Morning Outlook 11th November, 2022

NIFTY:

The NIFTY opened at 18044.35 with a gap down of 113 points. The index recorded its intraday high at around 18103.10 in its initial trades and then started drifting downwards. A sharp deadline in the first half brought the index below 18000. Prices further moved down, then started consolidation and recorded its intraday low at 17969.40. Prices have seen some recovery in the last hour of trading and finally closed at 18028.20 near its opening tick with a loss of 128.80 points or 0.71% down. All the sectoral indices have closed lower today led by AUTO which ended 1.95% lower. PHARMA, METAL, and OIL GAS also underperformed today and ended nearly 1% lower. Now we have a range inside 17950 – 18300. As far as the index is moving within this range, we should avoid trading the index. Wait for a decisive breakout and then plan your trade in the same direction.

BANK NIFTY:

The BANK NIFTY opened at 41462.85 with a gap down of 228 points. The index continued moving down after recording its intraday high at 41643.90 in its initial trades. Prices recorded its intraday low at 41318.60 and then saw a smart recovery and finally closed at 41593.60 above the opening tick with a loss of 97 points. PSU BANKS have underperformed today and closed lower with a loss of 1.28%. PVT BANK Shave also moved down today and ended 0.34% down. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while AXIS BANK contributed the lowest. The short-term trend is now sideways which was up before. We have been tracking a narrow trading range inside 40800 – 41700. This range remained intact and we have seen a false breakout yesterday. The index has been trading range bound for the last 12 trading days. Today prices have moved in a narrow range but were very volatile during the day. We should now wait for the index to either close above 41700 or below 40800. Till then avoid trading the index.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark indices ended lower on November 10 with Nifty around 18000.At Close, the Sensex was down 419.85 points or 0.69% at 60,613.70, and the Nifty was down 128.80 points or 0.71% at 18,028.20. About 1231 shares have advanced, 2127 shares declined, and 127 shares are unchanged.
• According to a Moneycontrol poll of 16 economists, Consumer Price Index (CPI) inflation is expected to have fallen to 6.7 percent in October from 7.41 percent in September, thanks to a favourable base effect.
• Nykaa, traded almost flat amid heavy volume and volatility after the lock-in period for pre-IPO investors expired on November 10. The stock also adjusted for the bonus issue from today.
• Kaynes Technology received bids for 6.46 lakh equity shares against offer size of 1.04 crore shares subscribing 6 percent on November 10.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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