Actionable: Buy Kotak Mahindra Bank, Bharti Airtel, Infosys, Allcargo Logistics.

From VCap Money Advisory Desk : Vikash Sahay

17th November 2022
 
Market Outlook: Stronger than expected retail sales data and some cautious comments from Fed speakers weighed on US equities, taking it down by upto 1.5%. Asian markets have started on a weak note, with SGX Nifty indicating a slightly lower opening for Indian markets. On domestic front, large caps are the main contributors of this ongoing run and wherein Banking & IT stocks are seeing good demand. We remain positive on markets and expect large caps to continue to drive the markets higher. Today being weekly expiry, we expect Nifty’s range to be 18188/18250 – 18500/18600 and Banknifty’s range to be 42000/42250 – 43000.

Actionable: Buy Kotak Mahindra Bank, Bharti Airtel, Infosys, Allcargo Logistics.

Global market:

DOW:   -39
SGX NIFTY:   -50   (prev. close 18480)

NIFTY 50 : 18409
Sensex : 61980
 
Institution:
FII:                 –  386    Cr
DII:                + 1437  Cr

NSE:
Advances:  1387 / Declines:  2150

Currency:
Dollar: $ 81.30
Dollar Index: 106.36
 
Commodity:
Gold: $1774  per ounce
Crude: $92.10  per barrel
 
Bonds:
10 year US bond rate: 3.71
10 year Indian Bond rate: 7.27

Derivative:
PCR: 0.94
VIX:  15.10
 
Updates:

Oil Sector- Government revises windfall gain tax with increasing tax on domestic oil production from 9500/tn to10,200/tn. Additional duty on diesel export reduced from 13/ltr to10.50 ltr (including road infra cess). No change in additional duty on ATF export and Petrol export is still out of ambit of windfall gain tax.
 
Tata Motors – Jaguar Land Rover Chief Executive Officer Thierry Bollore would resign due to personal reasons after more than two years in the role.
 
Hindustan Zinc – The company said the Board of Directors approved a second interim dividend of Rs.15.50 per share i.e. 775% on face value of Rs.2 per share for FY23 amounting to Rs.6,549.24 crore.
 
Paytm – Soft Bank to sell shares worth $215 mn in Paytm via block deal today. The shares are being offered at ₹555-601.45. At the lower end of the band, it is a 7.7% discount to yesterday’s closing.
 
Page Industries – Company will invest Rs.290 crore to set up two facilities in Telangana. The new units will provide a total employment to 7,000 local youngsters. It will manufacture garments which include sportswear and athleisure wear.
 
Balrampur Chini Mills –  The company has commenced commercial production of industrial alcohol in its new distillery at Maizapur unit, with a capacity of 320 KLPD (kilo litre per day). With the said addition, the total distillation capacity of the company now stands at 880 KLPD.

Aurobindo Pharma – Company has received an Establishment Inspection Report (EIR) classifying the inspection as Voluntary Action Indicated (VAI) from the USFDA for its manufacturing facility at Pydibhimavaram in Andhra Pradesh. As per details, the approval with Voluntary Action Indicated (VAI) means objectionable practices were found at the manufacturing unit, however USFDA does not recommend any administrative or regulatory action.
 
Securities in Ban: BALRAMCHIN, BHEL, DELTA CORP, GNFC, IBULHSGFIN, SUN TV.

Derivative View: Immediate Max Call OI is at 19000 and 18500 and max Put OI is at 18000 and 17500. Option data suggests an immediate trading range in between 18200 to 18600 zone.

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