Zee Business Stock, Trading Guide: 10 things to know before market opens on 10 November 2022

Zee Business Stock and Trading Guide: The Indian markets remained volatile and ended marginally lower, in absence of any major trigger. After the initial uptick, the benchmark indices – Nifty and Sensex – inched gradually lower as the session progressed and settled at 18,157 and 61,033 levels.

Most sectors traded in line with the benchmark and ended flat to marginally lower. Meanwhile, the broader indices underperformed and lost over half a percent each.

Here is a list of things to watch out for on 07 November 2022

What should investors do?

The recent market move indicates caution among the participants amid mixed signals from the global front. However, rotational buying across sectors is helping the index to maintain a positive tone. Amid all, we feel the prudent approach is to look for stock-specific opportunities for trading until Nifty regains momentum. 

Ajit Mishra, VP - Research, Religare Broking Ltd

Key support & resistance levels for Nifty50:

The Nifty50 closed 0.25 per cent lower at 18,157. Key Pivot points (Fibonacci) support for the index is placed at 18121.96, 18079.74 and 18011.4, while resistance is placed at 18258.64, 18300.86, and 18369.2.

Key support & resistance levels for Nifty Bank:

The Nifty Bank closed 0.23 per cent higher at 41,783. Key Pivot points (Fibonacci) support for the index is placed at 41692.66, 41626.34, and 41519.0, while resistance is placed 41907.34, 41973.66, and 42081.

Gross Open Interest:

Open Interest means the number of contracts open or outstanding in futures trading in NSE at any one time. One seller and one buyer together create one contract.

Here the gross values of Open Interest Positions taken by the four participants namely Client are Clients are the retail individual investors who invest in the derivatives instruments, DIIs are domestic individual investors, FIIs are foreign institutional investors and Pro are the proprietors and brokerage firms who trade on their own behalf.

Image Source – Stockedge

Stocks in News:

Axis Bank: SUUTI plans to sell up to 1.55% stake via OFS

Tata Power Renewable Energy receives the 'Letter of Award' (LoA) from the Maharashtra State Electricity Distribution Corporation Limited (MSEDCL) to set up 150MW solar project in Solapur, Maharashtra.

Adani Ports to acquire Oiltanking India GmbH’s 49.38% equity stake in Indian Oiltanking and Oiltanking GmbH’s 10% equity stake in IOT Utkal Energy Services.

Tata Motors terminates its American Depositary Share Program.

Q2 Earnings

Lupin’s consolidated net profit stood at Rs 130 crore for the second quarter ended September 30, 2022, against a net loss of Rs 2,098 crore in the July-September period of the previous fiscal. Revenue rose to Rs 4,145 crore for the period under review against Rs 4,091 crore in the year-ago period.

Pidilite Industries reported a decline of 10.06 per cent in consolidated net profit at Rs 337.75 crore for the second quarter of FY23 on account of raw material inflation and high-priced inventory. Revenue was up 14.65 per cent at Rs 3,011.15 crore in Q2FY23 against Rs 2,626.35 crore in Q2FY23.

Tata Motors' consolidated loss narrows to Rs 945 crore for the second quarter ended September, as sales picked up in marquee brand JLR and across domestic as well as commercial vehicle segments. Total income increased to Rs 80,650 crore as compared to Rs 62,246 crore year-on-year.

FII Activity on Wednesday:

Foreign portfolio investors (FPIs) remained net buyers for Rs 386.83 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net sellers to the tune of Rs 1,060.12 crore, provisional data showed on the NSE.

FII Index and Stock F&O:

Image Source - Stockedge

Bulk Deals:

Focus Lightg: Purvi Prabhatchandra Jain sold 62,935 equity shares in the company at the weighted average price Rs 259.91 per share on the NSE, the bulk deals data showed.

KDDL Limited: Krishnamurthy Narayanan Iyer bought 73,208 equity shares in the company at the weighted average price Rs 993.95 per share on the NSE, the bulk deals data showed.

GSS Infotech Limited: Sapan Anil Shah sold 1,09,459 equity shares in the company at the weighted average price Rs 294.75 per share on the NSE, the bulk deals data showed.

Manappuram Finance Ltd: Barclays Merchant Bank (Singapore) Limited sold 45,35,218equity shares in the company at the weighted average price Rs 108.83 per share on the NSE, the bulk deals data showed.

Stocks under F&O ban on NSE

PNB is placed under the F&O ban for Wednesday. 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.