BAJAJ BROKING
Today’s share market features how MSCI added Voltas, BSE, Alkem, Oberoi Realty, and Kalyan Jewellers to its index. Maruti Suzuki plans to boost exports, Rosa Power achieved zero-debt, RVNL won BSNL bid, while FIIs sold and DIIs bought equities.
1. MSCI announces the results of the November 2024 review, Standard index will see 5 additions, the small-cap index will see 13 additions. Voltas, BSE, Alkem, Oberoi Realty & Kalyan Jewellers added in MSCI standard index.
2. Maruti Suzuki looks to boost exports with the upcoming Swift Dzire.
3. RELIANCE POWER: Reliance Power subsidiary, Rosa Power, prepays another Rs. 485 crore debt to Varde Partners, becoming a zero-debt company.
4. RVNL: Company - HFCL Limited – Aerial Telecom Solutions Pvt. Ltd. Consortium emerges as the Lowest Bidder (L1) from Bharat Sanchar Nigam Limited (BSNL) for “Development (Creation, Upgradation and Operation & Maintenance) of Middle mile network of Bharat Net on Design Build Operate and Maintain (DBOM) Model.” Order Worth 1917 Crore.
5. FIIs Net Sell ₹4,445.59 Cr while DIIs net buy ₹4,889.33 cr in equities yesterday.
US Share Market News
Performance Overview:
US benchmark equity indexes closed at all-time highs on 6th Nov while Treasury yields surged after Donald Trump won the presidential election.
Sector-Specific Movements:
The Dow Jones Industrial Average jumped 3.6% to 43,729.9, and the Nasdaq Composite advanced 3% to 18,983.5. The S&P 500 rose 2.5% to 5,929. Among sectors, financials saw the biggest gain, up 6.2%, while real estate posted the steepest decline of 2.6%.
Trump, the Republican nominee, defeated Kamala Harris, vice president and the Democratic candidate, in Tuesday's vote. His return to the White House will have investors watching the impact of potential new tariffs, the labour market effects of immigration cuts and benefits to top technology firms, analysts said.
Economic Indicators:
The Federal Reserve kicked off its two-day monetary policy meeting. Markets widely expect policymakers to reduce interest rates by 25 basis points on Thursday.
Other Asset Classes
Treasury Yields:
The US 10-year yield surged 14.5 basis points to 4.43%, while the two-year rate gained 6.7 basis points to 4.27%.
Currency:
The dollar index rallied 1.7% and was set for its best day since March 2020.
Commodities:
West Texas Intermediate crude oil dropped 0.3% to $71.81 a barrel while Brent fell 0.6% to $75.11 per barrel.
Gold dropped 2.9% to $2,669.40 per troy ounce, while silver declined 4.5% to $31.29 per ounce.
Asian Markets
General Trends:
The Nikkei 225 Index dropped 0.8% to below 39,200 on Thursday, reversing some of the gains made in the previous session.
Specific Index Performance:
The S&P/ASX 200 Index dipped 0.2%, hovering around 8,080 in morning trade.
South Korea's KOSPI was slightly down by 0.3% trading near 2553.
India Market Outlook
GIFT Nifty Projection:
Gift Nifty suggests a flat to negative opening for the Indian markets and is likely to consolidate in the broad range of 24,000 -24,750.
Market in Previous Session:
The Indian equity market rallied in response to Donald Trump’s victory in the U.S. presidential election, extending its winning streak for the second consecutive day on November 6.
Investors are also anticipating another rate cut by the Federal Reserve at its meeting scheduled for November 7.
At close, the Sensex was up 901.50 points or 1.13 per cent at 80,378.13, and the Nifty was up 270.75 points or 1.12 per cent at 24,484.
All sectoral indices closed in positive territory, with the IT index rising 4 per cent, and oil and gas, power, capital goods, and realty sectors each gaining 2 per cent.
The BSE Midcap index increased by over 2 per cent, while the Small-cap index was up nearly 2 per cent.
Nifty Short-Term Outlook:
Index has respected this range of 23,800- 24,500 since the last few sessions and after yesterday's thumping rally, it has begun to retest the upper end of the range indicating a possible breakout over 24,500.
The daily chart shows a second consecutive long bullish candle, indicating strong upward momentum. This recent bounce suggests a critical bottom reversal pattern forming around the 23,800 level. A decisive move above the key resistance at 24,500 could signal further upside potential. However, caution is advised under current conditions with a major global event lined up this week.
The near-term resistance stays around 24,500 followed by 24,750 levels and has its short-term supports placed near 24,000 levels. A breach of this support can lead to further correction towards 23,500 levels.
Intraday Levels:
Nifty: Intraday resistance is at 24,620 followed by 24,745 levels. Conversely, downside support is located at 24,286, followed by 24,079.
Bank Nifty: Intraday resistance is positioned at 52,523, followed by 52,663, while downside support is found at 52,215, followed by 52,046.
Derivative Market Analysis
Nifty:
The highest call OI is positioned at 25000 followed by the 24500 level, whereas the highest put OI is positioned at the 24000 level followed by the 24200 level.
Call writers we active above 24500 making it a crucial resistance to watch for. On the other hand, we saw put writing between 24000-and 24300 along with call unwinding indicating stiff support at lower levels.
According to option chain analysis, a broader range for Nifty is 24000 and 24800.
The Nifty put-call ratio is now positioned at 0.97.
Bank Nifty:
The highest call OI is positioned at 53000 followed by 52500 level, whereas the highest put OI is positioned at the 52000 followed by 51000 level. We also saw a straddle formation at 52000 making it a crucial level to watch for.
We saw call and put OI addition between 52300-52500 making it a crucial range to watch for. immediate call OI addition was seen at 53000 making it a crucial resistance whereas high put OI addition was seen at 52000 making it an important support.
According to option chain analysis, broader range for Bank Nifty is 52000 and 53000.
The Bank Nifty put-call ratio is now positioned at 0.92.
Stay on top of the latest market news with Bajaj Broking’s insights. Our point-to-point expert analysis digs deep into the surface, empowering you with a unique perspective on domestic and global stock market events. Get all the current share market news, including US share market updates in one place and make wise investment decisions.
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For All Disclaimers Click Here: https://bit.ly/3Tcsfuc
Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading