Market Highlights

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Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

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November 26, 2024

• BEAT THE STREET BULLETIN
• Date: 25-Nov-24 (PART2)
• t.me/beatthestreet10
• CONTRACTS & PROJECTS
• - HITACHI ENERGY: HVDC technology selected by POWERGRID to connect Khavda to Nagpur, a significant project in India's green energy corridor.
• - POWERGRID: Secured Rajasthan REZ Phase-IV (3.5 GW) transmission project on BOOT basis, involving major sub-station and transmission line works across Rajasthan and Uttar Pradesh. LoI received on November 25, 2024.
• News Headlines from Business News Agencies:
• Business Standard
• IndiGo, Japan Airlines set to commence codeshare partnership next month
• UK regulator fines Barclays $51 mn after it drops Qatar dealings appeal
• Maruti Suzuki achieves milestone of exporting 3 million cars from India
• Bumper kharif production to lower food inflation in coming months: FinMin
• 7% workforce growth expected in H2 driven by logistics, e-comm: Report
• Ekart's supply chain monetisation efforts achieve 8x growth in last 3 years
• GoM report on GST on health insurance to be put before Council: FinMin
• India strengthens GenAI startup market, funding up over threefold: Nasscom
• Coal India floats tender seeking bids from private players for e-auction
• MakeMyTrip launches multi-currency payment options to boost inbound tourism
• Jyoti Structures to raise up to Rs 500 cr via rights issue
• Blackstone to buy stakes in natgas producer EQT's pipelines for $3.5 bn
• Economic Times
• India's economic outlook for coming months 'cautiously optimistic': Finmin Report
• Microfinance sector tightens lending norms to address asset quality stress
• Amara Raja Infra sets up India's first green hydrogen fuelling station in Leh
• TIPS Music inks direct partnership with TikTok
• HDFC Life launches probe after customer data shared with "mala fide" intent
• Rexas Finance (RXS) ends presale with $12.2M raised: A guide to buying RXS crypto
• Sumadhura Group targets revenue of Rs 4000 crore from Hyderabad and Bengaluru projects
• Solarworld Energy Solutions secures Rs 110 cr in pre-IPO placement round
• Food inflation a 'short-term blip', will focus on volume growth: TCPL MD & CEO
• Edible oil industry urges government to resume futures trading for farmers' support
• Generative AI funding in India soars 6x in Q2 FY25: report
• Mint
• S&P Global cuts India's GDP growth for FY26 and FY27, forecasts 6.8% in FY25
• Tata Capital Healthcare Fund to increase investment ticket size to $25 million
• Equinox, formerly Indiabulls Real Estate, debuts under ‘Embassy’ banner
• Rapid digital expansion to create over 1 lakh new jobs in fiber tech in India in next 5 years
• Govt to dispatch 150 tonnes of onions by road to combat rising prices in J&K
• Star Health Unveils 'Star Arogya Digi Seva' to Bridge Healthcare Gaps in Rural India
• Apple's bid to pause India's anti-trust probe rejected by Competition Commission
• Crompton’s consumer durables biz on track, but Butterfly recovery taking longer
• Boardrooms to startups: PE firm scouts for professionals to build new ventures
• Kalpataru, Unimech Aerospace and Manufacturing gets SEBI nod for IPO
• Next year likely to bring more clarity for M&A deals: Investec officials
• EXPANSIONS & INVESTMENTS
• - LT FOODS: Expands into Saudi Arabia with plans to invest SAR 185 million (~₹415 Cr) over 5 years, targeting SAR 435 million (~₹976 Cr) revenue from the region's $2 billion rice market.
• - SAREGAMA: Invests ₹15 Cr in Pocket Aces, increasing its stake from 51.82% to 53.51%.
• NEW PRODUCT LAUNCHES & UPDATES
• - MARUTI SUZUKI: Announced debut of the e-Vitara at Bharat Mobility Expo, January 2025, signaling progress in the EV market.
• - AERSPACE INDUSTRIES: Updates on their aerCar project with new enhancements using Bordrin Motors’ platform, blending ground and aerial vehicle technology.
• PATENTS & INNOVATIONS
• - BEST AGRO: Awarded a 20-year patent for its invention, “Stable Synergistic Insecticidal Composition,” effective June 24, 2023.
• FINANCIAL UPDATES
• - NEW INDIA: Receives ₹1,945.08 Cr cumulative tax refund (including ₹489.22 Cr interest) for assessment years 2013-14 to 2019-20.
• - VEDANTA RESOURCES: To launch a second dollar bond sale amid the ongoing Adani crisis.
• FUND-RAISING INITIATIVES
• - KEI INDUSTRIES: Launches QIP with a floor price of ₹3,880.54/share.
• - KABRA DRUGS: Board meeting on December 2 to consider fund-raising options.
• - MRP AGRO: Board meeting scheduled for December 29 to discuss equity-based fund-raising.
• CORPORATE UPDATES
• - EDELWEISS FINANCIAL: Exploring value-unlocking strategies through stake sales or listings across its subsidiaries.
• - SBFC: Received IRDAI approval to operate as a composite corporate agent, enhancing insurance product offerings.
• - KNR HEAT: Acquired 1,17,87,830 shares of KRN HVAC Products Pvt. Ltd. via rights issue, amounting to ₹235.76 Cr.
• Stay Updated With
• BEAT THE STREET
• KEI Industries launches QIP
• Plans to raise Rs 2000 cr
• Indicative issue price is Rs 3800 – 5.5% discount to CMP
• Equity dilution seen at 5.8%
• Funds will be used for capex at Sanand facility and debt repayment
• Nuvama Wealth and Jefferies are managers
• UBS ON SWIGGY
• • Initiate Buy with target price of Rs 515
• • Plenty of Room at the Table
• • Well positioned for growth at 35% discount to Zomato
• • Online Food Delivery (OFD): Catching up to Zomato on margins and scale
• • Quick commerce (q-com): Encouraging signs, but more work to do
• JPMORGAN ON DEFENCE
• • BEL - Initiate Overweight with target price of Rs 340
• • Hindustan Aeronautics - Initiate Overweight with target price of Rs 5135
• • Mazagon Dock - Initiate Neutral with target price of Rs 4248
• • Long Runway of Structural Growth
• • Recent Stock Price Correction is an Opportunity
• • Strong growth in defence production and exports
• • For exposure to structural growth, BEL is preferred pick
• JEFFERIES ON RELIANCE
• • Maintain Buy with target price of Rs 1700
• • Compelling risk reward
• • Expect Sgp GRM to improve y/y in CY25 as refining demand-supply is turning favorable
• • Jio's strong traction in home broadband sub addn positions it well for 5G monetization
• • See the likelihood of a public listing in CY25
• • Retail saw a strong Oct but sustained recovery cld be 2 qtrs away
• • Current valn imputes $57bn for Retail- pessimistic in our view
• Cabinet approves bank guarantee waiver for #telcos, nod paves way for telcos getting bank guarantee waiver for spectrum acquired pre-2022:
• Global-Market Insights Beat the Street
• -US indices Dow and Russell2K hits new highs on optimism
• -However, markets finished off day's best levels as Trump vows to increase tariffs across the board
• -More money shifting towards risky trades in small caps and cyclicals
• -Bond yields, Gold and crude oil fell sharply
• -Oil prices tumbled amid Israel-Hezbollah ceasefire news
• -Deutsche Bank sets 2025 S&P500 target of 7000
• -Barclays sets 2025 S&P500 target of 6600
• Global-Market Insights Beat the Street
• -Dow +440, S&P500 +18, Nasdaq +51, Russell2k +35
• -US 10Y bond yield at 4.281%
• -Dollar Index 107.37
• -Gold at $2621
• -Brent oil $72.72
• Global-Market Insights Beat the Street
• -Bond yields fell sharply on US growth risks, with the US 10Y yield down 14 bps
• -Gold finished 3.2% lower marking the worst day since 22-Jun
• -Goldman Sachs sees biggest upside inflation risks as Trump plans 10% increase in tariffs across the board
• -Trump vows an additional 10% tariff on China, 25% tariffs on Canada and Mexico
• -Tariff would raise core prices by 1% and delay return to 2% inflation target
• -Bank of America says that Trump tariffs and immigration restrictions to offset fiscal easing and deregulation, GDP growth to slow to 2.3% in 2025 and 2% in 2026
• JEFFERIES ON REAL ESTATE
• • Good start to busy season
• • Residential markets have seen a festive up- move with sales in October rising to a 6-month high
• • Value sales are trending 20%+ helped by mix and pricing
• • Large new launches are planned / ongoing by the listed developers in the H2
• • Expect a good offtake to help the listcos post -25% pre-sales growth for FY25, despite a weak Q2
• • Realty index is -11% from peak, with select stocks down more
• • Prefer Godrej Properties, Lodha and DLF
• HSBC ON MFI
• • Limits Announced By Microfinance Ind On MFI Lending Will Likely Lead To Slowdown In AUM Growth
• • Limits Announced By Microfinance Ind Will Lead To High Credit Costs In Near-term
• • Expect Q3 To Provide Clarity
• • Believe Bank Owned Microfinance (MFI) Lenders Will Be Better Placed Hereon
• All India Consumer Products Distributors Federation (AICPDF)-Reports from distributors and retailers reveal an alarming crisis of unsold stocks nearing expiry, resulting in an estimated financial burden of to the tune of Apox ₹300 crore -ETNOW
• VOLTAS: LARGE TRADE NSE
• UBS PRINCIPAL CAPITAL ASIA LIMITED SOLD: 38.67 LKH SHARES (1.16 % STAKE ) @ ₹ 1,642.67
• JPMORGAN ON DEFENCE
• • BEL - Initiate Overweight with target price of Rs 340
• • Hindustan Aeronautics - Initiate Overweight with target price of Rs 5135
• • Mazagon Dock - Initiate Neutral with target price of Rs 4248
• • Long Runway of Structural Growth
• • Recent Stock Price Correction is an Opportunity
• • Strong growth in defence production and exports
• • For exposure to structural growth, BEL is preferred pick
• JPMORGAN ON BHARTI HEXACOM
• • Maintain Overweight with target price of Rs 1630
• • 'Social' impact of the business model overlooked
• • Continues to enjoy top operational and financial stats
• • Network expansion not only further social reach but is also helping to grow market share
• • Structural cost and ARPU dynamics align returns with development goals
• • ESG story potentially being overlooked
• KOTAK SECURITIES ON EMCURE
• • Upgrade to Buy from Add; target price at Rs 1680
• • Organic growth to pick up hereon
• • A positive outlook for H2; medium-term prospects stay robust
• • H2 growth led by healthy organic growth, in-licensing deal with Sanofi, consolidation of Mantra and with most of the legal challenges behind
• • Rising PCPM, higher utilization and lower interest costs to drive 29% EPS CAGR
• Fitch puts Adani Green & AdaniPorts on negative rating watch, says rating actions taken after bribery charges & indictment of some board members by US SEC & DoJ
• ZEN TECH: Co. announce the Grant of its Indian Patent for the "T90 Containerized Crew Gunnery Simulator" on 25th November 2024.
• This patent is Company’s 20th Patent awarded in the calendar year 2024, and the 10th in the financial year 2024-25.
• Proficiency in Tank Gunnery is the most important criteria in evaluating an Armoured Regiment’s ‘Fitness for War’. The responsibility for gunnery lies with the Commander and Gunner in a tank crew.
• L&T Finance Analyst Meet
• Guidance for the next 3-4 years:-
• Guided for 2x AUM in 3-4 years, with a sustainable loan GAR of 20-25%
• Guides for steady-state credit cost of 2-2.25% and sustainable ROA of 2.8-3%
• Highlighted that the urban portfolio (~50% of retail loans) is likely to grow faster than the rural portfolio (~50% of retail loans)
• CITI on L&T Fin
• Buy, TP Rs 221
• Digital day takeaways
• LTF aspires to double book size over next 3-4 yrs
• (20-25% AUM growth CAGR) with a steady state credit cost of 2.0-2.25% delivering sustainable ROA trajectory of 2.8-3.0%.
• This is despite tempering MFI proportion
• GS on Sun Pharma
• Sell, TP Rs 1600
• GS APAC Healthcare Corporate Day 2024 takeaways
• On costs, SUN noted its lowered R&D guidance to 7% to 8% of sales, due to delays in GL0034 clinical trials in FY25, pushing it into FY26.
• INDIA
• Govt may not sharply hike FY26 capex outlay to keep fiscal deficit in check: ET SOURCES
• FIIs turn net buyers after 38 sessions (MSCI impact was there)
• Rupee sees biggest one day gain since June 3-MSCI Impact
• FINMIN-High frequency indicators have rebounded
• Rupee Opens At 84.27/$ Vs Monday’s Close Of 84.29/$
• India's defence MRO sector set to take off over the next five years - BS
• Global OEMs like Boeing, Lockheed Martin partnering with domestic players for world-class facilities
• HI-TECH PIPES: Company has appointed Bollywood celebrity Hrithik Roshan as its Brand Ambassador.
• He will promote the brand across multiple media channels, included Print, Electronic media, outdoor advertisement, Digital Marketing and Radio Channels.
• RBI Governor Shaktikanta Das is admitted In Chennai’s Apollo Hospital; under observation. Details are awaited from RBI
• Sources Says The Leela hotel chain operator starts investors roadshow for IPO - ETNOW
• Schloss Bangalore plans up to Rs 5,000 cr initial public offering
• Alternative asset manager Brookfield owns 99.99% holding in Schloss Bangalore
• Company management meeting prospective investors ahead of initial equity offering
• IPO includes Rs 3,000 cr new sale of equity, Rs 2,000 cr offer for sale
• Had filed draft red herring prospectus with SEBI, exchanges in September
• Lead managers: JM Financial, BofA, Morgan Stanley, JPM, Kotak
• RATEGAIN: Kamat Hotels (India) Limited Selects RateGain s Demand Booster to Power Direct Bookings and Drive Customer Acquisition
• Kamat Hotels partners with RateGain to boost direct bookings, enhance brand visibility, and optimize guest acquisition across 18 luxury properties.
• The collaboration leverages advanced intelligence for targeted marketing, driving higher revenue and better ROAS.
• Jefferies on Colgate
• Upgrade to Buy from Hold; TP at Rs 3570 – 31% upside
• Upgrade to Buy following sharp correction in share price; top pick
• Colgate grew the fastest in oral care
• Colgate is seeing positive pricing growth and hence higher topline growth
• India Daybook – Stocks in News
• HUL: Board approves demerger of the ice cream business into an independent listed entity (Positive)
• KEC International: Company secures new orders worth Rs 1,114 crore across key businesses (Positive)
• Super Spinning Mills: Long-term bank facilities rating upgraded to CARE BB+; Stable from CARE BB-; Stable by CARE Ratings. (Positive)
• IndiGo: Company continues to dominate domestic airline market share in October with total of 63.3%. (Positive)
• Gulf Oil: Company and Piaggio India renewed their exclusive lubricant partnership until 2030 (Positive)
• Ashoka Buildcon: Company secures Rs 1,391 crore NHAI project for West Bengal economic corridor. (Positive)
• Afcons: President of Ghana Commissions $447 million railway line built by Company (Positive)
• Positron Energy: Company signed a 5-year master agreement with HPCL LNG Ltd. for regasification services at Chhara LNG Terminal, Gujarat. (Positive)
• Maruti Suzuki: Company achieves 30 lakh car export milestone. (Positive)
• Premier Energies: Company units got multiple orders worth Rs 10.87 Billion for supply of solar PV cells and modules. (Positive)
• Stove Kraft Ltd: Company commissioned a new automated Cast Iron Foundry at its Harohalli factory on November 25, 2024 (Positive)
• Hitachi Energy/BHEL: Companies secured a contract from Power Grid for a 6,000 MW HVDC link project. (Positive)
• Best Agrolife: Company received a 20-year patent from the Indian Patent Office for its 'Stable Synergistic Insecticidal Composition'. (Positive)
• Crompton Greaves: Company launched LED Tab Light (Positive)
• Power Grid: Gets Letter of Intent to establish inter-state transmission system in Uttar Pradesh and Rajasthan (Positive)
• Allcargo: LCL Volume Up 5%, FCL Volume Up 7% MoM & Up 14% YoY (Positive)
• New India Assurance: Company received a cumulative income tax refund order of INR 1945.1 crore (Positive)
• LT Foods: Company expands its global footprint to the Kingdom of Saudi Arabia to tap the U.S. $ 2 billion rice and rice-based food market (Positive)
• Vodafone Idea/ Bharti Airtel: Cabinet approved a proposal to waive the bank guarantees (BG) that telecom operators were required to provide for spectrum purchases up to 2022. (Positive)
• Zen Technologies: Company gets 20th patent in the year 2024 (Positive)
• Wipro: Omkar Nisal replaces Pierre Bruno as Wipro's CEO for Europe Strategic Market Unit, effective November 26. (Neutral)
• Genus Power Infrastructures: Company received CRISIL AA-/Stable rating for ₹3861.6 Cr bank loans and CRISIL A1+ for its Rs 100 Cr commercial paper program (Neutral)
• JBM Auto: Company proposes sub-dividing its Rs 2 FV equity shares into Rs 1 FV shares. (Neutral)
• Paushak Ltd: Company announces a planned shutdown of its manufacturing facilities from Nov 26th to Dec 6th, 2024, for annual maintenance. (Neutral)
• Jyoti Structures: Company to raise up to Rs 500 crore via rights issue. (Neutral)
• Gujarat Investa: Yashvi Shah resigned as Company's Company Secretary and Compliance Officer on November 25, 2024. (Neutral)
• MedPlus Health: SBI Mutual Fund decreased its MedPlus Health Services shareholding by 2% (Neutral)
• Spectrum Food: Company appointed Mr. Nakul Sharma as Company Secretary and Compliance Officer, effective November 25, 2024. (Neutral)
• Jyoti Structures: Company board approved a rights issue of up to Rs 500 crore. (Neutral)
• Greaves Cotton: Company appointed Mr. Jaganmohan Rao Medisetti as Head R&D ePowertrain on Nov 25, 2024. (Neutral)
• Vedanta: Company is going ahead with its second dollar bond offering in two months, testing investor appetite for Indian offshore debt: Bloomberg. (Neutral)
• GPIL: Company acquired 21.46% equity stake in Jammu Pigments Ltd for Rs 69.54 Cr and subscribed Rs 175 Cr in CCPS, aiming for 51% stake post conversion. (Neutral)
• Axis Bank: ICICIPru MF acquired 3474965 (0.11% equity) shares on 22nd Nov'24 in the bank (Neutral)
• Zomato: Company announced QIP and sets floor price at Rs 265.9/Sh versus previous close 273.3/Sh. (Neutral)
• Adani Group: Fitch places Adani Energy, Adani Ports and Adani Electricity Mumbai on 'watch negative' (Neutral)
• IDFC First: Neeraj Naidu resigns as 'Chief Information Security Officer' of IDFC First Bank w.e.f. November 25, 2024 (Neutral)
• GE Vernova: Grid Equipments will sell up to (8.38% stake) via OFS on NSE & BSE. (Negative)
• ACME Solar: Net profit at Rs 15.2 cr vs Rs 38.6 cr, Revenue at Rs 259 cr vs Rs 323 cr (YoY) (Negative)
• Adani Green: Fitch revised outlook for Adani Green to Negative from Stable. (Negative)
• UBS on Swiggy
• Initiate buy, TP Rs 515
• Well positioned for growth at 35% disc to Zomato
• Online Food Delivery: Catching up on margins & scale
• Quick com: Encouraging signs, but more work to do
• Est Swiggy's OFD GMV growth over FY24-27e to be broadly similar to Zomato's
• GS on Sun Pharma
• Sell, TP Rs 1600
• GS APAC Healthcare Corporate Day 2024 takeaways
• On costs, SUN noted its lowered R&D guidance to 7% to 8% of sales, due to delays in GL0034 clinical trials in FY25, pushing it into FY26.
• Jefferies on RIL
• Maintain Buy with target price of Rs 1700
• Compelling risk reward
• Expect Sgp GRM to improve y/y in CY25 as refining demand-supply is turning favorable
• Jio's strong traction in home broadband sub addn positions it well for 5G monetization
• See the likelihood of a public listing in CY25
• Retail saw a strong Oct but sustained recovery cld be 2 qtrs away
• Current valn imputes $57bn for Retail- pessimistic in our view
• JP Morgan on Defence
• BEL - Initiate Overweight with target price of Rs 340
• Hindustan Aeronautics - Initiate Overweight with target price of Rs 5135
• Mazagon Dock - Initiate Neutral with target price of Rs 4248
• Long Runway of Structural Growth
• Recent Stock Price Correction is an Opportunity
• Strong growth in defence production and exports
• For exposure to structural growth, BEL is preferred pick
• JP Morgan on ER&D Services
• Growth and valuation premium to IT has shrunk
• Expect premium to widen next year
• Believe Auto weakness is more cyclical and transient and growth should accelerate from next year
• Premium won't go back to the levels seen earlier due to persistent Telecom weakness
• Continue to like growth heroes KPIT Tech and Persistent and recovery plays L&T Tech and Cyient
• Pecking order in ER&D is: KPIT TECH > Persistent > L&T Tech > Cyient >Tata Elxsi >TaTa Tech
• KPIT Tech - Maintain Overweight with target price of Rs 1900
• Cyient - Maintain Overweight with target price of Rs 2250
• L&T Tech - Maintain Overweight with target price of Rs 6300
• Persistent - Maintain Overweight with target price of Rs 6100
• Tata Elxsi - Maintain Underweight with target price of Rs 6400
• Tata Tech - Maintain Underweight with target price of Rs 800
• HSBC on MFI
• Microfinance Industry Network (a Self-Regulatory Organisation) announced further limits on MFI lending
• This will likely lead to further slowdown in AUM growth, & high credit costs in near term as credit flows dry up further
• While expect 3Q to provide clarity
• Jefferies on Real Estate
• Good start to busy season
• Residential markets have seen a festive up- move with sales in October rising to a 6-month high
• Value sales are trending 20%+ helped by mix and pricing
• Large new launches are planned / ongoing by the listed developers in the H2
• Expect a good offtake to help the listcos post -25% pre-sales growth for FY25, despite a weak Q2
• Realty index is -11% from peak, with select stocks down more
• Prefer Godrej Properties, Lodha and DLF
• CITI on L&T Fin
• Buy, TP Rs 221
• Digital day takeaways
• LTF aspires to double book size over next 3-4 yrs (20-25% AUM growth CAGR) with a steady state credit cost of 2.0-2.25% delivering sustainable ROA trajectory of 2.8-3.0%.
• This is despite tempering MFI proportion
• Navigating the Opening Bell with Sbi Securities: 6 Key Technical and Derivative Insights
• Expect Nifty to Consolidate with a Positive Bias
• 1. Global Market:
• - On Monday, all three major U.S. indices finished higher, lifted by positive sentiment following Donald Trump’s announcement to nominate billionaire hedge fund manager Scott Bessent as Treasury Secretary, a move seen as favourable for equity markets.
• - The #Dow hit a new all-time high, closing 1% higher, while the S&P 500 extended its winning streak to six consecutive sessions. Meanwhile, #Nasdaq gained 0.30%, continuing its upward momentum.
• - The S&P 500 is likely to continue its northward journey and test the level of 6040, followed by 6100 in the short term. While, on the downside, the zone of 5940-5920 will act as immediate support for the index.
• - #BrentOil has witnessed a correction of nearly 3 percent on Monday, and it has ended below $73 level. Most noteworthy, it has slipped below its 20 and 50-day EMA level. Going ahead, the zone of $70.40-70 will act as immediate support for Brent Oil.
• - On Monday, the U.S. Dollar Index (#DXY) slipped by 0.61 percent. However, today, it has witnessed a gap-up opening and resumed its northward journey. Going ahead, it is likely to test the level of 108 in the short term.
• 2. Nifty View:
• - In response to the Maharashtra Assembly Election results, the benchmark index Nifty opened with a robust upward gap of over 350 points. However, it struggled to sustain above the 100-day EMA and subsequently traded within a narrow 216-point range—the tightest daily range observed in the last four trading sessions. This price action led to the formation of an NR4 pattern.
• - Additionally, Nifty has formed a High Wave-like candle on the daily chart, signaling heightened indecisiveness among market participants following the event-driven gap-up. These two patterns collectively reflect uncertainty about the next directional move.
• - Going ahead, the 100-day EMA zone of 24320-24350 will act as an immediate hurdle for the index. Any sustainable move above the level of 24350 will lead to an extension of the pullback rally upto the level of 24550 in the short-term.
• - While, on the downside, the zone of 24130-24100 will act as immediate support for the index. If the index slips below the level of 24100, then the next support is placed at 23980 level.
• - On the #derivative front, November #futures surged by 1.62 percent, and the cumulative #OpenInterest of current, next, and far series has also surged by 2.37 percent, which indicates an overall long build-up.
• - Among the constituents of the #Nifty index, 30 stocks have witnessed a long build-up, and 11 stocks have witnessed a short covering rally. While 8 stocks have witnessed a short build-up, and only 1 stock has witnessed a long unwinding.
• - The 24300 strike has significant call open interest, followed by the 24400 strike. On the put side, 24200 has a substantial open interest, followed by a 24000 strike.
• - For the November monthly series, OI PCR is at 1.03.
• 3. Bank Nifty View :
• - The banking benchmark index, Bank Nifty, extended its outperformance, closing above the 52200 level with a strong gain of 2.10% on Monday. On the daily chart, it formed a bullish candle characterized by a long lower shadow and a minor upper shadow, indicating buying interest at lower levels.
• - Going ahead, the zone of 52450-52500 will act as an immediate hurdle for the index as prior swing highs are placed in that region. Any sustainable move above the level of 52500 will lead to a sharp upside rally in the index upto the level of 52900, followed by 53400 in the short term.
• - While, on the downside, the zone of 51800-51700 will act as immediate support for the index. If the index slips below the level of 51700, then the next support is placed at the 51300 level.
• - On the #derivative front, November #futures surged by 2.13 percent, and the cumulative #OpenInterest of current, next, and far series has dipped by 17.60 percent This indicates an overall short-covering rally.
• - The 52500 strike has significant call open interest, followed by the 53000 strike. On the put side, 52000 has a substantial open interest, followed by a 51500 strike.
• - For the November monthly series, OI PCR is at 1.31.
• 4. Key Market Indicators:
• - The volatility index, India VIX, tumbled by nearly 5 percent on Monday and ended at 15.30 level. Going ahead, the zone of 16.80-17 will act as an immediate hurdle for the index. While, on the downside, the zone of 14-13.80 will act as immediate support for the index.
• - The #Advance/Decline ratio was tilted in favor of advancers.
• 5. Key Sectors :
• - The Nifty PSU Bank has taken support near its prior swing low and thereafter witnessed a smart rebound of nearly 10 percent in just three trading sessions. Along with this rise, the index has surged above its 20, 100, and 200-day EMA levels. Hence, we believe it is likely to outperform in the short term.
• - Apart from this, Nifty IT and Nifty Realty are likely to continue their outperformance in the next couple of trading sessions.
• 6. FII/DII Data :
• - #FIIs bought to the tune of 9947.55 cr while #DIIs sold to the tune of 6907.97 cr.
• - FIIs' #Long-short ratio for index futures is at 36.74 as on a net basis, they bought 45662 index futures.
• - On the stock #futures front, FIIs have bought to the tune of 69861 contracts, while on the #Options Front, FIIs bought 21943 call contracts and sold 109567 Put Option contracts.