Daily Market Update- Equity 30 Nov 2022 | Globe Capital Market LTD.
Daily Market Update- Equity 30 Nov 2022

Nifty index settled off highs at 18618 levels, up just about 55 points as sell-off in the final hour of trading took away most of the intraday gains.

Overview and Outlook

Global Market Update

  • US equity markets were mix
  • Majority of European equity markets settled on flattish note, FTSE was up 0.5%
  • Asian equity markets are trading mix
  • SGX Nifty is little changed (as on 8:18 AM)


News highlights from across the globe

  • Asian stocks followed US equities lower as investors weighed Covid developments in China and awaited a speech from Federal Reserve Chair Jerome Powell later Wednesday.
  • Shares fell in Japan, South Korea and Australia while futures contracts for Hong Kong slid, indicating a pause in the optimism that drove a gauge of the region’s shares higher on Tuesday. The weakness in Japan followed data showing a sharper-than-expected decrease in industrial production.


Important news updates from the domestic front

  • New Delhi Television: Founders Prannoy Roy and Radhika Roy resigned from the board of the company’s promoter group RRPR Holding.
  • Gland Pharma: The company entered into a put option agreement to acquire 100% stake in France-based Phixen SAS, doing business under the brand name Cenexi, for 210 million euros (Rs 1,775.37 crore).
  • Biocon: The company’s subsidiary Biocon Biologics completed the acquisition of the biosimilars businesses and assets of Viatris.
  • SBI/ HDFC Bank/ICICI Bank/Yes Bank/IDFC First Bank/Bank of Baroda/Union Bank of India/Kotak Mahindra Bank: The Reserve Bank of India will start the pilot of for retail digital rupee on Dec. 01 through these eight banks.
  • IDFC: SEBI has approved handing over control of IDFC Mutual Fund to a consortium led by Bandhan Financial Holdings.
  • Inox Wind/Inox Green Energy Services: The companies have started the process of deleveraging their balance sheets, reducing a total debt of Rs 411 crore.


Nifty Outlook

Nifty index settled off highs at 18618 levels, up just about 55 points as sell-off in the final hour of trading took away most of the intraday gains.

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

Majority of sector gauges tracked at NSE settled in green, FMCG & Metal index were at the top of the tally, up by 1.87% and 1% respectively.

Nifty index is well placed on short as well as long term charts, indicating bullish bias to persist, hence, dips can be utilized to take fresh long positions till 18400 levels are held on the down side.


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 2% & 1% of open interest respectively.

On sectoral front, long buildup was seen among FMCG and Metal stocks whereas some short buildup was seen among Auto and Telecom stocks.

On options front, put writing was seen at 18600 strikes along with call writing at 18700 strikes and maximum positions are at 18500 PE and 19000 CE.


FII & DII Trading Activity

Yesterday, FIIs bought stocks worth Rs 1242 Cr in the cash segment, sold stocks futures worth Rs 299 Cr and bought index futures worth Rs 340 Cr. DIIs were net sellers in the cash segment to the tune of Rs 744 Cr.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 18800-18865; Supports 18660-18580

Banknifty Futures – Resistances 43565-43850; Supports 43050-42800


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.