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Share Market Today | Gift Nifty Hints At Flat Opening, Consolidates In Range

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Synopsis:

Today’s share market features how the RBI reappoints Amitabh Chaudhry as Axis Bank CEO, Insolation Energy bags a ₹208 crore order, KPIGreen secures 9 MW solar projects, ED searches Shriram Properties offices, while TCS and others partner with NVIDIA amidst FII and DII activities.

Latest Market News

1. RBI approves the re-appointment of Amitabh Chaudhry as Axis Bank MD and CEO

2. ⁠Insolation Energy bags order of  ₹208 cr for the supply of solar PV modules at NTPC Khavada Gujarat Site

3. ⁠KPI Green - Arm Sun Drops Energia gets Letters of Award/Intent for the development of solar power projects with a cumulative capacity of 9 MW under the ‘Captive Power Producer (CPP)’ business segment

4. ⁠Enforcement Directorate (ED) officials are conducting search activity at its office premises in Bengaluru & Chennai & the company is extending full cooperation to the officials by responding to their clarifications/details sought, says Shriram Properties

5. ⁠TCS, LTTS, Netweb, Tata Communications announced partnerships with NVIDIA 

6. ⁠FIIs net sell ₹5,062.45 cr while DIIs net buy ₹3,620.47 cr in equities yesterday

TATA CONSULTANCY SERV LT

Trade

4145.9-4.45 (-0.10 %)

Updated - 14 November 2024
4160.00day high
DAY HIGH
4116.45day low
DAY LOW
1825432
VOLUME (BSE)

US Share Market News

  1. Performance Overview:

    • Weekly applications for unemployment insurance in the US fell last week, while continuing claims rose to their highest level since late July, according to government data. 

  2. Sector-Specific Movements:

    • The Nasdaq Composite and the S&P 500 closed higher on Thursday, aided by a post-earnings rally in Tesla shares, while the Dow Jones Industrial Average fell.

    • The technology-heavy Nasdaq was up by  0.8% to 18,415.5, while the S&P 500 advanced 0.2% to 5,809.9. The Dow dropped by 0.3% to 42,374.4. Consumer discretionary led the gainers among sectors, up by 3.2%. Materials saw the biggest drop.

3. Economic Indications:

  • In economic news, new-home sales in the US rose more than expected last month, while median prices at the national level picked up both sequentially and annually, government data showed. 

Other Asset Classes

  1. Treasury Yields:

    • The US 10-year yield decreased three basis points to 4.21%, while the two-year rate lost one basis point to 4.08%.

  2. Currency:

    • The dollar index which measures the greenback against a basket of currencies including the yen and the euro, fell 0.4% to 104.02. 

  3. Commodities:

    • West Texas Intermediate crude oil dropped 0.5% to $70.45 a barrel & Brent futures settled 0.8% lower at $74.38 a barrel.

    • Gold rose 0.7% to $2,748 per troy ounce, while silver dropped 0.1% to $33.82 per ounce.

Asian Markets

  1. General Trends:

    • The S&P/ASX 200 Index rose by 0.5% to around 8,250, reversing losses from the previous session amid a rebound in technology stocks.

  2. Specific Index Performance:

    • Japan's benchmark Nikkei average opened down 0.49% at 37,954.78 on Friday, while the broader Topix shed 0.42% at 2,624.57.

    • South Korea’s Kospi surged 1%, and the Kosdaq rose 0.42%. Hong Kong’s Hang Seng index futures indicated at a slightly weaker open.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a flat opening of for the Indian markets and is likely to consolidate in the broad range of 24,250 - 24,640.

  2. Market in Previous Session:

    • On October 24, 2024, the Sensex and Nifty closed with minimal movement after a fluctuating session.

    • FMCG and IT sectors saw profit booking after previous gains, while selective buying in private banking and financial stocks provided some market stability following earlier corrections.

    • At the close of the October 24, 2024 session, the Sensex declined by 16 points, or 0.02%, ending at 80,065, while the Nifty slipped 36 points, or 0.2%, to finish at 24,399.

    • Market sentiment has been under pressure due to several challenges. 

1) Disappointing Q2 earnings,  

2) Persistent selling by Foreign Institutional Investors (FIIs), and heightened geopolitical tensions in the Middle East are key contributors. 

3) Uncertainty surrounding the timing of US interest rate cuts, the upcoming US election, and rising US bond yields have added to investor anxiety. 

  • Together, these factors have made it difficult for the markets to maintain a positive trajectory.

  1. Nifty Short-Term Outlook:

    • Index has formed a doji candlestick after continuous selling pressure indicating indecisiveness or a temporary pause. Recent market activity has been characterized by weakness, with Nifty falling below the crucial support level of 24,700. 

    • Nifty has recently generated a breakdown below the 11-session trading range (24700-25250), highlighting corrective bias and extension of decline towards 24250 levels in the coming sessions, being the measuring implication of the last 11-session range.

    • For the Nifty 50 to indicate a halt in the current downtrend, it must consistently form higher highs and higher lows. Failure to do so would maintain a bearish outlook, with resistance around 24,700–24,800. On the downside, immediate support is positioned at 24,300–24,250, while the more significant short-term support lies between 24,000 and 23,800, which corresponds to the low reached in August 2024. 

  2. Intraday Levels:

    • Nifty: Intraday resistance is at 24,550 followed by 24,640 levels. Conversely, downside support is located at 24,340, followed by 24,250.

    • Bank Nifty: Intraday resistance is positioned at 51,800, followed by 52,000, while downside support is found at 51,050, followed by 50,960.

Derivative Market Analysis

  1. Nifty:

    • The highest call OI is positioned at 25000 followed by the 24800 level, whereas the highest put OI is positioned at the 24000 level. Straddle formation at 24400 and 24500 is important to watch for. 

    • Call OI addition was seen at 24400 and 24800 while put writing was seen at 23800 and 24000 levels. If the index moves below 24400, it can touch 24000 whereas on the upside, 24800 is a crucial resistance. 

    • According to option chain analysis, a broader range for Nifty is 24000 and 24800. 

    • The Nifty put-call ratio is now positioned at 1.00.

  2. Bank Nifty:

    • The highest call OI is positioned at 52000 followed by 52500 level, whereas the highest put OI is positioned at 51000 followed by the 51500 level. 

    • Huge call OI addition was seen at 52500 strike indicating stiff resistance at higher levels. Put writers are active below 51500 indicating support at a lower level. Straddle formation is seen at 51500 which makes it a crucial level for the index.

    • According to option chain analysis, a broader range for Bank Nifty is 51000 and 52000.

    • 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.

Frequently Asked Questions

What exactly is the stock market, and how does it work?

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