Yesterday, Indian Stock Market ended the day on green note. Bombay Stock Exchange (BSE) Sensex closed 198 points (0.34%) higher at 58,664 on the second trading day of the week. The Nifty of the National Stock Exchange closed at 17,503 with a gain of 87 points (0.5%). PayTM’s stock closed at Rs 1494 with a gain of 9.9% after breaking 39% for two days. Out of 39 stocks ended in green while 11 stocks closed in red.
Stock Market Summary
Yesterday After a five-day losing streak, the index finally ended on a green note. After a negative opening, Nifty 50 closed 0.50% higher & Bank Nifty closed 0.39% higher. Nifty marginally outperformed the Bank Nifty index by 0.11%.
The day was marked by the strong listing gains showcased by Latent View Analytics, listing at gains of about 169% from the issue price of Rs 197 and ending the trading day at Rs 487.95.
On the sectoral front,
All the sectors ended green in yesterday’s trading session, except IT. Nifty Metal (up 3.13%), Nifty PSU Bank, Media, PSE, Energy & Reality were up around 2% to 2.35%, in Nifty Metal rally was led by Vedanta, NMDC and JSW Steel. Nifty PSU Bank uplifted by Union Bank and India Bank.
Yesterday also FII were net sellers in Indian stock market. Sold 4477.06 crore worth stock. While DII were net buyers, bought 1412.05 worth stocks.
Major Gainer and Loser of Nifty 50
Zeel (up 4.52%), Powergrid (up 4.02%) & JSW Steel (up 4.00%) were among the Top gainers of yesterday.
Asian Paints (down 2.60%), Indusind Bank (down 2.57%) & Infosys (down 1.81%) were among the Top losers yesterday.
Now, what’s next??
Markets are broadly into the oversold territory hence some more pullback rallies can continue but the scheduled monthly expiry would keep the volatility high in the coming sessions. We thus recommend staying with a cautious stance and maintaining a hedged approach.
Technical View of Stock Market
The index opened under heavy bearish pressure and touched its weakest level since September month near, 17210. Recovered swiftly from the lows and finally ended in green after continued selling from last 5-6 traded session. Ends above 17500 led by Metals, PSU banks, Power sector stocks.
It has also formed a bullish candle on daily charts, indicating further upside from current levels.
Technically, Index formed a higher high, higher low on an intraday chart. Which also indicates a further upside move in the upcoming days.
On an hourly chart, the index has confirmed a Hammer kind of candle which further adds strength to the upside.
Momentum indicator MACD & Stochastic were trading with a positive crossover which suggests the some bullish movement is intact.
In case buyers manage to lift the Index back above 17600 and hold it there. We will see some additional gains. On the downside, support could be seen at 17400—17300. (Spot Levels)
On the options front, the Nifty open interest put-call ratio is around 0.67 levels. Maximum call open interest addition is at 17800 strike. Whereas maximum put open interest is around 17300 levels. This indicating a range of trading in upcoming sessions.
Nifty Futures strategy for the day
Strategy – Either buy above 17550 for the targets of 17650–17750 or sell below 17450 levels for the downside targets of 17370—17300. (Futures levels)
Bank Nifty index opened on a negative note took support from the last day low and ended in green above 37200.
Index struggled to preserve its modest intraday recovery gains from a multi-week low and massive pump after a 5-day losing streak.
Technically, Bank Nifty continued to trade in a falling parallel channel on an hourly time frame, which indicated a sideways to bullish movement from current levels can be seen.
The index formed a higher high, higher low on the intraday chart. Which also indicates a further upside movement in the upcoming days.
All the stock in Banking and Financial services outperformed except INDUSIND BANK.
In case buyers manage to lift the Index back above 37800 and hold it there, we will see some upside move. On the downside, support could be seen at 37000—36800. (Spot Levels)
On the options front, the Bank Nifty Open interest put-call ratio is around 0.7 levels. Maximum call open interest addition is at 37500 strike. Whereas the maximum put open interest is around 37000 strike. This indicating the range of trading in upcoming sessions.
Bank Nifty Futures strategy for the day
Strategy – Either buy above 37300 for the targets of 37500–37700 or Sell below 37200 levels for the downside targets of 37000–36800.
Top Stock Recommendations for today (24th November 2021)
VENUS REMEDIES (CASH)
We have seen a strong recovery from support levels on the daily chart. We will expect a fresh upside move in the stock in the near term.
Strategy – Traders can initiate buy position around 450 for the initial target of 480 and then to 500 levels in the coming days. Major support around 420, break below 420 will negate our bullish view in the stock.
LAURUS LABS – DEC (FUTURES)
Lauruslabs December Futures, stock has given a trendline breakout on 30 minutes time frame and also taking support from 200 days moving average. If breaks above the yesterday high then we will expect more upside move-in days to come.
Strategy – Traders can grab it above 492 for the target of 510 and then 520 in the coming days. Support and stop loss below 480 on a closing basis.
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