Nifty may take support at 19,350, followed by 19,328 and 19,292. On the higher side, 19,422 can be the immediate resistance followed by 19,445 and 19,481.
The Indian stock market closed flat on November 7, 2023 amid volatility. At close, Sensex was down 16 points at 64942 level while Nifty shed 5 points and ended the session at 19,406 level.
Among sectors, healthcare and oil & gas up 1 percent each, while realty down 1 percent. BSE Midcap and Smallcap indices up 0.4 percent each.
Nifty’s key support & resistance
The pivot point calculator indicates that the Nifty may take support at 19,350, followed by 19,328 and 19,292. On the higher side, 19,422 can be the immediate resistance followed by 19,445 and 19,481.
Bank Nifty recovered from intraday dip on November 7 and closed around the highs for the day, up 119 points at 43,738. As per the pivot point calculator, the index is expected to take support at 43,410, followed by 43,288 and 43,092. On the upside, the initial resistance is at 43,804 then at 43,926 and 44,123.
Most Asia-Pacific markets edged lower on November 8 extending declines from the previous session, while Japanese blue-chip stocks stayed afloat after a positive business sentiment survey.
Nikkei gained 0.3%, while the Topix reversed early gains to fall 0.49%. In South Korea, the Kospi also edged down 0.26% erasing earlier gains, and the Kosdaq slipped 0.35%.
US stocks rose on Tuesday, with the S&P 500 and Nasdaq notching their longest streak of gains in two years, as a retreat in US Treasury yields buoyed megacap growth stocks while investors sought more clarity on interest rates from the Federal Reserve.
The Dow Jones Industrial Average rose 56.94 points, or 0.17%, to 34,152.8; the S&P 500 gained 12.40 points, or 0.28 %, at 4,378.38 and the Nasdaq Composite added 121.08 points, or 0.90 %, at 13,639.86.
FIIs and DIIs
Foreign institutional investors sold shares worth Rs 497.21 crore, while domestic institutional investors bought Rs 700.28 crore worth of stocks on November 7, provisional data from the National Stock Exchange showed.
Earnings on November 8
Lupin, Tata Power, Oil India, Ashoka Buildcon, Bata India, BHEL, PFC, Pidilite Industries, Raymond are some of the companies scheduled to report their September quarter earnings today.
Stocks on the radar
Power Grid Corporation of India: The state-owned power transmission company reported a 3.6 percent YoY increase in consolidated profit at Rs 3,781.4 crore for quarter ended September FY24. Consolidated revenue from operations grew by 1 percent to Rs 11,267 crore compared to corresponding period of last fiscal.
Apollo Tyres: The tyre manufacturing company recorded consolidated profit at Rs 474.3 crore for quarter ended September FY24, up 164.4 percent over a year-ago period on healthy financial performance after fall in input cost. Revenue from operations grew by 5.4 percent to Rs 6,280 crore compared to corresponding period last fiscal.
Shree Cement: The cement manufacturing company has recorded standalone net profit at Rs 491 crore for the July-September period of FY24, growing 159 percent over a year-ago period, driven by healthy operating numbers and strong topline.
Indian Railway Catering and Tourism Corporation: The state-owned railway company has registered a 30.4 percent YoY increase in standalone net profit at Rs 295 crore for quarter ended September FY24, with revenue from operations rising 23.5 percent to Rs 995.3 crore backed by growth across all segments.
Cummins India: The company registered a 30 percent on-year increase in standalone net profit at Rs 328.5 crore for July-September period of FY24 despite weak topline, driven by improved operating margin performance and higher other income. Standalone revenue from operations declined 2.6 percent YoY to Rs 1,900 crore during the quarter.
Oil prices fall to over 3-month low
Oil prices fell on Wednesday to their lowest in over three months, after industry data showed a steep build in U.S. crude supplies, while mixed Chinese economic data raised worries about global demand for crude.
Brent crude futures dropped 25 cents to $81.36 a barrel by 0001 GMT, while US crude futures fell 35 cents to $77.02 a barrel. Both declined to the lowest since July 24 in early Asia trade.
Stock under NSE F&O ban
The NSE has retained Gujarat Narmada Valley Fertilizers and Chemicals on its F&O ban list for November 8. Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit.
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.