Daily Market Update- Equity 29 Nov 2022 | Globe Capital
29-Nov-2022
Daily Market Update- Equity 29 Nov 2022

Benchmark Nifty index hit fresh all time high on the first trading session of the week and settled at 18562 levels after adding 50 points to its previous closing values.

Overview and Outlook

Global Market Update

  • US equity markets were down by 1.5%
  • European equity markets too drifted lower
  • Asian equity markets are trading on mix note
  • SGX Nifty is down 63 points (as on 8:18 AM)

 

News highlights from across the globe

  • Stocks opened on a cautious note in Asia on Tuesday after Federal Reserve officials stressed that more interest rate hikes were coming and as Covid protests eased in China amid a heavy police presence on city streets.
  • Oil fell Tuesday after gaining Monday when OPEC+ was seen considering deeper output cuts amid a faltering market

 

Important news updates from the domestic front

  • NDTV/Adani Enterprises: NDTV promoter group RRPR Holding issued equity shares constituting 99.5% of its equity share capital to Adani Group-owned Vishvapradhan Commercial on Nov. 28.
  • Can Fin Homes: The board has declared an interim dividend of Rs 1.50 on each share of face value Rs 2.
  • Adani Enterprises: The company denied reports that it is looking to raise $5 billion from wealth funds.
  • Bharat Bijlee: Life Insurance Corporation of India has reduced its shareholding in the company to 4.54% from 6.7%.
  • NBCC (India): The company has received work orders worth Rs 271.62 crore in two projects of Amrapali Group.
  • Motilal Oswal Financial Services: Motilal Oswal Alternates, an alternative arm of Motilal Oswal Group, has invested Rs 450 crore in in two projects of Shapoorji Pallonji Real Estate, a statement from the former said.
  • Piramal Enterprises: Meeting of the Administrative Committee of the Board of Directors will be held Dec. 1 to consider and approve the issue of NCDs up to Rs 50 crore along with an option to retain oversubscription up to Rs 200 crore on a private placement basis.

 

Nifty Outlook

Benchmark Nifty index hit fresh all time high on the first trading session of the week and settled at 18562 levels after adding 50 points to its previous closing values.

Broader markets outperformed the benchmark as Mid and Small cap index gained 0.57% & 1.23% respectively, leading to strong market breadth.

Majority of sectoral indices tracked at NSE settled in green. Nifty Energy index was at the top of the tally, gained 1.33% on back of Reliance which soared nearly 3.5%. On the other hand, Metal index was at the bottom of the tally, fell over 1%.

Nifty index is well placed on multiple chart frames. Going ahead, we reiterate our bullish view on Nifty index and suggest traders to maintain buy on dips trading approach till it is trading above 18350 levels. Crossover and sustenance above 18600 levels will open the doors for fresh up move till 18800 and higher levels in near term.

 

Derivatives Overview & Outlook

Yesterday, both Nifty & Banknifty futures remained almost unchanged on the price front whereas on open interest front Nifty & Banknifty futures added around 1% & 6% of open interest respectively.

Majority of F&O sectors settled higher. Amongst them, Finance, Realty and Auto stocks witnessed maximum addition of long positions and some short buildup was seen among Metal stocks.

On options front, put writing was seen at multiple strikes along with call writing at 18800 strikes and maximum positions are at 18500 PE and 19000 CE.

 

FII & DII Trading Activity

Yesterday, FIIs bought stocks worth Rs 936 Cr in the cash segment, sold stocks futures worth Rs 1464 Cr and bought index futures worth Rs 1414 Cr. DIIs were net buyers in the cash segment to the tune of Rs 88 Cr.

 

Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 18625-18700; Supports 18480-18380

Banknifty Futures – Resistances 43565-43850; Supports 43000-42800

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