“USDINR CMP- 83.32 (spot) Indian Rupee strengthened slightly today on IPO related inflows. However, a recovery in the US Dollar and weak domestic markets capped sharp gains. US Dollar recovered after FOMC was slightly hawkish. Though the minutes showed most members holding rates, they left the door open for more tightening if the progress on inflation falters. We expect Rupee to trade with a slight positive bias towards Dollar inflows due to IPOs in the domestic markets. However, a positive tone in US Dollar and expectations that crude oil prices may also surge may cap sharp upside. Traders may take cues from weekly unemployment claims and durable goods orders data from the US. USDINR spot price is expected to trade in a range of Rs 83 to Rs 83.60,” said Anuj Choudhary Research Analyst , Sharekhan by BNP Paribas.

The stock price of KEC International soared nearly 2% to Rs 605.85 following the news that the company has secured multiple new orders worth Rs 1,005 crore.

The Nifty realty index fell 1.62% during intra-day trade on Wednesday. Oberoi Realty, Godrej Properties, and the Phoenix Mills led the losses and each plunged over 2%.

IndusInd Bank, Adani Enterprises, Kotak Mahindra Bank, Mahindra & Mahindra, and Adani Ports were the top laggards on the NSE during intra-day trading on Wednesday.

“As the upward momentum in US stocks came to a halt, we foresee a day characterized by limited market movement. The Sensex has edged up by 31 points, reaching 65,961, while the Nifty remains relatively flat with a modest 20-point positive change at 19,800. Nifty has sustained its positive momentum, reaching the 19800 levels today. The Nifty 19800 Call strike has demonstrated significant open interest (OI), holding approximately 110 lakh shares. On the Put side, the 19700 strikes have maintained a substantial OI of approximately 80 lakh shares.

In Bank Nifty, the 43800 Call strike has sustained meaningful OI, accounting for about 45 lakh shares. Conversely, on the Put side, the 43500 strike has retained a substantial OI of around 38 lakh shares. Going ahead, we expect 44000 is likely to serve as immediate resistance for Bank Nifty.”

– Shrey Jain, Founder and CEO SAS Online

Nifty Pharma stocks are leading the gains among the other sectoral indices with surges of nearly 1% during intra-day trade on Wednesday. Gland Pharma and GlaxoSmithKline Pharma led the gains and soared 3.70% and 3%, respectively.

Gujarat Mineral Development, HDFC Bank, Reliance Industries, Bajaj Finance and KPIT Technologies are the most active stocks on the NSE.

(Source: NSE)

Hindalco Industries, Adani Enterprises, Kotak Mahindra Bank, Eicher Motors, and IndusInd Bank are the top laggards on NSE Nifty 50.

BPCL, Cipla, Power Grid, Hero MotoCorp, and Dr Reddy’s Labs are the top gainers on NSE Nifty 50 index.

Tata Tech IPO opened for subscription today, with the issue’s GMP jumping 71%. Should you subscribe for the issue?

https://www.financialexpress.com/market/tata-tech-opens-for-subscription-gmp-up-71-should-you-subscribe-to-the-issue-3313781/

“Nifty weekly contract has highest open interest at 19,800 for Calls and 19,700 for Puts while monthly contracts have highest open interest at 20,000 for Calls and 19,000 for Puts. Highest new OI addition was seen at 19,900 for Calls and 19,800 for Puts in weekly and at 19,850 for Calls and 19,800 for Puts in monthly contracts. FIIs increased their future index long position holdings by 7.62%, decreased future index shorts by 1.39% and in index options by 15.76% in Call longs, 2.90% decrease in Call short, 1.41% decrease in Put longs and 9.95% decrease in Put shorts,” said Anand James, Chief Market Strategist at Geojit Financial Services.

“The uptrend in the market is intact with global support coming from the easing US bond yields. The US 10-year bond yield at 4 percent is a strong pillar of support for equity markets. Resilience in large-caps like RIL, Bharti and HDFC Bank can continue to support the uptrend. An important market technique is that the daily market range is getting narrower. This may preclude sharp moves in the market. Today the focus of the market will be on the opening of the four IPOs. Lot of money is likely to go into the high quality Tata Technology IPO. Investors can continue to accumulate high quality large-caps, particularly in banking and autos where the margin of safety is high,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

BPCL, Tata Consumer, Cipla, HDFC Life Insurance Company and UPL are the top gainers on the NSE during the early trade on Wednesday.

“The USD/INR 28 November futures contract exhibited a narrow trading range. According to the daily technical chart, the pair is currently trading above its moving average trend-line support at 83.22, with the RSI holding above the 50-level mark. While the MACD indicates positive divergence, the pair is encountering significant resistance at higher levels. The daily technical chart highlights support at 83.22-83.05 and resistance at 83.50-83.66. For a potential upward move, it’s crucial for the pair to sustain levels above 83.35, signalling potential strength towards the 83.50-83.66 range. Conversely, a breakdown below the support levels of 83.22-83.05 could indicate weakness. We recommend vigilant monitoring of the 83.22-83.38 levels before initiating fresh positions in the pair. A breakout on either side of this range could provide clearer directional cues for traders,” said Rahul Kalantri, VP Commodities, Mehta Equities.

The NSE Nifty 50 opened flat at 19,784, while the BSE Sensex opened at 65,839.62 down 91.15 points.

“In yesterday’s trading, Nifty surged on hopes of Chinese stimulus, positive global cues, a dovish Federal Reserve, and a weakened US Dollar. The Federal Reserve’s cautious stance, revealed as breaking news, prompts caution for Nifty bulls amid the aftermath of hawkish November FOMC minutes. Technical support is seen at 19,681, with victory for bulls above 19,889. Nifty’s likely trading range is 19,100-19,800. Wall Street is closed Thursday for Thanksgiving, with a half-day on Friday. Subscribe ratings are assigned to Tata Technologies, IREDA, and Fedbank Financial Services IPOs. Preferred trades involve Nifty, Bank Nifty, and bullish outlooks for select stocks. PI Industries is recommended for immediate consideration. The finance ministry’s October report underscores ongoing inflationary risks,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

“Nifty poised ahead with the supporting Global cues that led to an intraday gain of 0.45% and ended the session at 19,783.40. The Nifty opened with a 76-point gap and held onto these levels throughout the day. The major support is witnessed from midcap and small caps which aided the ongoing rally. RSI firmly remained at 61 levels. The Donchian Channel, also referred to as the trend-following indicator and the tool for identifying bullish and bearish extremes, shows that the Nifty is still bullish as long as it remains above its median band. While ATR, which indicates volatility, has been slowed down. Now the important support level for Nifty has shifted to 19,630 from 19,500 while resistance is placed at 20,000,” said Om Mehra, Technical Analyst, SAMCO Securities.

The NSE has added BHEL, Hindustan Copper, Indiabulls Housing Finance, Chambal Fertilisers & Chemicals, Delta Corp, India Cements, Manappuram Finance, RBL Bank, MCX India, NMDC and Zee Entertainment to its F&O ban list for November 22, 2023.

Foreign institutional investors (FII) offloaded shares worth net Rs 455.59 crore, while domestic institutional investors (DII) added shares worth net Rs 721.52 crore on November 21, 2023, according to the provisional data available on the NSE.

WTI crude prices are trading at $77.92 up 0.19%, while Brent crude prices are trading at $82.61 up 0.19%, on Wednesday morning.

US stocks retreated on Tuesday, with the S&P 500 and Nasdaq snapping five-session winning streaks as retailers declined after some disappointing outlooks and as technology shares fell, reported Reuters. The tech-heavy Nasdaq Composite dropped 84.55 points or 0.59% at 14,199.98. The S&P 500 slipped 9.19 points or 0.20% at 4,538.19 and the Dow Jones Industrial Average fell 62.75 points or 0.18% to 35,088.29.