Titan and Maruti Suzuki Lead, Fedbank, IREDA, and TATA Technology

Technical Overview – Nifty 50

The Front Line Index on 21st November witnessed a gap up opening above 19,750 levels and prices traded above the same for most of the time and closed near 19,800 levels and formed a green candle on the daily chart.

The Nifty50 on the 30-minute chart is trading in a rising channel pattern and presently is trading near the lower band of the pattern. The prices witnessed a gap up and prices traded in a bullish terrain without much volatility.

The highest call side open interest is at 19,800 and the highest put side open interest is at 19,700. Higher call writing is witnessed compared to the put writing which indicates sideways. Vwap-based trading range for tomorrow is between 19,700 and 19800.

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 19,650 mark.

Technical Overview – Bank Nifty

The Banking Index on 21st November, witnessed a gap-up opening of nearly 200 points but the index failed to hold its opening gains and faced strong resistance near 43,800 levels. Like yesterday it was a narrow range trading session for the banking index where prices traded within the 200 points range.

On the daily chart, the Index formed a tiny red candle, and prices traded within its previous three-day trading range. The prices are hovering near the 9 & 21 EMA but it’s trading below its 50 EMA which is placed at 43,938 levels. The momentum oscillator RSI (14) has entered a bearish crossover mode due to a strong sell-off in the banking index.

On the daily chart, Bank Nifty is finding resistance near 43,800 marks, followed by active call writers. Currently, INDEX is trading near the lower demand zone, with support at 43,400 marks. A break below 43,400 – 43,350 will trigger panic, and a move above 43,800 –  43,900 will trigger short covering.

Indian markets:

• Domestic equity indices showcased a remarkable rebound, swiftly recovering from a two-day decline.
• The market initiated the day on a positive note and maintained its upward momentum consistently during the trading session.
• The Nifty concluded with a robust close above 19,750, signaling a prevalent positive sentiment among investors.
• Consumer durables and realty company stocks observed heightened demand, largely attributed to optimistic forecasts for festive season consumer spending.

Global Markets

• Most shares in Europe and Asia declined on Tuesday. Investors are eagerly anticipating the release of minutes from the Federal Reserve?s October 31 to November 1 policy meeting in order to gain insight into policymakers? rate decisions and potential changes in direction. Fed funds futures pricing data indicates a nearly 100% probability that the Federal Open Market Committee will maintain current rates at its upcoming December meeting.
• In contrast, US stocks saw a jump on Monday, driven by strong tech gains led by Microsoft and Nvidia. Microsoft Corp. reached a new all-time high after CEO Satya Nadella announced the appointment of former OpenAI chief Sam Altman to lead a new AI research team within the company.

Stocks in Spotlight

• Titan’s stock surged to a 52-week high, reaching Rs 3,400, coinciding with the company’s market capitalization soaring to Rs 3 lakh crore. Impressively, Titan group’s shares have experienced a 32.39 percent increase year-to-date, outperforming the benchmark index Nifty 50, which saw a rise of 8.7 percent during the same period. This surge signifies Titan’s remarkable performance, reflecting strong investor confidence and substantial growth within the market.
• Maruti Suzuki India Ltd (MSIL) has announced a board meeting scheduled for November 24 to finalize the preferential allotment of equity shares to its parent company, Suzuki Motor Corporation (SMC). The company disclosed its intention to allot 1.23 crore equity shares to SMC on a preferential basis, as detailed in a stock exchange filing. This move follows a previous decision made in October, where MSIL planned to issue and allot 1.23 crore fully paid-up equity shares, each valued at Rs 5, to Suzuki Motor at a price of Rs 10,420.85 per share, aggregating to Rs 12,800 crore.
• Sunteck Realty witnessed a surge of 4.24 percent following the initiation of “buy” coverage by brokerage firm Motilal Oswal. The firm set a target price of Rs 640, suggesting a potential upside of 33 percent from the current market value. This endorsement from Motilal Oswal spurred investor confidence, driving the stock’s upward movement.

News from the IPO world🌐

• Fedbank Financial Services IPO opens on November 22
• IREDA IPO subscribed 1.9x on the first day of the issue
• TATA Technology IPO price band set at Rs. 475-500 per share

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