NARROW MOVEMENT IN THE INDICES; SUGGESTING A SHARP MOVE IS ABOUT TO COME

NIFTY:

The NIFTY opened at 19828.45 with a gap up of just 17 points. Initially, prices have moved higher but soon found intraday resistance and started drifting downwards. The index recorded its intraday high at 19875.15, saw a sharp fall, and gave up all the gains. However, the index could not go much lower and started a process of consolidation. That consolidation lasted till the end and prices have recorded its intraday low at 19786.75. The index finally closed at 19802 with a loss of just 9.85 points or 0.05% down. PHARMA underperformed and ended with a loss of over one and a half percent followed by IT. REALTY and OIL GAS outperformed and ended with a gain of over 1% followed by METAL and MEDIA. The Intermediate trend is up while the intermediate momentum has been moving inside the strength zone for the past few days.

BANK NIFTY:

The BANK NIFTY opened at 43452.75 without much of a gap. Prices initially moved higher but could not go much above and started a consolidation process. The range-bound session continued till the end with some volatile Intraday movement. The index recorded its intraday low at 43451.35, its intraday high at 43649.65, and finally closed at 43588.90 with a gain of 128 points. PVT BANK has outperformed, saw a mild up move, and closed with a gain of 0.38%. PSU BANK has moved sideways and ended with a loss of just 0.02%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while KOTAK BANK contributed the lowest. The short-term trend is now down but the bias is more on the sideways side. Support is visible around 43400 while resistance is visible around 44400. Prices have moved very narrow suggesting a sharp move is ahead

TECHNICAL PICKS

DERIVATIVE PICKS

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News Updates

• Indian benchmark indices ended on a flat note in the volatile session on November 23. At close, the Sensex was down 5.43 points or 0.01 percent at 66,017.81, and the Nifty was down 9.80 points or 0.05 percent at 19,802. About 1748 shares advanced, 1407 shares declined, and 120 shares unchanged.

• Titan Company crossed the Rs 3 lakh crore market share on November 21. The stock has seen a strong momentum through this year, gaining 34 percent and about 6 percent in November alone. It hit a fresh 52-week high of Rs 3,441.45 on the National Stock Exchange (NSE) on November 23.

• Shares of Honasa Consumer, the owner of beauty and personal care brand Mamaearth hit 20 percent upper circuit to Rs 422.5 per share on November 23 after the company reported robust Q2 financial results with the net profit doubling to Rs 30 crore. Post Q2 results, Honasa Consumer earned favourable reactions from Jefferies, which has put a ‘buy’ rating on the stock. Jefferies has set a share price target of Rs 530 on the stock, which implies 25 percent upside from current levels.

• UltraTech Cement has indicated interest in Kesoram Industries’ cement assets and is conducting due diligence at the company, sources told CNBC-TV 18 on November 23.

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

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