA) in the UK, for marketing YESAFILI, a biosimilar of Aflibercept. Yesafili, an ophthalmology product, is used in the treatment of neovascular (wet AMD), and age-related macular degeneration.
IDFC FIRST Bank: The bank said it has received an in-principle approval from the Pension Fund Regulatory and Development Authority (PFRDA) for the proposed composite scheme of amalgamation of IDFC and IDFC Financial Holding Company into and with IDFC FIRST Bank.
FII and DII data
Foreign institutional investors sold shares worth Rs 1,244.44 crore, while domestic institutional investors bought Rs 830.40 crore worth of stocks on November 13, provisional data from the National Stock Exchange showed.
Stock under F&O ban on NSE
The NSE has added Hindustan Copper, Indiabulls Housing Finance, and SAIL to its F&O ban list for November 15, while retaining Chambal Fertilisers and Chemicals, Delta Corp, Manappuram Finance, and Zee Entertainment Enterprises in the said list. GNFC (Gujarat Narmada Valley Fertilizers and Chemicals), and MCX India removed from the said F&O ban.
US Inflation cools
Data showed US consumer prices were unchanged in October as Americans paid less for gasoline, and the annual rise in underlying inflation was the smallest in two years. In the 12 months through October, the CPI climbed 3.2% – below economists’ estimates – after rising 3.7% in September.
Expectations on the Fed cutting rates next year also shifted following the day’s data. US rate futures on Tuesday priced in a 65% chance of a rate cut in May, compared with 34% late on Monday, according to the CME’s FedWatch tool.
World stocks soared on Tuesday after US inflation data came in cooler than forecast in October, fuelling investor bets that an era of interest rate rises is over and borrowing costs may even soon start to fall.
The S&P 500 index leapt 1.9%, the Dow Jones Industrial Average jumped 1.4%, and the Nasdaq Composite Index advanced 2.4%, its best day since April 27.
Japan’s economy contracts as recession risks grow
Japan’s economy contracted in July-September, snapping two straight quarters of expansion on soft consumption and exports, complicating the central bank’s efforts to gradually phase out its massive monetary stimulus amid rising inflation.
Gross domestic product (GDP) in the world’s third-largest economy contracted 2.1% in the third quarter, government data showed on Wednesday, a much larger decline that a median market forecast for an annualised 0.6% fall. It followed an expansion of 4.5% in the previous quarter.
British stocks rose on Tuesday, reversing early losses, with the domestically-focussed FTSE 250 index surging to a seven-week high following signs of easing inflation in the US, though Vodafone slumped following its half-yearly report.
The blue-chip FTSE 100 rose 0.2% at 1651 GMT, while the mid-cap FTSE 250 advanced 3.5%
Oil gains on Middle East tensions
Oil prices rose in early Asian trade on Wednesday on Middle East tensions and a weaker dollar, while investors focused on inventory data after a two week delay in reporting. Brent futures rose 8 cents to $82.55 a barrel by 0013 GMT, while US West Texas Intermediate (WTI) crude rose 2 cents to $78.28.
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.
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