Nifty may take support at 19,674, followed by 19,654 and 19,621. On the higher side, 19,740 can be the immediate resistance followed by 19,760 and 19,793.
BSE Sensex dropped 140 points to 65,655, while the Nifty50 declined 38 points to 19,694 and formed a small bearish candlestick pattern with minor upper & lower shadows on the daily charts.
The broader markets remained flat with the Nifty Midcap 100 index rising 0.11 percent and Smallcap 100 index falling 0.07 percent. The breadth was slightly in favour of bears on the NSE.
Key support and resistance levels on Nifty
The pivot point calculator indicates that the Nifty may take support at 19,674, followed by 19,654 and 19,621. On the higher side, 19,740 can be the immediate resistance followed by 19,760 and 19,793.
Key support and resistance levels on Bank Nifty
As per the pivot point calculator, the index is expected to take support at 43,482, followed by 43,417 and 43,312. On the upside, the initial resistance is at 43,691 then at 43,756 and 43,860.
On the option front, maximum Put O I is at 19000 followed by 19600 strike, while maximum Call O I is at 19800 followed by 19900 strike. Call writing was seen at 19800 strike, followed by 19700 strike while Put writing was seen at 19000 strike, followed by 19600 strike.
Stocks on the radar
ABB India: ABB and Titagarh Rail Systems have formed a strategic partnership to supply propulsion systems for metro rolling stock projects in India.
HDFC Life Insurance Company: Karnataka Bank has entered into a strategic corporate tie-up with HDFC Life Insurance to offer life insurance products to its customers.
RateGain Travel Technologies: The company that provides hospitality software has announced the closure of the qualified institutions’ placement (QIP) issue and approved the issue of 93.31 lakh equity shares at a price of Rs 643 per share, which is at a discount of 4.97 percent to the floor price.
Tata Power Company: Subsidiary Tata Power Renewable Energy (TPREL) has crossed the 1.4 GW capacity of group captive projects in the last seven months. With these group captive projects, TPREL’s overall renewables capacity as of October 2023 has reached 7,961 MW.
Kirloskar Electric Company: The company said the management has withdrawn the lockout at the company’s unit No. 15 situated at Bhudihal, Nelamangala taluk, Bengaluru Rural District with effect from November 20. Further, the management has requested all workmen to report to work.
FII and DII data
Foreign institutional investors net sold shares worth Rs 645.72 crore, while domestic institutional investors bought Rs 77.77 crore worth of stocks on November 20, provisional data from the National Stock Exchange showed.
Stock under F&O ban on NSE
The NSE has added BHEL, Indiabulls Housing Finance, and NMDC to its F&O ban list for November 21, while retaining Chambal Fertilisers and Chemicals, Delta Corp, Hindustan Copper, India Cements, Manappuram Finance, MCX India, RBL Bank, and Zee Entertainment Enterprises in the list.
Nasdaq leads Wall Street gains as Microsoft hits record
Wall Street’s three major stock averages closed higher on Monday with Nasdaq’s 1% rally leading the charge as heavyweight Microsoft hit a record high after it hired prominent artificial intelligence executives. The Nasdaq boasted its highest closing level since July 31 while the S&P 500 registered its highest close since August 1.
The S&P 500’s information technology sub-index ended up 1.5% and was the top gainer among the S&P 500’s 11 major sectors. Its biggest boost came from Microsoft shares which touched a record high and ended up 2%.
The Dow Jones Industrial Average rose 203.76 points, or 0.58%, to 35,151.04, the S&P 500 gained 33.36 points, or 0.74%, at 4,547.38 and the Nasdaq Composite added 159.05 points, or 1.13%, at 14,284.53.
Oil climbs over 2% as OPEC seen deepening cuts
Oil prices climbed more than 2% on Monday as further supply cuts in OPEC+ production are expected to be announced following a meeting of member countries early next week.
Brent crude futures settled up $1.71, or 2.1%, at $82.32 a barrel. The front-month December West Texas Intermediate crude (WTI) expired at $77.60, up $1.71, or 2.3%. The more active January futures gained $2.39 to $77.83, up 1.8%.
South Korea’s Kospi rose 0.76 percent, while the small-cap Kosdaq inched 0.30 percent higher. Futures for Hong Kong’s Hang Seng index stood at 17,943, pointing to a stronger open compared with the HSI’s close of 17,778.07.
European markets saw a cautious start Monday following a strong week, as the slew of third-quarter earnings slows down. The regional Stoxx 600 index closed 0.1 percent higher after moving either side of the flatline through the morning. Food and beverage stocks ended the session 0.5 percent lower while oil and gas stocks led gains, up 1.3 percent.
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.
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