This one may be a truncated week but its a big one for the market. Not only does this include the November monthly F&O series expiry, but also the exit polls for the five-state assembly polls will be disclosed on Thursday evening. In that context, the Nifty has had a very good start to the week as it closed above a key level.

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19,875 was a level that the Nifty has scaled on both November 16 and November 23, but failed to sustain above those levels on both instances. On Tuesday, the index not only crossed that mark, but also crossed the 19,900 mark for the first time since September 20. However, the index closed marginally below that 19,900 mark.

Adani Group stocks, Oil PSUs and other state-run companies led the charge in another day of the broader market outperformance. The Nifty Midcap index has only declined on November 1 during this month.

Both foreign and domestic institutions were net buyers in the cash market on Tuesday.

"I see the possibility of an extreme short term pullback before the markets head to fresh all-time highs," according to Jai Bala of cashthechaos.com. "For Nifty I expect next all-time high to be in the range of 20,600 to 21,100 and that is where I expect the medium term top to get formed," he added.

Any sustainable move above 19,900 could result in the Nifty moving towards its new all-time high in a quick period of time, said Nagaraj Shetti of HDFC Securities. Any dip from here is likely to find support at 19,800 - 19,750 levels, he added.

Shrikant Chouhan of Kotak Securities believes that a bullish candle on the daily chart and a higher high and higher low series formation suggests that the Nifty uptrend is likely to continue in the near future. For trend following traders, 19,800 will act as a key support, above which he expects the index to move back towards 20,000.

The Nifty Bank index had a choppier session when compared to the Nifty as the index came off the intraday high in the second half before closing close to those levels. 44,000 continues to be a barrier for the banking index as it reversed from levels of 43,960 on Tuesday as well.

Kunal Shah of LKP Securities said that a break above the 44,000 mark will trigger short-covering rallies towards levels of 44,300 and 44,500. On the downside, 43,600 will serve as a cushion for bullish positions.

“The Nifty bank has the possibility of going below the October low and that could be the reason I am seeing the markets pulling back in the short term," Jai Bala said. " So if the markets were to make higher highs at a faster pace then that will change things and given that the markets are in a holiday season I expect the market to be a little bit sluggish," he added.

What Are The F&O Cues Indicating?

Nifty's November futures added 3% in Open Interest on Tuesday. Their current rollover position, two sessions before expiry, stands at 38%. They are currently trading at a premium of 47 points, compared to 32.25 points earlier.

On the other hand, Nifty Bank's November futures added 5.9% in Open Interest on Tuesday. Their rollover position currently stands at 43.2%.

Nifty 50's Put-Call Ratio is now at 1.21 from 0.99 earlier.

HPCL, Zee Entertainment and Hindustan Copper are out of the F&O ban list from today's session, while BHEL, Granules India, Balrampur Chini and Indiabulls Housing Finance continue to be in the ban.

Nifty 50 on the Call side for November 30 expiry:

For this Thursday's monthly expiry, the Nifty 50 call strikes of 20,000 and 20,100 have seen Open Interest addition, while 19,800, 19,850 and 19,900 strikes have seen shedding in Open Interest.

Nifty 50 on the Put side for November 30 expiry:

On the Put side, the Nifty 50 strikes between 19,700 and 19,900 have seen Open Interest addition for this Thursday's expiry.

Here are the stocks that saw short covering during Tuesday's trading session, meaning an increase in price but decrease in Open Interest:

Here are stocks that saw unwinding of long positions on Tuesday, meaning a decline in both price and Open Interest:

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

Aster DM Healthcare: To sell the Gulf business to Fajr Capital & Aster DM promoters for $1.01 billion. The buyer entity is named Alpha GCC, which is owned by Fajr Capital (65%) and Aster DM Promoters (35%). Sale to be completed by the March quarter of financial year 2024.

Zomato: Block deal launched where Alipay will sell 29.6 crore shares or 3.4% of the total equity at ₹111.28 per share. Alipay looks to raise $395 million or ₹3,290 crore via the deal. Lock-up period for the next 90 days.

Siemens: Net profit for the fourth quarter up 49.8% at ₹571.6 crore, while revenue rises by 24.7% to ₹5,807.7 crore. EBITDA rises by 35.7% year-on-year, while margin expands by 100 basis points to 12.1% from 11.1%. The board has also recommended a dividend of ₹10 per share.

PCBL: Board approves acquisition of aquapharm chemicals for ₹3,800 crore. With the acquisition, the company has forayed into the specialty segments of water treatment chemicals & oil & gas chemicals. The acquisition will be financed through a mix of internal accruals and external fund raise.

Tata Power: Tata Power Renewable Energy gets letter of award for development of 200 MW firm & dispatchable renewable energy project with SJVN. The installation is expected to offset 9 lakh metric tonnes of Carbon Dioxide emissions annually.

BHEL: To explore maximisation of Jaitapur Nuclear Power Plant with Electricite de France, a French state-owned company and the largest nuclear operator worldwide.

Havells India: Launches consumer durable brand "Lloyd" in the middle east market.

What Are Global Cues Indicating?

Asian markets are trading lower despite comments from Fed governor Christopher Waller that the central bank may start cutting rates if inflation eases over the next 3-5 months.

The Nikkei 225 is down 0.2%, while the Topix is down 0.3%. South Korea's Kospi is also down a similar quantum, while the Kosdaq is flat.

Hang Seng has opened 0.5% lower, while the CSI 300 in mainland China is marginally above the flatline.

Overnight, benchmark indices on Wall Street ended with modest gains with the Dow rising 0.2% and the Nasdaq ending 0.3% higher.

First Published:Nov 28, 2023 7:34 PM IST