The Nifty 50 has now gained over 550 points from the November 1 low of 18,973. The index has now gained in three out of the last four trading sessions and has only declined thrice in the month of November.

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Samvat 2080 also began on a strong note with the index closing at the highest level since October 20. The gains were led by IT majors TCS and Infosys, along with PSUs like Coal India and ONGC, both of which reacted to their respective quarterly results. In fact, Coal India ended at the highest level in six years.

Veteran investor Ramesh Damani believes that while it is difficult to predict the next 1,000 - 2,000 points on the index, the next 20% is definitely coming on the upside and not the other way around. Here are his biggest learnings from three decades of being in the market.

Damani's sentiments were echoed by Samir Arora of Helios Capital, who said that this is India's opportunity to lose as the foreign investor (FII) interest in the country is "very high." He also spoke about what may happen to the market if there was a change in government after the General Elections of 2024. You can read that here.

On the other hand, Atul Suri of Marathon Trends-PMS believes that the bull market in India is about to begin as the market is coming out of a consolidation setup. He also continued to express his optimism on sectors like capital goods, engineering and infrastructure as the country is undergoing a massive capex cycle change. You can read more of his views here.

"On the upside, a resistance zone is placed for the Nifty around 19,600 - 19,800 levels and hence, any short-term relief rally around the same may be treated as an exit opportunity by traders," said Rajesh Palviya of Axis Securities in their monthly technical view. Immediate support on the downside is at 19,200 and a break of that may lead to a short-term correction of 18,800 - 18,600, the note said.

The Nifty Bank index is also up 1,200 points from the start of the month and the index closed within touching distance of the 44,000 mark after briefly surpassing it during the Muhurat trading session as well. The index had last closed above the 44,000 level on October 17.

Kunal Shah of LKP Securities had on Friday mentioned that the current setup provides the potential for the Nifty Bank to move towards levels of 44,000 - 44,200 in the near-term. On the downside, 43,500 will act as a strong support for the index.

Further short-covering on the Nifty Bank can be seen once it closes above 44,000, said Mehul Kothari of Anand Rathi. In such a scenario, he expects the index to move back to levels of 45,000 - 46,000. On the downside, the index has support at 43,200.

What Are the F&O Cues Indicating?

Lets look at the stocks that saw fresh long positions during the Muhurat trading session on Sunday, meaning an increase in both price and Open Interest:

Lets look at the stocks which saw short covering during the Muhurat trading session, meaning an increase in price but decrease in Open Interest:

Some stocks also saw fresh short positions on Sunday, meaning a decline in both price and Open Interest:

Here are some stocks to watch out for ahead of Monday's trading session, although they saw some reaction during the Muhurat trading session on Sunday:

Coal India: Results were better than expected owing to better than expected realisations. Blended realisations per tonne down 3.3% year-on-year at ₹1,723 but higher than Nuvama estimate of ₹1,673. FSA volumes up 9.2% to 154.7 MT, while e-auction volumes up 52.6% at 15.8 MT. Also declares interim dividend of ₹15.25. Stock gained 2% on Muhurat trading day.

ONGC: Results miss expectations driven by lower realisations and lower output. Windfall gains tax impacted realisations by $11 per barrel. Crude realisations at $73.3 per barrel. EBITDA margin of 52.2% lower than CNBC-TV18 poll of 53%. Revenue, profit and EBITDA also missed estimates. Stock ended 0.4% higher on Muhurat trading day.

Eicher Motors: Revenue up 16.9% at ₹4,114.5 crore, while EBITDA rises 32.3% to ₹1,078 crore. Domestic motorcycle market share has risen to 8.2% in the first half of financial year 2024 from 7.8% in financial year 2023 in the 250 cc and above category.

Biocon: Revenue growth of 49% year-on-year. Biosimilars, which is now fully integrated with Viatris reported revenue growth of 97% from last year. Generics, which form 19% of sales, saw revenue growth of 4%. Recognised a step-up gain of ₹75 crore in the consolidated P&L from Bicara Therapeutics.

SAIL: Revenue of ₹29,712 crore includes provision of ₹1,750 crore on account of rail price revision in financial year 2022 to the Railways. Adjusted for provisions, the topline was in-line with expectations. Sales volumes of 4.77 MT higher than expectations of 4.5 MT. EBITDA margin aided by significant operating leverage. Volume growth better than peers at 13%. Exceptional loss of ₹410 crore includes provision for settlement of contractual dispute under Vivad se Vishwas II.

LIC: Net premium income down 19% from last year to ₹1.07 lakh crore. Total annualised premium equivalent down 12.5% to ₹13,095 crore. Value of new business down 10% to ₹3,304 crore, while VNB margin flat at 14.6%. Embedded value at the end of the September quarter stood at ₹6.62 lakh crore.

What Are Global Cues Indicating?

Asian markets have opened higher on Monday ahead of key economic data and high level talks between the US and China.

The Nikkei 225 is up 1% at the start of trade, while the Topix is up 0.5%. South Korea's Kospi is up 0.6%, while the Kosdaq has gained 0.5% as well.

Futures on the Hang Seng are also indicating a strong start to the trading day.

US markets recovered some lost ground last Friday with the Dow Jones gaining 1.1%. The S&P 500 gained 1.6%, while the Nasdaq saw its best day since May, ending with gains of over 2%.

Stock futures on Wall Street are currently little changed despite Moody's downgrading the US outlook.

First Published:Nov 13, 2023 4:48 AM IST