BSE rallied on strong Q2 numbers, Analysts bullish on BHEL

Technical Overview – Nifty 50

Dalal Street starts Samvat 2080 on an upbeat note as Sensex and Nifty clock their second-best Muhurat trading gains in five years. Interestingly, it was their third-best Muhurat trading gain in 15 years.

After a Steller closing on Muhurat Trading the Benchmark index witnessed a gap-down opening on 13th November as profit booking triggered from the higher levels. The Nifty 50 has filled its continuation gap which was formed in the Muhurat day trading session but prices hold above its 9 & 21 EMA.

The Index on the daily chart is trading in a higher high higher low formation since it has formed an intermediate bottom near 18,800 levels. The RSI (14) is hovering above 50 levels with a bullish crossover.

Keep an eye on the major hurdle at 19,550 according to my proprietary retracement theory. Additionally, the previous high of 19,630 could add a layer of resistance for the bulls. On the flip side, 19,300 is expected to act as a reliable support zone.

Technical Overview – Bank Nifty

After a positive closing on Muhurat Trading the Banking index witnessed a gap-down opening on 13th November as profit booking triggered from the higher levels. The Bank Nifty has filled its continuation gap which was formed in the Muhurat day trading session but prices hold above its 9 & 21 EMA.

The Index on the daily chart has formed a hammer-like candle pattern where prices witnessed a strong reversal from the lower levels indicating a buying demand at lower levels. The prices on the daily chart have closed above its 9 & 21 EMA which are acting as an immediate pivot level support for the index. The momentum oscillator RSI (14) is hovering above 50 levels from the last few trading sessions which suggests a bullish to sideways trend.

Keep an eye on the major hurdle at 44,150 according to my proprietary retracement theory. Additionally, the previous high of 44,650 could add a layer of resistance for the bulls. On the flip side, 43,500 – 43,350 is expected to act as a reliable support zone.

Indian markets:

• Indian shares succumbed to the selling pressure on November 13 amid mixed global markets and a downgrade of US credit rating outlook by Moody’s, which will keep yields elevated.
• The 30-share flagship BSE Sensex declined 325.58 points or 0.5 percent to close at 64,933.87. 
• Its broader peer Nifty 50 dropped 82 points or 0.42 percent to close at 19,443.55.
• The broader market continued its outperformance. Buying was seen in PSU banking names and metals even others reeled under supply pressure.

Global Markets

• For the week, the Nasdaq shot up by 2.4 percent, the S&P 500 advanced by 1.3 percent and the Dow climbed by 0.7 percent.
• Preliminary data released by the University of Michigan on Friday showed consumer sentiment in the U.S. has deteriorated by much more than expected in the month of November. The University of Michigan said its consumer sentiment index slid to 60.4 in November from 63.8 in October. The current economic conditions index slumped to 65.7 in November from 70.6 in October, while the index of consumer expectations fell to 56.9 from 59.3.

Stocks in Spotlight

• The stock of BSE experienced a notable surge, climbing by 9 percent, following the stock exchange’s impressive financial performance. The exchange reported a remarkable 303 percent year-on-year increase in net profit, reaching Rs 120 crore, while revenue witnessed a substantial rise of 46 percent, totaling Rs 310 crore. Analysts maintain an optimistic outlook on the company, attributing this positivity to its surpassing equity cash volumes and a steady rise in treasury income derived from clearing and settlement funds.
• BHEL jumped more than 6 percent. The stock is seeing recovery from when it fell last week after the company reported dismal Q2 numbers. For the quarter ended September 2023, the state-owned engineering firm reported consolidated net loss of Rs 238.12 crore as against profit of Rs 12.10 crore in the year-ago period. Despite the disappointing quarterly results, analysts are bullish on Bharat Heavy Electricals (BHEL) stock, given the healthy pipeline of thermal orders and likely moderation in receivables.
• Phoenix Mills stock jumped over 5 percent on November 13, extending gains for yet another session after the developer reported a good set of numbers on robust consumption growth across malls. Analysts believe that growth in the second half of FY24 should be even stronger, helped by a seasonally strong period and the opening of four new malls recently.

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