The Nifty 50 on Monday gave up nearly all the gains it made during the Muhurat trading session on Sunday. 19,500 continues to remain a barrier for the index and despite closing above that mark on Sunday, the index could not sustain above the same. The Nifty has traded in that 19,350 - 19,500 range now for the last seven sessions.

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Trading will resume again on Wednesday after the holiday on Tuesday. With earnings season coming to an end, the market will now look for the next set of triggers for further direction. Stocks that will be part of the latest MSCI rejig will also be reacting on Wednesday.

"With strong earnings, macro stability and domestic flows, it is hard to argue against India's investment case," wrote Ridham Desai of Morgan Stanley. "That said, an event-heavy calendar, with potential binary outcomes sets the market up for volatility," he said. Morgan Stanley is overweight on financials, consumer discretionary, industrials and technology, while being underweight on other sectors.

Domestic flows continued on Monday as well, with the domestic institutions continuing to remain net buyers, while foreign investors remained net sellers.

Rupak De of LKP Securities said that the Nifty still has potential for bearish movement in the short term as it encountered resistance near an important Fibonacci retracement level. Support on the downside is at 19,300 for the index, while resistance is at 19,550.

For traders, as long as the index is trading below 19,500, the weak sentiment is likely to continue, said Shrikant Chouhan of Kotak Securities. Above 19,500, the index can move towards 19,600 and he advises contra traders to go long on the index at levels of 19,350 with a strict 30-point stop loss.

Nagaraj Shetti of HDFC Securities expects resistance for the Nifty around 19,550 - 19,600 mark with a possibility of some more consolidation and minor weakness in the short-term. Further weakness can find support near levels of 19,300 - 19,250.

The 44,000 mark continues to be an area of resistance for the Nifty Bank as the index has not closed above it for over a month. Wednesday's session may also see some volatility for the index as it will be the weekly options expiry session.

LKP's De maintains that the Nifty Bank may continue to exhibit sideways movement as it closed above a key moving average but not above 44,000. The Relative Strength Index (RSI) is also in a bullish crossover. Downside support for the index is at 43,500, while upside resistance is at 44,200.

The Nifty Bank has a MACD negative divergence on its hourly charts, hinting at short-term weakenss, said Om Mehra of SAMCO Securities. He sees a strong support for the index at 43,300, with resistance at 44,360.

What Are The F&O Cues Indicating?

Nifty 50's November futures added 0.4% or 43,700 shares in Open Interest. They are now trading at a premium of 53.6 points compared to 12.5 points earlier. On the other hand, Nifty Bank's November futures shed 7.4% or 1.97 lakh shares earlier. Nifty 50's Put-Call Ratio is at 1 from 1.15 earlier.

Hindustan Copper, Indiabulls Housing Finance and SAIL have entered the F&O ban list from today's session, while MCX and GNFC are out of the ban list. Manappuram Finance, Zee Entertainment, Chambal Fertilisers and Delta Corp continue to remain in the ban.

Nifty 50 on the Call side for November 16 expiry:

For Thursday's weekly options expiry, the Nifty 50 call strikes between 19,450 and 19,650 have seen addition in Open Interest. The 19,500 strike has seen the maximum Open Interest addition.

Nifty 50 on the Put side for November 16 expiry:

On the put side for Thursday's expiry, the 19,100 and 19,250 strike have seen Open Interest addition, while the 19,500 strike and 19,000 strike have seen shedding in Open Interest.

Here are the stocks that saw fresh long positions added on Monday, meaning an increase in both price and Open Interest:

Here are the stocks which saw fresh short positions added on Monday, meaning a decrease in price but increase in Open Interest:

Some stocks witnessed short covering on Monday, meaning an increase in price but decrease in Open Interest:

These stocks saw unwinding of their long positions on Monday, meaning a decrease in both price and Open Interest:

Here are the stocks to watch out for ahead of Wednesday's trading session:

Grasim: Operating numbers below estimates. VSF business does well but chemicals underperforms. Net debt rises due to rise in capex for paints business launch. EBITDA of ₹594 crore, lower than CNBC-TV18 poll of ₹641 crore. Net debt rises to ₹4,456 crore from ₹3,515 crore in June.

Tata Motors: IPO of arm Tata Technologies to open on November 22, close on November 24.

Biocon: Arm Biocon Biologics receives UK MHRA approval for YESAFILI, a biosimilar of Aflibercept. This is used to treat neovascular wet Age-related Macular Degeneration. YESAFILI also received marketing authorisation approval from the European Commission for the European Union in September.

GMM Pfaudler: Promoter Patel family to acquire 1% stake or 4.49 lakh equity shares in the company from Pfaudler Inc. at ₹1,700 per share.

IDFC First Bank: Gets approval from the Pension Fund Regulatory and Development Authority (PFRDA) for merger of IDFC & IDFC Financial Holding with the bank.

Adani Enterprises, JSPL, Coal India: Coal Ministry to launch the eighth round of the commercial coal mines auction on November 15. 39 mines from five states will be offered in the upcoming auction.

RVNL: Gets Letter of Acceptance (LoA) for a project worth ₹3,112 crore from Central Railway.

Asian Paints: Original installed production capacity of Khandala plant increased to 4 lakh kiloliters per annum. The investment of ₹385 crore was funded through internal accruals.

JP Associates: The company along with Trusts Holdings signed a settlement agreement with ICICI Bank. Settlement agreement signed with a view to reduce debt. 18.93 crore shares of the company will be transferred to ICICI Bank. NCLT will hear the JP Associates IBC case on November 30.

First Published:Nov 14, 2023 7:18 PM IST