From Advisory Desk : Vikash Sahay
23rd November 2021
Market Outlook: US markets gave up initial gains and closed at day’s low. Both NASDAQ100 and S&P500 indices closed in red following news that Jerome Powell would be nominated for second term as Fed Chairman. Asia markets have started in mix, with SGX Nifty is trading lower by 80 points. FIIs continued their selling in cash segment amounting over Rs.7,000 crores in the last two trading sessions. Yesterday, Indian markets witnessed heavy selling on account of continued FII selling, Concerns over surge in covid cases in Europe and sentiment impacted after largest IPO debuting on disappointing note. We continue to remain cautious as India VIX increased 18% which is trading at 17.52. Today, Latent View analytics shares to list on exchanges, with strong premium. Overall, Banking and Financials looks weak on anticipation of earlier rate hike.
Actionable: Buy BEL, Bharti Airtel,
Trading Idea Sell : M&M Finance
SGX NIFTY: -80 (prev.close 17446)
NIFTY 50 : 17416
Sensex : 58465
FII: -3439 Cr
DII: +2051 Cr
Advances: 843 / Declines: 2571
Dollar: $ 74.40
Dollar Index: 96.58
Gold: $1810 per ounce
Crude: $79.45 per barrel
10 year US bond rate: 1.63
10 year Indian Bond rate: 6.35
Vedanta: Promoters are looking to increase 4.52% stake in the company via block deal at an indicative price of Rs.350 per share, which is a premium of 6.6% to yesterday’s closing price.
Telecom Sector: As per TRAI’s data, Industry subscriber base consolidated, with RJio leads growth. Gross subscriber base for the industry fell steeply on account of a 19m decline in RJio’s gross subscriber base due to a cleanup of inactive subscribers. Reliance Jio added active subscribers 4.7m million in September vs 4.1m million subscribers in August. Bharti airtel additions remaind flat vs 0.8 m in August. While Vodafone Idea continued to lose subscribers.
Securities in Ban: ESCORTS, IDEA.
Derivative View : VIX closed at 17.52. Max Put OI is at 17000 then 17300. Max Call OI is at 17800 then 17600. Option data suggests a trading range between 17000 to 17800.