Daily Market Update- Equity 9 Nov 2022 | Globe Capital
09-Nov-2022
Daily Market Update- Equity 9 Nov 2022

Nifty index settled near the day’s top after a volatile trading session where steep moves were witnessed on both sides, finally it closed shop at 18202 levels, up 85 points.

Overview and Outlook

Global Market Update

  • US equity markets were up in range 0.49 to 1.02%
  • European equity markets settled in green
  • Asian equity markets are also trading in green
  • SGX Nifty is up nearly 50 points but in value term it is up nearly 200 points (as on 8:18 AM)

 

News highlights from across the globe

  • Stocks edged higher in Asia as investors awaited midterm election results from the U.S., with potential for government gridlock seen as positive for equities.
  • The dollar held declines against most Group-of-10 currencies as trading got underway in Asia. Treasuries were steady, while bond yields fell in Australia and New Zealand, tracking moves in the US overnight.
  • Oil steadied after a two-day decline as traders weighed the support from a weaker dollar and gold fell.

 

Important news updates from the domestic front

  • Punjab National Bank: The government-run bank appointed KG Ananthakrishnan as non-executive chairman and part-time non-official director for three years from the date of notification of his appointment or until further orders.
  • Bharat Electronics: The company signed an MoU with Delhi Metro Rail Corporation for jointly developing the Indigenous Communication-based Train Control System. The company also confirmed, response to a clarification sought by exchanges, that it has signed an MoU with Motorola Solutions India for cooperation in the field of broadband, push-to-talk service.
  • Life Insurance Corporation of India: The insurer has increased its sharing in Voltas to 8.88% from 6.86%.
  • Hindustan Aeronatics: CB Ananthakrishnan, Director (Finance) of the company, will hold the additional post of Chairman and Managing Director up to Nov. 30, 2022, or till further orders.

 

Nifty Outlook

Nifty index settled near the day’s top after a volatile trading session where steep moves were witnessed on both sides, finally it closed shop at 18202 levels, up 85 points.

Broader markets outperformed benchmark as Mid & Small cap index gained 0.8% each, leading to positive market breadth.

Barring Pharma, Healthcare & Consumer Durables, all other sector gauges tracked at NSE settled in green. PSU Bank index gained maximum, up 4.46% on back SBI that soared 3.34% after posting good set of quartet numbers.

Nifty index is well placed on short as well as long term charts indicating bullish momentum to continue ahead as well.

 

Derivatives Overview & Outlook

On Monday, Nifty futures shed around 1.5% of open interest as short covering whereas Banknifty futures added around 10.50% of open interest as long buildup.

On sectoral front, long buildup was seen among Auto, Cement and Metal stocks whereas some short buildup was seen among Textile and Pharma stocks.

On options front, put writing was seen at multiple strikes along with call writing at 18400 & 18500 strikes and maximum positions are at 18000 PE and 19000 CE.

 

FII & DII Trading Activity

On Monday, FIIs bought stocks worth Rs 1949 Cr in the cash segment, bought stocks futures worth Rs 450 Cr and sold index futures worth Rs 108 Cr. On the other hand, DIIs sold stocks worth Rs 844 Cr in the cash segment.

 

Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 18325-18400; Supports 18170-18050

Banknifty Futures – Resistances 41950-42250; Supports 41300-41000

 

Earnings Today – 3M India, Action Construction Equipment, Authum Investment & Infrastructure, Allcargo Logistics, APL Apollo Tubes, Astra Microwave Products, Balrampur Chini Mills, Barbeque-Nation Hospitality, BEML, Borosil Renewables, Deepak Nitrite, Engineers India, Finolex Cables, Galaxy Surfactants, Gateway Distriparks, General Insurance Corporation of India, Godrej Properties, Gujarat State Fertilizers & Chemicals, Gujarat Alkalies & Chemicals, H.G. Infra Engineering, Hikal, HLE Glascoat, Ion Exchange (India), KIOCL, Kiri Industries, Lupin, Max Ventures and Industries, National Aluminium Co., Narayana Hrudayalaya, Nuvoco Vistas Corporation, Orient Cement, Piramal Enterprises, Petronet LNG, POWERGRID Infrastructure Investment Trust, Pidilite Industries, Prestige Estates

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