Daily Market Update- Equity 18 Nov 2022 | Globe Capital Market LTD.
Daily Market Update- Equity 18 Nov 2022

Nifty index ended flat after yet another lackluster trading session where it traded in narrow range for most part of the session before breaking down in the final half an hour of trade to settle at 18343 levels, down 65 points.

Overview and Outlook

Global Market Update

  • US equity markets settled on flat to negative note
  • European equity markets also ended flat
  • Asian equity markets are trading mix
  • SGX Nifty is up 55 points (as on 8:19 AM)


News highlights from across the globe

  • Asian stocks edged higher Friday amid investor caution after Federal Reserve officials warned of more pain ahead as they raise interest rates to fight inflation.
  • The dollar steadied after gains on Thursday. Oil was poised for a weekly loss of almost 8% as concerns over a worsening demand outlook filtered through the crude market.
  • Rupee closed lower against the U.S. dollar for second day in a row on account of a stronger greenback and muted domestic equities.


Important news updates from the domestic front

  • Aditya Birla Fashion and Retail: The company entered into a strategic partnership with Galeries Lafayette to open luxury department stores and a dedicated e-commerce platform in India.
  • Blue Dart Express: The company announced opening of 25 retail outlets in Tier I and II cities as part of its expansion plan.
  • UltraTech Cement: The company commenced operations at its third white putty plant in Nathdwara, Rajasthan with a capacity of 4 LMT per annum.
  • Life Insurance Corporation of India: The insurer reduced its shareholding in Bajaj Auto to 5.2% from 7.2%.
  • NDTV: The Income Tax Department has again stayed a tax demand of Rs. 59.98 crore against the company for assessment year 2007-08.
  • Fortis Healthcare: SEBI has advised Malaysia-based IHH Healthcare to proceed with its open offer to acquire additional 26.1% stake in the company after obtaining appropriate order from the Delhi High Court. IHH is now seeking legal counsel for further steps.
  • Bharat Electronics: The company has signed an MoU with Advanced Weapons and Equipment India to jointly address domestic and export opportunities in the areas of air defence, artillery gun systems, medium caliber weapons, small arms and related systems.
  • Vedanta: The board of the company will meet on Nov. 22 to consider and approve third interim dividend for the current fiscal.
  • Ahluwalia Contracts (India): The company has secured two contracts cumulatively worth Rs 530.05 crore.


Nifty Outlook

Nifty index ended flat after yet another lackluster trading session where it traded in narrow range for most part of the session before breaking down in the final half an hour of trade to settle at 18343 levels, down 65 points.

Broader markets too performed in line with benchmark as Mid & Small cap index settled on flat to negative note, due to which market breadth was tilted towards the declining side.

Barring PSU Bank index that gained 0.7%, all other sector gauges tracked at NSE settled in red. Auto & Consumer Durables index lost maximum, down 1.3% each.

Nifty index is still trading in narrow range; on data front as well there are no concrete signs as to where markets are headed. In levels front, an either side break from range 18250-450 is needed for next directional move.


Derivatives Overview & Outlook

Yesterday, both Nifty and Banknifty futures remained almost unchanged on the price front whereas on open interest front Nifty futures added around 1% of open interest whereas Banknifty futures shed around 5% of open interest.

On the sectoral front, short buildup was seen among Chemicals, Power and Media stocks.

On options front, Nifty will start the final week of November series with maximum positions at 19000 CE and 18000 PE.


FII & DII Trading Activity

Yesterday, FIIs bought stocks worth Rs 618 Cr in the cash segment, bought stocks futures worth Rs 587 Cr and sold index futures worth Rs 408 Cr.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 18430-18500; Supports 18300-18200

Banknifty Futures – Resistances 42700-43000; Supports 42350-42100


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