Brigade Enterprises, Lupin, and Bata India Experience Varied Fortunes

Technical Overview – Nifty 50

Nifty50 on the daily chart witnessed a flat opening above 19,400 levels and traded above the same for the majority of the time. In the last hour of the trading session, the prices breached their smaller degree rising channel pattern.

On the daily chart, it has formed a minor red candle and has halted near its 100-day exponential moving average. The index on the daily chart is trading above its 9 & 21 EMA and the RSI (14) is hovering above 50 levels with a bullish crossover.

If today’s price action at Dalal Street is any indication, then the short-term technical outlook for Nifty still favors the bulls. On the higher side look for a move above 19,500 levels to further upside momentum towards 19,650 levels, similarly on the lower end 19,300 – 19,250 are likely to act as immediate support for the Index.

Technical Overview – Bank Nifty

The Banking Index from the last three trading sessions is trading in a very narrow range as the minor body of the candle indicates a narrow trading range day. On 09th November, the Bank Nifty witnessed a flat opening and traded within its previous three days’ range.

The banking index on the daily chart has spiked upon its 9, & 21 DEMA which is a promising sign of reversal. The Banking Index on the 30 mins chart is trading in a higher high higher bottom formation and has given a triangle pattern breakout.
From a technical perspective, resuming the bullish trend with gaps is positive, but further momentum is needed to reinforce this trend. On the higher side look for a move above 44,000 levels to further upside momentum towards 44,700 levels, similarly on the lower end 43,400 – 43,250 are likely to act as immediate support for the banking Index.

Indian markets:

• Equity indices closed lower on Thursday following two days of flat trading.
• The market displayed limited movement, and the Nifty50 settled near its daily low.
• Positive momentum was observed in the realty and auto sectors.
• Conversely, the FMCG and oil & gas sectors experienced selling pressure.
• The Nifty Bank index traded sideways, remaining above the support level of 43,500 but unable to break the crucial resistance at 44,000.
• Lower bond yields in the US and a drop in Brent crude to $80 contributed to reduced selling by Foreign Institutional Investors (FIIs), supporting the market.

Global Markets

• Markets in Europe and Asia advanced on Thursday as US equities achieved a notable winning streak, raising optimism that interest rates may have reached their peak.
• However, Chinas economy faced challenges as it slipped back into deflation, with October consumer prices contracting by 0.2% year-on-year, and producer prices declining by 2.6%.
• In the US, the S&P 500 and Nasdaq managed to secure slight gains, continuing their recent winning streaks, while attention was focused on Federal Reserve officials remarks concerning interest rates and the movement of Treasury yields. Notably, the Dow Jones ended its seven-session winning streak with a decline. Thursdays discussions featured appearances by prominent figures such as Fed Chair Jerome Powell, Atlanta Fed President Raphael Bostic, Richmond Fed President Tom Barkin, and Bank of England chief economist Huw Pill, who engaged in conversations regarding monetary policy challenges.

Stocks in Spotlight

• Brigade Enterprises shares surged by over 7 percent following a 72 percent year-on-year increase in the real estate developer’s net profit, driven by robust demand for housing projects. The company experienced a significant boost in revenue, with its largest unit, real estate, witnessing a remarkable 70 percent YoY growth. However, despite the initial gains, the stock retraced most of its increase and closed just 0.62 percent higher than the previous day’s closing price.
• Lupin’s shares climbed 2 percent to reach a 52-week high after the pharmaceutical company reported a significant increase in net profit, soaring from Rs 129.73 crore in the previous year to Rs 489.67 crore. This surge in profit was attributed to robust revenue growth of over 20 percent, amounting to Rs 4,939.20 crore. Despite the initial positive momentum, the stock later surrendered its gains, closing 0.59 percent lower.
• Bata India’s shares dropped by 2 percent earlier in the day following the company’s announcement of a 38 percent decline in its net profit for the second quarter (Q2), amounting to Rs 34 crore. Despite this setback, the stock managed to recover, cutting its losses and closing 0.84 percent higher by the end of the trading session

News from the IPO world🌐

• ESAF IPO to open on 3rd November
• Cello World IPO booked 38.9x on day 3; QIB proportion booked 109x
• Mamaearth’s IPO – 7.61 times subscribed on Final day 

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