The Nifty 50 continues to edge higher, even as the trading range continues to remain narrow. While the moves are not substantial, the index managed to close above the 19,800 mark for the first time since October 17. The surge came in the final 60 minutes of trade, when the index recovered over 100 points from the day's low.

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With Wednesday's move, the Nifty is now up nearly 1,000 points from the October 26 low of 18,837, which is the October F&O series expiry session.

Broader markets though saw some pain with the Nifty Smallcap index ending lower by over a percent, while the Midcap index hit a record intraday high. The smallcap index, which has been an outperformer in 2023 may have also seen some profit booking as five IPOs are currently open for subscription. Most of them have seen a healthy response so far from investors.

The short-term trend of the Nifty remains rangebound but with a positive bias, said Nagaraj Shetti of HDFC Securities. He expects the Nifty 50 to make a dash towards its previous record high of 20,222 in case it has a decisive move above levels of 19,850 - 19,900. "Any weakness from hear could find support around 19,650," he said.

Shrikant Chouhan of Kotak Securities expects the positive sentiment on the index to remain as long it trades above the 19,700 mark. In such a scenario, he expects the Nifty to move towards levels of 19,925. On the flip side, he expects some selling pressure in case the index slips below the 19,700 mark.

A breakout above levels of 19,850 will propel the Nifty towards levels of 20,200, said Rupak De of LKP Securities. A crucial support on the downside remains at 19,500.

The Nifty Bank continues to look the wobblier among the two indices. The index fell another 250 points on its weekly options expiry session and closed below the 43,500 mark for the first time after November 3. Unlike the Nifty, the Nifty Bank traded in a 400-point range, even falling below 43,250 at one point before recovering towards the close of trade. Most index constituents ended lower.

Kunal Shah of LKP Securities said that the Nifty Bank successfully managed to defend its crucial support of 43,300 - 43,250 and a breach below that level could pave the way for further downside. On the upside, immediate resistance is at 43,600 - 43,700 and a move above that could take the index to 44,000, where the highest Open Interest concentration on the Call side is.

What Are The F&O Cues Indicating?

Nifty 50's November futures added 2.6% and 2.62 lakh shares in Open Interest. They are now trading at a premium of 72.25 points from 57.9 points earlier. On the other hand, the Nifty Bank November futures added 5.7% and 1.13 lakh shares in Open Interest. Nifty 50s Put-Call Ratio is now at 1.07 from 1.02 earlier.

Chambal Fertilisers and Delta Corp are out of the F&O ban list from today's session. BHEL, Indiabulls Housing Finance, NMDC, RBL Bank, Zee Entertainment, Hindustan Copper, MCX, Manappuram Finance, and India Cement continue to remain in the ban.

Nifty 50 on the Call side for November 23 expiry:

For today's weekly expiry, the Nifty 50 Call strikes between 19,850 and 20,000 have seen addition in Open Interest. The 20,000 strike has seen the maximum Open Interest addition:

Nifty 50 on the Put side for November 23 expiry:

On the put side, the 19,500, 19,750 and 19,800 strikes have seen Open Interest addition for today's expiry session.

Lets look at the stock which added fresh long positions on Wednesday, meaning an increase in both price and Open Interest:

These stocks added fresh short positions on Wednesday, meaning a decrease in price but increase in Open Interest:

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

These stocks saw unwinding of long positions on Wednesday, meaning a decline in both price and Open Interest:

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

InterGlobe Aviation: Receives 740 crore order from Commissioner of Income Tax appeals. The company said it will contest the orders for assessment year 2016 - 2017 and 2017 - 2018.

Honasa Consumer: EBITDA margin expands, while profit expands on a low base. Revenue increases by 21% from last year, while EBITDA margin at 8.1% from 6.4%. LFL growth, adjusted for Momspresso, at 24% Underlying Volume growth at 27%.

Tamilnad Mercantile Bank: Finalised names of three candidates for MD, CEO post. Submitted an application to the RBI for new MD & CEO of the bank.

TVS Motor: Enters Vietnam market by launching a range of two-wheelers

Power Grid: Investment panel approves two projects of 142.69 crore and 224.41 crore

Welspun Corp: Subsidiary Sintex to invest 479.47 crore in Sambalpur, Odisha.

Mukta Arts: Arm enters into an agreement with Saudi Arabia-based Al-Othaim investment company to establish and operate cinemas across the Kingdom of Saudi Arabia.

Man Infra: Board meet on November 29 to consider fund raising.

What Are Global Cues Indicating?

Most Asian Markets have had a subdued start to the trading day despite the rally on Wall Street overnight.

South Korea's Kospi is up 0.2% as is the Kosdaq. The Kospi is set for its fourth straight day of gains.

Hang Seng's futures are pointing towards a negative start to the trading day.

Japanese markets are shut due to a holiday.

Wall Street saw a rally ahead of the Thanksgiving holiday with the benchmark 10-year treasury yield also falling briefly to its lowest in two months.

The Dow Jones gained 0.5%, while the S&P 500 rose 0.4%. The Nasdaq also gained 0.5% with 63% of its constituents ending the day with gains.

First Published:Nov 22, 2023 8:24 PM IST