10 things to know before you make your opening trade on November 23

Indian market witnessed a sharp selloff pushing both Sensex and Nifty50 below crucial support levels. The Nifty50 marked the weakest session in the last eight odd months. The index failed to hold above 17700 levels and found support near 17300 on Monday.  

Technically, this level of 17700 was important because it coincided with the crucial neckline support of bearish ‘Head and Shoulder’ pattern which formed over the past couple of months.  

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“With reference to our recent commentary, we had anticipated formation of this pattern and today finally it got confirmed as we convincingly closed below the neckline of the same. Monday’s massive fall finally validates our recent cautious stance on the market,” Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel One Ltd), said.  

“Monday’s low precisely coincides with the daily ’89-EMA’ and generally we consider this as a sheet anchor for prices. But this time, we do not expect it to play a similar kind of role for the market. We may see small rebounds since the market is a bit oversold, but the possibility of extending this correction is pretty high,” he said.  

After 17250, the Nifty is likely to continue this weakness towards the psychological level of 17000; where one needs to reassess the situation, added Chavan. On the flipside, 17500 – 17650 are now to be considered as immediate hurdles.  

Traders are advised to use in between recoveries to lighten up longs and don’t be in a hurry to make bottom fishing, advise Chavan.  

Stay tuned to Zeebiz.com to find out what could impact your trade today. We have collated a list of top 10 news points which could impact markets, companies, or the economy:      

US Markets:   

The US stock market indices on the Wall Street closed mixed on Tuesday. Dow Jones closed fat with positive bias after gaining marginally by 17 points to 35,619, Nasdaq Composite settled 203 points lower to 15,855 and S&P 500 was down 15 points to 4683 

Asian Markets 

Asian markets were trading flat to negative in Tuesday's early morning trade. Nikkei 225 index was trading flat with positive bias with a gain of 28 points at 29,774. Shanghai Composite was up 11 points to 3, 591, while Hang Seng Index was trading in the red lower by 242 points to 24, 708 around 7.20 am on Tuesday 

SGX Nifty:  

SGX Nifty Futures was trading 55 points lower to 17,391.50 around 7.25 pm IST, hinting at negative opening for the Indian markets.   

Corporate Action:  

Cochin Shipyard to declare interim dividend at 6 per share  

Ipca Laboratories stock will be split in 1:2 ratio  

Oil India to declare an interim dividend at Rs 3.5 per share  

Natco Pharma to declare interim dividend at Rs 0.5 per share  

RBI cautions public against co-operative societies  

The RBI on Monday cautioned the public against co-operative societies using 'bank' in their names as well as accepting deposits from people who are not their members. Read More 

Also Read: RBI cautions public against co-operative societies, says can't use 'bank' in their names 

India's GDP likely to grow 8.1% in Q2 FY22 

The country's GDP growth is likely to be around 8.1 per cent in the second quarter of the current financial year and in the range of 9.3-9.6 per cent during fiscal 2022, according to an SBI research report.In the first quarter of FY 22, the economy grew 20.1 per cent.   

Exports rise 18.8% to $20 billion so far in November   

The country's exports rose 18.8 per cent to $20.01 billion during the three week period of this month (November 1-21), due to healthy growth in sectors such as petroleum products, engineering goods, chemicals and gems and jewellery, according to the preliminary data of the commerce ministry.   

Latent View Analytics IPO 

Global analytics company Latent View Analytics might make a bumper debut on November 23. The analytics services provider public offering saw issue being subscribed 326.47 times on the last day. Against issue size of 1,75,25,703 shares, bids were made for whooping 5,72,14,30,100 shares. 

Powell tapped for second term as Fed chair, Brainard as vice-chair   

US Federal Reserve Chair Jerome Powell was nominated for a second four-year term by President Joe Biden on Monday, extending a tenure that began somewhat by chance, survived blistering criticism from former President Donald Trump, and now positions the ex-investment banker to finish the most consequential revamp of monetary policy since the 1970s, said a Reuters report.   

FII Activity:   

Foreign portfolio investors (FPIs) remained net sellers for Rs 3438 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 2051 crore, provisional data showed on the NSE.   

Stocks under F&O ban on NSE   

Two stocks: Escorts and Vodafone Idea have been placed under the F&O ban on Monday. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit   

(With inputs from PTI, Reuters and other agencies)     

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)