Daily Market Update- Equity 16 Nov 2022 | Globe Capital
16-Nov-2022
Daily Market Update- Equity 16 Nov 2022

Benchmark Nifty index settled tad above 18400 levels, added 75 points to its previous closing values in an otherwise lackluster trading session.

Overview and Outlook

Global Market Update

  • US equity markets were up in range 0.17 to 1.45%
  • European equity markets were mix, FTSE was down 0.2% while CAC & DAX ended in green
  • Asian equity markets are trading mix
  • SGX Nifty is little changed, down 27 points (as on 8:26 AM)

 

News highlights from across the globe

  • Shares in the Asia-Pacific fell on Wednesday as world leaders gathered in Bali, Indonesia for a second day of the Group of 20 summit. Polish authorities said a Russian-made missile killed two citizens, just hours after Ukrainian President Volodymyr Zelenskiy delivered a video speech to world leaders at the meeting.
  • Commodities including oil and corn jumped as information of the explosion near the border with Ukraine filter through.

 

Important news updates from the domestic front

  • Wipro: The company announced new retail solutions based on Microsoft Cloud and Cloud for Retail.
  • Bharat Electronics: The company signed separate MoUs with Hindustan Shipyard, SVC Tech Ventures, U.S.-based Profense, and Yantra India pertaining to manufacture of defence equipment.
  • Tata Consultancy Services: The company has been chosen as a strategic partner by flag carrier TAP Air Portugal to accelerate the latter’s digital transformation.
  • Mahindra & Mahindra: The company launched its first dedicated non-tractor farm machinery plant in Pithampura, Madhya Pradesh.
  • Reliance Power: Piramal Capital and Housing Finance Limited has withdrawn its application against the company to initiate corporate insolvency resolution process under Section 7 of the Insolvency and Bankruptcy Code.
  • Global Health: The operator of hospitals chain Medanta will also list its equity shares on the BSE and NSE on November 16. The final issue price is Rs 336 per share.
  • Bikaji Foods International: The country’s third largest ethnic snacks company will make its debut on the bourses on November 16. The issue price has been fixed at Rs 300 per share.

 

Nifty Outlook

Benchmark Nifty index settled tad above 18400 levels, added 75 points to its previous closing values in an otherwise lackluster trading session.

Broader markets underperformed the benchmark leading to flat market breadth.

Majority of sectoral indices tracked at NSE settled higher. Oil & Gas and Nifty Bank were at the top of the tally, gained nearly 1% each.

Technically, Nifty index is well placed on multiple chart frames. Going ahead, we expect if the move northward in near term with immediate targets at 18600 levels.

 

Derivatives Overview & Outlook

Yesterday, both Nifty and Banknifty futures added around 2% & 13% of open interest respectively as long buildup.

On the sectoral front, long buildup was seen among Oil & Gas stocks whereas  some short buildup was seen among Infra and Metal stocks.

On options front, put writing was seen at 18400 and 18400 strikes and maximum positions are at 18300 PE and 19000 CE.

 

FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 221 Cr in the cash segment, sold stocks futures worth Rs 1242 Cr and bought index futures worth Rs 110 Cr. DIIs too were net sellers in the cash segment to the tune of Rs 549 Cr.

 

Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 18550-18625; Supports 18400-18340
Banknifty Futures – Resistances 42800-43100; Supports 42350-42200

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