This Morning Newsletter Can Impact Your Day Trading

NIFTY:

The NIFTY opened at 18325.20 with a gap up of 81 points. This was also the intraday high today as prices started drifting downwards after that and could not surpass this level during the day. Prices have initially moved down, filled the gap and then started a consolidation process. A recovery came during the day but the rally fizzled out and prices have again moved down to record its intraday low at 18246. The index finally closed at 18267.25 near its day lows with a gain of just 23.05 points or 0.13% up. MEDIA outperformed today and closed higher by over 1% followed by BANK and OIL GAS which ended with a gain of over half a per cent. METAL and IT underperformed today and ended with a loss. Traders should avoid trading the index for tomorrow as we have monthly expiry scheduled which could increase the volatility. We will plan our trade after tomorrow

BANK NIFTY:

The BANK NIFTY opened at 42668.55 with a gap up of 193 points. The index initially moved lower but bounced up quickly. Prices recorded its intraday low at 42556.40, saw a sharp upside move, and recorded its intraday high at 42860.55. A sharp decline came in the last 30 minutes of trading and prices finally closed at 42675.80 with a gain of 200 points. PSU BANKS have a gain outperformed today and closed higher by over 1%. PVT BANKS have also moved up today and closed with a gain of almost half a per cent. Within the index, in terms of points, SBIN contributed the highest on the upside while INDUSIND BANK contributed the lowest. We have been tracking a narrow trading range inside 42000 – 42700. This range has seen a breakout today but prices have closed almost at the top of this range. A follow-through on the upside tomorrow may be able to confirm this breakout. The short-term trend is still sideways and it will be up once the index closes above 42700. Stay long and look for buying only as far as prices are trading above 42000.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: FX Reserves, USD on 25th  November, 2022 INR: GDP Quarterly (YoY) (Q2) on 30th  November, 2022	USD: CB Consumer Confidence (Nov)  on 29th November, 2022 USD: GDP (QoQ) (Q3) on 30th November, 2022

NEWS UPDATES

• India’s stock benchmarks closed with little gains on Wednesday, paring its opening gains as advances in banking, metals and oil and gas stocks were offset by declines in information technology and FMCG stocks. Sensex ended 0.07% up at 61,462.02. The Nifty 50 closed 0.13% higher at 18,267.25

• Keystone Realtors, a prominent real estate developer under the Rustomjee brand, is unlikely to see a great listing on the back of a muted response to its maiden public issue, underperformance of realty space amid rising interest rates in current financial year, and a bit of expensive valuations, despite a strong brand name and impressive financial track record, experts said.

• The shares of Inox Green Energy Services Ltd. ended at a discount of 9.08% to the IPO price, while declining 2.31% from its listing price to end at Rs 59.10. Inox Green Energy Services launched its three-day initial public offering on Nov. 11. The IPO was subscribed 1.55 times on the last day.

• Shares of Delhivery Ltd. plunged to a 52-week low after a large trade. At least 12.8 lakh shares changed hands in a large trade, according to Bloomberg data. Shares of the company fell 4.42% to Rs 320.35 apiece as of 11:37 a.m

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

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