Daily Market Update- Equity 23 Nov 2022 | Globe Capital Market LTD.
Daily Market Update- Equity 23 Nov 2022

Nifty index settled higher at 18244 levels, up 84 points from its previous closing values, in an otherwise lackluster trading session where index traded sideways for most part of the session.

Overview and Outlook

Global Market Update

  • US equity markets were up over 1%
  • European equity markets settled on flat to positive note
  • Asian equity markets are trading in green
  • SGX Nifty is up 63 points (as on 8:17 AM)


News highlights from across the globe

  • US stocks rallied on Tuesday, with the S&P 500 closing at its highest level in 2-1/2 months, as a sales forecast by Best Buy dampened concerns high inflation would lead to a dismal holiday shopping season while a bounce in oil prices helped lift the energy shares.
  • Oil rose amid an uncertain supply outlook alongside a proposal by the European Union to soften Russian crude sanctions.


Important news updates from the domestic front

  • FSN E-Commerce Ventures: CFO Arvind Agarwal resigned to pursue other opportunities in the digital economy and startup space.
  • Vedanta: The board approved the third interim dividend for FY23 of Rs 17.5 per share, amounting to a total payout of Rs 6,505 crore.
  • Reliance Industries/Bharti Airtel/Vodafone Idea: Embattled telco Vodafone Idea continued to lose subscribers in September as rivals Bharti Airtel and Reliance Industries strengthened their customer bases, showed TRAI data.
  • Adani Enterprises: The board of the company will meet on Nov. 25 to consider raising funds through further public offering, preferential allotment, including a QIP, or through any other mode.
  • Bharti Airtel: The company’s data centre subsidiary Nxtra will invest Rs 600 crore to set up its new hyper-scale data centre in Kolkata.
  • Wipro: The company launched its strategic cybersecurity consulting offering in Europe.
  • Infosys: The company entered a strategic collaboration with Envision AESC to digitise and automate processes at latter’s EV battery manufacturing plants.
  • Life Insurance Corporation of India: The insurer increased its stake in Tech Mahindra to 6.87% from 4.86%.
  • UPL: The company announced victory in a lawsuit protecting the intellectual property rights for its patented Everest crop protection agricultural input.


Nifty Outlook

Nifty index settled higher at 18244 levels, up 84 points from its previous closing values, in an otherwise lackluster trading session where index traded sideways for most part of the session.

Mid cap index was in line with benchmark, up 0.55% while Small cap index underperformed the benchmark as it settled on a flattish note.

Majority of sector gauges tracked at NSE settled in green. PSU Bank index was at the top of the tally, up 1.66% followed by Metal and IT index that were up nearly 1% each. On the other hand, Realty index was at the bottom of tally, down over 1%.

Nifty index is not giving any concrete indications as where it is heading in immediate near term. Technically, it is trading in a broader range 18000-18450 levels and an either side break from this range will lead to next directional move in that direction.


Derivatives Overview & Outlook

Yesterday, no significant activity was seen in Nifty futures on open interest front whereas Banknifty future added around 10% of open interest as long buildup.

Nifty and Banknifty futures have rolled 39% & 43% of open interest respectively into next contracts so far.

On options front, put writing was seen at 18200 strikes and maximum positions are at 18300 CE and 18200 PE.


FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 698 Cr in the cash segment, bought stocks futures worth Rs 949 Cr and bought index futures worth Rs 1521 Cr. On the other hand, DIIs were net buyers in the cash segment to the tune of Rs 636 Cr.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 18340-18420; Supports 18220-18130

Banknifty Futures – Resistances 42670-43000; Supports 42300-42100


Globe Capital Market Limited (“GCML”) is a Stock Broker registered with BSE, NSE, USE and MSEI in all the major segments viz. Capital, F & O and CDS segments. GCML is also a Depository Participant and registered with both the Depositories viz. CDSL and NSDL. Further, GCML is a SEBI registered Portfolio Manager. GCML includes subsidiaries, group and associate companies, promoters, directors, employees and affiliates.

Globe Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. Rolex Finvest Private Limited, A to Z Consultants Private Limited, A to Z Venture Capital Limited, M. Agarwal Stock Brokers Private Limited, A M Share Brokers Private Limited, Shri Adinath Advertising Company Pvt. Ltd., Orient Landbase Private Limited, Bolt Synthetic Private Limited, Price ponder Private Limited and Lakshya Impex Private Limited  are associates of GCML. Globe Comex International DMCC is step down subsidiary of GCML.

This report has been prepared by GCML and published in accordance with the provisions of Regulation 19 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, for use by the recipient as information only and is not for general circulation or public distribution. This report is not to be altered, transmitted, reproduced, copied, redistributed, uploaded, published or made available to others, in any form, in whole or in part, for any purpose without prior written permission from GCML. The projections and the forecasts described in this report are based on estimates and assumptions and are inherently subject to significant uncertainties and contingencies. Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections are forecasts were based may not materialize or may vary significantly from actual results and such variations will likely increase over the period of time. This report should not be construed as an offer to sell or the solicitation of an offer to buy, purchase or subscribe to any securities, and neither this report nor anything contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. It does not constitute a personal recommendation or take into account the particular investment objective, financial situation or needs of any individual in particular. The research analysts of GCML have adhered to the code of conduct under Regulation 24 (2) of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. The recipients of this report must make their own investment decisions, based on their own investment objectives, financial situation or needs and other factors. The recipients should consider and independently evaluate whether it is suitable for its/ his/ her/their particular circumstances and if necessary, seek professional / financial advice as there is substantial risk of loss. GCML does not take any responsibility thereof.

Any such recipient shall be responsible for conducting his/her/its/their own investigation and analysis of the information contained or referred to in this report and of evaluating the merits and risks involved in securities forming the subject matter of this report. The price and value of the investment referred to in this report and income from them may go up as well as down, and investors may realize profit/loss on their investments. Past performance is not a guide for future performance. Actual results may differ materially from those set forth in the projection.

This report has been prepared by GCML based on the information available in the public domain and other public sources believed to be reliable. Though utmost care has been taken to ensure its accuracy and completeness, no representation or warranty, express or implied is made by GCML that such information is accurate or complete and/or is independently verified. The contents of this report represent the assumptions and projections of GCML and GCML does not guarantee the accuracy or reliability of any projection, assurances or advice made herein. Nothing in this report constitutes investment, legal, accounting and/or tax advice or a representation that any investment or strategy is suitable or appropriate to recipients’ specific circumstances.

Since GCML or its associates are engaged in various financial activities, they might have financial interest or beneficial ownership in various companies including subject company/companies mentioned in the report. GCML or its associates have not received any compensation for investment banking or merchant banking from the subject company in the past 12 months.  GCML or its associates might have received any compensation including brokerage services and for products or services other than investment banking or merchant banking from the subject company in the past 12 months. It is confirmed that GCML or research analyst or its associates have not managed or co-managed public offering of securities for the subject company in the past 12 months.

Research analyst or GCML or its relatives’/associates’ have no material conflict of interest at the time of publication of this report. Neither research analyst nor GCML are engaged in market making activity for the subject company. It is confirmed that research analysts do not serve as an officer, director or employee of the subject company. It is also confirmed that research analyst have not received any compensation from the subject company in the past 12 months.

No material disciplinary action has been taken on GCML by any regulatory authority impacting Equity Research Analysis activities.

The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. This information is subject to change, as per applicable law, without any prior notice. GCML reserves the right to make modifications and alternations to this statement, as may be required, from time to time.

Research analyst or GCML or its relatives’/associates’ do not have actual/beneficial ownership of 1% or more in securities of the subject company, at the end of the month immediately preceding the date of publication of the document.