Daily Market Update- Equity 17 Nov 2022 | Globe Capital
17-Nov-2022
Daily Market Update- Equity 17 Nov 2022

Nifty index ended flat after yet another lackluster trading session, closed shop at 18409, up 6 points from its previous closing value.

Overview and Outlook

Global Market Update

  • US equity markets settled on flat to negative note, down in range 0.12 to 1.54%
  • European equity markets were down in range 0.25 to 1%
  • Asian equity markets are trading in red
  • SGX Nifty is down 76 points points (as on 8:15 AM)

 

News highlights from across the globe

  • Stocks in Asia climbed Thursday and Treasuries held on to a rally that inverted the US yield curve by the most in four decades.
  • Crude slipped 2.9% as supply from pipeline carrying Russian oil to Europe resumed while demand concerns lingered.

 

Important news updates from the domestic front

  • Tata Power/Union Bank of India: Tata Power Solar Systems, a subsidiary of Tata Power, has tied up with Union Bank of India to facilitate solar rooftop adoption in MSME sector.
  • Hindustan Zinc: The company will pay an interim dividend of Rs 15.50 per share, amounting to Rs 6,549.24 crore.
  • Ircon International: The company emerged as the lowest bidder for construction of balance work of Bahuti Canal Project by Water Resource Department, Madhya Pradesh government on turnkey basis.
  • Asian Paints: The company has entered into technology and other allied agreements with Kellogg Brown & Root for manufacturing of Vinyl Acetate Monomer in India.
  • Tata Motors: Thierry Bollor, the CEO of Jaguar Land Rover and independent director of Tata Motors, has resigned, effective December 31. Adrian Mardell will take over as interim CEO at Jaguar Land Rover.
  • One 97 Communications: SoftBank is planning to sell 29 million shares, comprising 4.5% stake, at Rs 555-601.45 each in a block deal.
  • Balrampur Chini Mills: The company commenced commercial production of industrial alcohol at its new distillery in the Maizapur Unit, with a capacity of 320 KLPD.

 

Nifty Outlook

Nifty index ended flat after yet another lackluster trading session, closed shop at 18409, up 6 points from its previous closing value.

Broader markets underperformed the benchmark as Mid & Small cap index were down 0.9 & 0.83% respectively, leading to weak market breadth.

Sector performance was mix. Metal, Media & Realty were at the bottom of the tally, down in range 1.9 to 1%.

Nifty index is well placed on multiple chart frames. However, the way Nifty index is trading for past couple of sessions, possibility of profit taking can’t be ruled out. Sustenance below 18250 will open the doors for a profit taking till 18000 levels in near term.

 

Derivatives Overview & Outlook

Yersterday, both Nifty & Banknifty futures remained almost unchanged on the price front whereas on open interest front both shed around 2% & 3% of open interest respectively.

Most of the F&O sectors settled lower. Amongst them, Chemicals, Power and Textile stocks witnessed maximum addition of short positions.

On options front, call writing was seen at multiple strikes and maximum positions are at 18400 CE and 18300 PE.

 

FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 386 Cr in the cash segment, sold stocks futures worth Rs 693 Cr and bought index futures worth Rs 1845 Cr. DIIs were net buyers in the cash segment to the tune of Rs 1437 Cr.

 

Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 18550-18625; Supports 18350-18250

Banknifty Futures – Resistances 42800-43100; Supports 42350-42100

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