Daily Market Update- Equity 24 Nov 2022 | Globe Capital Market LTD.
Daily Market Update- Equity 24 Nov 2022

Nifty index settled on a flat note at 18267 levels, up just 23 points after a volatile trading session.

Overview and Outlook

Global Market Update

  • US equity markets were up up in range 0.28 to 0.9%
  • European equity markets settled on flat to positive note
  • Asian equity markets are trading in green
  • SGX Nifty is up 86 points (as on 8:25 AM)


News highlights from across the globe

  • Global stocks headed for the highest level in more than two months on Thursday after Federal Reserve meeting minutes showed support for tapering interest-rate increases.
  • Crude dropped in anticipation of a higher-than-expected price cap on Russian oil and a rising in U.S. product stockpiles.


Important news updates from the domestic front

  • Biocon: The company entered a semi-exclusive partnership agreement with European pharmaceutical company Zentiva for the commercialisation of a drug-device combination for the treatment and management of type 2 diabetes and obesity.
  • Tamilnad Mercantile Bank: The bank has entered into corporate agency agreement with Cholamandalam MS General Insurance Company and Max Life Insurance Company for marketing, distribution and selling life and general insurance products.
  • Neuland Laboratories: The board appointed Abhijit Majumdar as chief financial officer and key managerial person. The board also approved transfer of company’s property spanning 1.75 lakh square feet in Nanakramguda, Hyderabad to various parties via perpetual lease for an overall consideration of Rs 117.96 crore.
  • Life Insurance Corporation of India: The insurer increased its shareholding in Mahindra & Mahindra Financial Services to 7.02% from 5.01%. It decreased its shareholding in HEG to 4.84% from 6.85%.
  • Poonawalla Fincorp: The company clarified that the statement by Poonawalla Housing Finance’s MD & CEO Manish Jaiswal quoted in the media report of its housing arm being put on the block was in the context of the earlier in-principle approval granted by the board for raising funds in the unit.
  • Zee Entertainment Enterprises: The company said the petition filed against it by Invesco and OFI before the NCLT has been dismissed.
  • PVR/Inox Leisure: The Mumbai bench of NCLT will take up hearing and final disposal of PVR-Inox Leisure merger on Dec. 15, 2022.
  • Adani Enterprises/Adani Power/Tata Power: Supreme Court upheld Aptel order on Rs 7,000 crore transmission contract awarded by MERC to Adani Electricity Mumbai Infra. Tata Power had challenged this order in April 2021.


Nifty Outlook

Nifty index settled on a flat note at 18267 levels, up just 23 points after a volatile trading session.

Broader markets outperformed the benchmark as Mid and Small cap index was up just over 0.5% each. Resultant, market breadth was slightly tilted towards the advancing side.

All sectoral gauges, barring IT & Metals, settled in green. Media and PSU bank index was at the top of the tally, gained over 1% each.

Nifty index is still trading in a broader range 18000-18450 levels. We reiterate our sideways view on Nifty index till it is trading in above mentioned range. An either side break from this range will lead to next directional move in that direction.


Derivatives Overview & Outlook

Yesterday, Nifty futures remained almost unchanged on price front while on open interest front it added around 5% of open interest. No significant activity was seen among Banknifty future on open interest front.

Nifty and Banknifty futures have rolled 59% & 61% of open interest respectively into next contracts so far.

On options front, call writing was seen at 18300 strikes and maximum positions are at 18300 CE and 18000 PE closely followed by 18200 PE.


FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 790 Cr in the cash segment, bought stocks futures worth Rs 1198 Cr and also bought index futures worth Rs 283 Cr. On the other hand, DIIs were net buyers in the cash segment to the tune of Rs 414 Cr.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 18350-18420; Supports 18200-18130

Banknifty Futures – Resistances 42860-43100; Supports 42550-42300


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