Daily Market Update- Equity 21 Nov 2022 | Globe Capital
21-Nov-2022
Daily Market Update- Equity 21 Nov 2022

Nifty index ended flat after yet another lackluster trading session where steep move were witnessed on both sides, closed shop at 18307, down 36 points from its previous closing value.

Overview and Outlook

Global Market Update

  • US equity markets were up by 0.59%
  • European equity markets were up in range 0.53% to 1.16%
  • Asian equity markets are trading in red
  • SGX Nifty is down 88 points (as on 8:21 AM)

 

News highlights from across the globe

  • U.S. stocks ended with a slight gain on Friday after shrugging off Federal Reserve warnings that there was more policy tightening to come. Oil futures fell on signs that the market is currently awash in supply.
  • Stocks open mixed in Asia on Monday as investors continued to focus on the outlook for global interest rates and Covid in China.

 

Important news updates from the domestic front

  • Jet Airways: The Jalan-Kalrock Consortium reiterated its commitment to restart the airline. CEO Sanjiv Kapor said letters of intent for aircraft, engines, IT systems, ground handling services, catering, call centre, and all other services required to run an airline are in place.
  • Maruti Suzuki: The company launched Alto K10 with S-CNG technology at Rs 5.94 lakh.
  • Sheela Foam: The board approved the scheme of amalgamation for merger of International Comfort Technologies with the company.
  • Indian Energy Exchange: The board of the company will meet on Nov. 25 to consider the proposal for buyback of shares.
  • PB Fintech: The company made an investment of $2 million and acquired 26.72% shares of YKNP Marketing Management, a limited liability company through PB Fintech FZ-LLC, a wholly owned subsidiary.
  • South Indian Bank: The bank increased MCLR across tenors by 10 basis points, with effect from Nov. 20.

 

Nifty Outlook

Nifty index ended flat after yet another lackluster trading session where steep move were witnessed on both sides, closed shop at 18307, down 36 points from its previous closing value.

Broader markets underperformed the benchmark as Mid & Small cap index were down 0.5% each, leading to weak market breadth.

All sectoral indices, barring PSU bank index that was up over 1.5%, settled in red. Auto index was at the bottom of the tally, down over 1%.

Nifty index is trading in a sideways manner, supports are placed around 18250-18200 levels whereas resistance is placed around 18450 levels.

 

Derivatives Overview & Outlook

On Friday, again both Nifty and Banknifty futures remained almost unchanged on the price front whereas on open interest front Nifty futures shed around 3% of open interest and Banknifty futures added around 1.5% of open interest.

Majority of F&O sectors settled lower. Amongst them, Chemicals, Media 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

Last week, FIIs bought stocks worth Rs 3738 Cr in the cash segment, sold stocks futures worth Rs 2298 Cr and bought index futures worth Rs 936 Cr. DIIs too were net buyers in the cash segment to the tune of Rs 2274 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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