Hot Stocks | ‘Can Bet On Lemon Tree Hotels, Minda Corporation, Tata Consumer Products For Healthy Returns In Short Term’
After sharp gains on November 12, Nifty witnessed profit booking at higher levels on Monday where it corrected more than hundred points from the intraday high to close near Friday’s close. However, the primary trend remains positive as Nifty is trading above its 5, 20 and 50 day EMA (exponential moving average). It has broken out from the downward sloping trendline, adjoining the highs of October 19 and November 9, 2021.
Indian markets are likely to open on a positive note on the back of steady Asian cues as traders weigh inflation risks and monitor the first face-to-face virtual summit between US President Joe Biden and Chinese leader Xi Jinping.
US markets ended flattish ahead of key retail sales and earnings results from major US companies later this week.
Market at pre-open: Benchmark indices are trading mixed in the pre-opening session.
The Sensex was up 184.70 points or 0.30% at 60903.41, and the Nifty was down 158.60 points or 0.88% at 17950.90.
Mohit Nigam, Head – PMS, Hem Securities:
Benchmark indices are expected to open on a positive note as suggested by trends on SGX Nifty. US markets closed flat while European markets ended with modest gains yesterday. Most of Asian markets are trading in green in the early Tuesday trade. Gold price hit a five month high on Monday. Oil prices fell as more COVID cases in Europe raises concern over demand. Yesterday FIIs net bought shares worth Rs 424.74 crore, while DIIs net purchased shares worth Rs 1,524.67 crore in the Indian equity market.
On the technical front, if markets sustain well above 18,000 levels for 2-3 sessions, we can easily witness 18500-18600 levels in the near term once again. Immediate support and resistance level in Nifty 50 are 18000 and 18250 respectively.
Morgan Stanley sets end-2022 S&P 500 target at 4,400
Morgan Stanley analysts see the S&P 500 moving lower in 2022, with equity markets more volatile as earnings growth slows, bond yields climb and companies try to manage supply chain disruptions and higher input costs.
While Morgan Stanley does expect earnings for the S&P 500 overall to be solid, chief U.S. equity strategist Michael Wilson expects “significant” earnings dispersion at the stock level, making the year more about stocks than sectors or styles.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 424.74 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 1,524.67 crore in the Indian equity market on November 15, as per provisional data available on the NSE.
Paytm operator One 97 Communications finalises share allotment
Mobile payment platform Paytm operator One 97 Communications has finalised the basis of allotment on November 15. Investors can easily check their share allotment online either on the website of BSE or IPO Registrar. Click to Read More
Tarsons Products IPO fully subscribed on day one
The initial public offering of Tarsons Products, an Indian Labware company, received bids for 1.18 crore equity shares out of 1.08 crore up for grabs, subscribing 1.09 times on the debut day, November 15.
The offer size has been reduced from 1.54 crore equity shares earlier as the company raised Rs 305.96 crore from anchor investors on November 12.
The portion set aside for retail investors was subscribed 2.12 times while non-institutional investors portion was subscribed 17 percent.
The issue closes on November 17.
Daily Voice | Investing In A ‘hot’ IPO Just Out Of FOMO Can Harm Your Portfolio, Says Atanuu Agarrwal Of Upside AI
Referring to the host of new-age companies floating their public issues, Agarrwal suggests that before investing, one must make sure that the unit economics of the business makes sense. “If they do, at scale (whatever that means in context of the specific company), the company will be able to generate a superior return on capital.
Petrol, diesel prices on November 16:
Petrol and diesel prices remained unchanged for the twelfth consecutive day on November 16 after the Central government cut the excise duty on the two fuels to bring down retail rates from record highs, according to a price notification of state-owned fuel retailers.
The government cut excise duty on petrol by Rs 5 per litre and that on diesel by Rs 10 a litre on November 3 to give relief to consumers battered by record-high retail fuel prices. The November 4 decline took the price of petrol in Delhi to Rs 103.97 a litre. The price remained the same on November 16. Diesel price stayed unchanged at Rs 86.67 per litre on the day.
Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services:
Going ahead, market is likely to take direction from global cues and might continue to consolidate in absence of any major domestic events.
Apart from this, investors will keep eye on slew of macro data that are expected to release during the week globally.
Investors would take cues from US Fed as to how soon it would start hiking interest rates. Thus long term investors could look to accumulate into any possible correction in a staggered manner while traders should follow stock specific action and keep strict stop-losses.
Top 10 Things You Should Know Before The Market Opens Today
On Monday, the BSE Sensex rose 32.02 points to 60,718.71, while the Nifty50 was up 6.70 points at 18,109.50 and formed a bearish candle on the daily charts as the closing was lower than opening levels.
According to pivot charts, the key support levels for the Nifty are placed at 18,050.4, followed by 17,991.4. If the index moves up, the key resistance levels to watch out for are 18,189.3 and 18,269.2.