CE Info Systems Surge, Affle’s Patent Spree, Lupin’s FDA Nod

Technical Overview – Nifty 50

A strong positive opening was witnessed on the weekly expiry day when the Nifty opened above 19,850 levels but couldn’t be sustained above the same and drifted lower towards 19,800 levels. Post drifting near 19,800 levels the index just traded within the range for 30 points for the entire day and kept traders guessing for the intraday trading opportunity on the weekly expiry day.

From the past three trading sessions, the Index has formed three tiny candles with a very narrow body, indicating directionless trading sessions. The bullish pattern on the daily chart remains the same where prices continue to hold above their breakout levels of the falling wedge pattern. The momentum oscillator RSI (14) has finally witnessed a horizontal trend line breakout above 50 levels and has sustained above the same. After a span of one month, The MACD indicator has moved above its line of polarity on the daily time frame.

Technically, Nifty needs to reclaim the 19,875 mark to unleash a fresh upside. Nifty’s biggest supports are placed at the 19,700 – 19,650 mark.

Technical Overview – Bank Nifty

The Bank Nifty witnessed some strength on the lower levels and formed a bullish candle on the daily time frame. The overall selling pressure was consistently visible from the higher levels as the index never crossed above its 9 & 21 EMA which is acting as an immediate overhead resistance for the Banking index.

The momentum oscillator RSI (14) has entered a bearish crossover mode due to a strong sell-off in the banking index. The Prices on the 30-minute chart have formed a broadening triangle pattern and the RSI (14) on the lower time frame has formed a double bottom pattern near oversold levels.

The break above 43,700 levels will trigger a breakout on the lower time frame for the higher levels towards 44,000 levels and similarly, if prices drift below 43,450 levels then further selling may be witnessed till 43,250 levels.

Indian markets:

• Indian benchmark indices closed flat on November 23 after a volatile session, with the Sensex at 66,017.81, down 0.01 percent, and the Nifty at 19,802, a 0.05 percent fall.
• Despite a marginal initial rise, market gains were erased, keeping Nifty below 19,850 for the day due to mixed global cues.
• Sector-wise, healthcare stocks dipped by 1 percent, while information technology saw a 0.5 percent decline. However, realty and oil & gas sectors surged by 1 percent each, and the auto index rose by 0.4 percent.

Global Markets

• European stocks showed a mixed trend on Thursday amid a lack of clear direction, compounded by the closure of U.S. markets.
• The pan-European Stoxx 600 remained flat around 10:36 a.m. London time, while oil and gas stocks managed a 0.95% gain despite ongoing declines in oil prices due to OPEC’s delayed meeting.
• Conversely, travel stocks experienced a decline of 0.9% during this period.
• Oil prices dropped by 1% in early trading on Thursday, extending losses from the previous session, following OPEC+’s decision to postpone a crucial meeting, raising concerns that output cuts might be less significant than previously expected.

Stocks in Spotlight

• CE Info Systems, the company behind MapmyIndia, surged by 6.5 percent in early trading today following the announcement that its board is set to convene on November 27 to deliberate on potential fundraising strategies. However, despite the initial spike, the stock relinquished most of its gains throughout the day and concluded with a modest increase of 1.07 percent by the closing bell.
• Affle (India) experienced a surge on November 23 after revealing its application for 10 new patents in India within the domains of artificial intelligence (AI) and machine learning (ML). This follows a prior announcement of five patents last week. The newly filed patents encompass diverse areas, including secure data transfer, fraud detection, error reduction, and data classification and storage. The previous batch of patents primarily focused on biometric authentication and secure cloud-based enclave management.
• Lupin Limited, a prominent pharmaceutical company, announced the reception of tentative approval from the United States Food and Drug Administration (US FDA) for its Abbreviated New Drug Application for Canagliflozin Tablets in 100 mg and 300 mg strengths. This approval enables Lupin to market a generic version of Janssen Pharmaceuticals, Inc.’s Invokana Tablets, also available in 100 mg and 300 mg doses.

News from the IPO world🌐

• Gandhar Oil IPO Subscribed 9.24 times on Day 2
• IREDA IPO subscribed 38.76x retail portion booked 7.65 times on final day
• TATA Technology IPO subscribed over 14 times so far on Day2, retail quota booked 11.19x

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