The GIFT Nifty is showing a slight increase, indicating a possible flat or positive start to the day. However, the Nifty and Sensex indices have experienced continued declines, with the Nifty’s losing streak extending to eight sessions, marking the longest drop since February 28, 2023, and the Sensex falling for the fourth session in a row. Asian stocks rose on Tuesday following Wall Street gains, focusing on Nvidia’s earnings and the expected new Trump administration’s policies. U. S. stocks closed positively, especially in the Nasdaq, aided by good news for Tesla regarding self-driving vehicles. U. S. Treasury yields fell, with oil prices dropping after recent geopolitical surges. Gold prices increased significantly, with Goldman Sachs predicting future prices to hit $3,000 per ounce. The dollar index was stable but lower than last week’s highs. In Asia, currencies like the Japanese Yen strengthened. LME commodities mostly rose, and the Indian rupee remained almost unchanged at Rs 84. 39.
In technical analysis, the Nifty-50 has been under pressure, closing below 23,500 and the 200-day Exponential Moving Average (DEMA), with a loss of 0. 3% on November 18. A bearish candlestick pattern emerged, and the market showed lower highs and lows, indicating weakness. The Relative Strength Index (RSI) indicated oversold conditions at 28. 60, while the Moving Average Convergence Divergence (MACD) signaled a negative trend. Key support levels are at 23,500, and resistance at 24,000. For open interest changes, maximum call writing occurred at the 24,000 strike, while maximum put writing was at the 23,200 strike.
The Nifty Bank started positively, closing at 50,364. It maintained bullish momentum despite some volatility and defended the 200-day DEMA at 49,910 for the third consecutive session. However, MACD showed a bearish trend, and RSI indicated underlying weakness. The highest call open interest was at 50,400, and the largest put writing was at 50,000. Call unwinding was significant at the 50,100 strike.
Key bullish stocks include ONGC, which is involved in renewable energy projects, Shilpa Medicare, which received European certification for a key ingredient, ITI, which secured a contract for a digital mining system, and AstraZeneca Pharma, planning to launch a new medication by 2025. GMR Airports Infrastructure reported growth in passenger traffic, and NTPC Green Energy is launching an IPO with significant backing from investors. Zinka Logistics’ offering was oversubscribed.
On the bearish side, GVK Power is undergoing insolvency proceedings. Some stocks are under F&O ban, while FIIs were net sellers in the cash segment, and DIIs were net buyers on November 18.
The weekly Put-Call Ratio (PCR) suggests a mixed market sentiment, with the PCR for Nifty at 0. 71, indicating more open interest in puts compared to calls, which points towards a potential rise in bullish sentiment. The PCR trend is essential for understanding broader market movements.
In pre-market analysis for November 19, global indices showed mixed changes, with notable increases in certain U. S. indices. Stocks are being watched as long build-up or short build-up based on their open interest changes, with IGL and Deepak Nitrite leading the long build-up, and others showing short build-up trends. Sector-wise analysis highlights positive performances in specific indices within the NSE.
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