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Share Market Today | Gift Nifty Indicates A Stable To Positive Market Opening

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Synopsis:

Today’s share market features how NBCC wins a ₹1,726 crore Goa contract; Infosys completes German acquisition; Bank of Baroda adjusts growth targets; Citigroup offloads HDFC shares; FIIs sell ₹3,036.75 crore as DIIs buy ₹4,159.29 crore in equities.

Latest Market News

1. NBCC wins ₹1,726 crore contract for various redevelopment projects in Goa.

2. ⁠Infosys completes the acquisition of Blitz 24-893 SE, Germany, through Infosys Singapore,  a wholly-owned subsidiary of the company.

3. ⁠Bank of Baroda lowers deposit and loan growth targets to sustain margins.

4. ⁠Citigroup sells 15.8 lakh shares of HDFCBank at ₹1,742.6/sh while Ghisallo Master Fund LP buys 15.8 lakh shares for ₹275 cr.

5. ⁠FIIs net sell ₹3,036.75 cr while DIIs net buy ₹4,159.29 cr in equities yesterday.

INFOSYS LIMITED

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1864.55-3.84 (-0.20 %)

Updated - 14 November 2024
1876.00day high
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1856.00day low
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In-Depth Market Insights: Global Outlook, Derivatives & More

US Share Market News

  1. Performance Overview:

    • US benchmark equity indexes closed higher on Monday as traders awaited mega-cap technology earnings due later in the week, while oil prices slumped.

  2. Sector-Specific Movements:

    • The Dow Jones Industrial Average rose 0.7% to 42,387.6, while the S&P 500 and the Nasdaq Composite advanced 0.3% each to 5,823.5 and 18,567.2, respectively. Among sectors, financials led the gainers. Only energy and tech closer lower.

Other Asset Classes

  1. Treasury Yields:

    • The US 10-year yield increased 4.6 basis points to 4.28%, while the two-year rate gained 3.5 basis points to 4.13%.

  2. Currency:

    • The dollar index which measures was up by 0.24% to 104.30.

  3. Commodities:

    • West Texas Intermediate crude oil sank 5.3% to $68 a barrel. "Oil prices tumbled after Israel's retaliatory strike against Iran over the weekend bypassed oil and nuclear facilities and did not disrupt energy supplies,"

    • Gold rose 0.3% to $2,756.10 per troy ounce, while silver changed slightly to $33.8 per ounce.

Asian Markets

  1. General Trends:

    • Asian equities traded in a narrow range as traders prepared for the US election and key economic data that will set the stage for the next Federal Reserve decision.

  2. Specific Index Performance:

    • The Nikkei 225 Index rose 0.1% to around 38,660 while the broad-based Topix Index gained 0.3% to 2,665 on Tuesday, rising for the second straight session as investors continued to assess the implications of the recent election.

    • Investors now look ahead to the BOJ’s policy decision on Thursday where it is widely expected to hold rates steady.

    • Australia's S&P/ASX 200 Index climbed 0.4% to around 8,250 on Tuesday, rising for the third straight session.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a flat to positive opening for the Indian markets and is likely to consolidate in the broad range of 24,000 -24,700.

  2. Market in Previous Session:

    • The Indian equity markets indeed ended positively on October 28, breaking a five-day losing streak. 

    • Nifty saw a strong performance, nearly reaching the 24,500 mark intraday. This rally was led by robust buying across various sectors, notably in banking and metal stocks, which contributed to the market’s upward momentum.

    • At close, the Sensex was up 602.75 points or 0.76 per cent at 80,005.04, and the Nifty was up 158.35 points or 0.65 per cent at 24,339.15.

    • All sectoral indices closed in positive territory with standout performances from the PSU Bank index, which surged by 3.8%, and the Metal index, which added 2.5%. 

    • Other sectors, including pharma, media, and realty, also saw gains of over 1% each. 

    • The broader market indices followed suit, with the BSE midcap index rising 0.7% and the small-cap index gaining 1%. This broad-based buying reflects positive sentiment across different segments of the market, contributing to the overall upward trend.

  3. Nifty Short-Term Outlook:

    • Nifty has been maintaining a lower high and lower low pattern, indicating a corrective bias. It has broken down its key neckline level (24,750). We believe this breakdown has important support near 24,000 followed by 23,780 which corresponds to the 50% retracement of the previous swing.

    • If the index holds above the supply area of 24500-24520, then an upward move toward the 24,750–24,800 range could still be in play.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 24,525 followed by 24,680 levels. Conversely, downside support is located at 24,170, followed by 23,975.

    • Bank Nifty: Intraday resistance is positioned at 51,610, followed by 51,885, while downside support is found at 50,030, followed by 50,740.

Derivative Market Analysis

  1. 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 23500 level. 

    • Put OI addition was seen at strikes below 24300 along with call unwinding at similar strikes indicating stiff support at lower levels. If the index moves below 24300, 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 24500. 

    • The Nifty put-call ratio is now positioned at 0.96.

  2. Bank Nifty:

    • The highest call OI is positioned at 52000 followed by 53000 level, whereas the highest put OI is positioned at the 50000 followed by 50500 level. 

    • Put OI addition was seen at strikes below 51300 along with call unwinding at 51000 and 51500 strikes indicating stiff support at lower levels. If the index moves below 51000, it can touch 50500 whereas on the upside, 51800 is a crucial resistance. 

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

    • The Bank Nifty put-call ratio is now positioned at 0.78.

  3. Fin Nifty:

  • The highest call OI is been noted at 24,100 level which will serve as immediate resistance.

  • Whereas the major put OI has been noted at 23,500 level followed by 23,700 which will serve as crucial zone.

  • Fin Nifty is likely to trade within the range of 23700 and 24,000 level.

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.

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