Investors hope that the Fed will tone down its fight against inflation as the risk of global recession might tie their hands. Despite solid earnings by retailers, they presented a bleak outlook for the holiday season. India and Asian markets mostly remained in the flat territory over the last few sessions.
Ashika Stock Broking on today’s market: Intraday dip towards 18150-18200 can be used to create long positions
Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed bearish candle with long lower shadow following a couple of indecisive Doji candle on the daily time frame, on the weekly time frame too Index with a negative candle but the trend of higher high formation remains unabated but noticeable aspect being the range of the market has decreased. Hence present setup show consolidation with weak bias. Hence ongoing breather would help index to cool off the short-term overbought condition and help index to form a higher base that would pave the way to challenge the all-time high of 18600 and eventually head towards 18900 as the Index has breached past the falling trend line which confirms that the primary trend is up. Now the elevated support level for the market now stands at 17950 followed by 17500 as it happens to be the 50 days EMA and the breakout point from the 12 months falling trend line. During the day, Nifty is likely to open on a negative note tracking weak morning cues. Thus, intraday dip towards 18150-18200 can be used to create long positions for target of 18600.
SBI Life comes under pressure in early trading on Monday; sheds 2%
Rupee falls 12 paise to 81.86 against US dollar in early trade
The rupee depreciated 12 paise to 81.86 against the US dollar in early trade on Monday, tracking the strength of the American currency in the overseas market and a muted trend in domestic equities.
At the interbank foreign exchange, the domestic unit opened at 81.84 against the dollar, then lost ground to quote at 81.86, registering a loss of 12 paise over its previous close.
On Friday, the rupee depreciated by 10 paise to close at 81.74 against the US currency.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.25 per cent to 107.19. (PTI)
Five Star Business Finance shares make a dull market debut as stock lists at discount
Shares of Five Star Business Finance Ltd made a dull stock market debut on Monday with the stock listing at ₹464 apiece on the NSE, a discount of over 2% as compared to its IPO issue price of ₹474 per share. On the BSE, Five Star Business Finance shares started trading at ₹449 apiece.
The initial share sale was entirely an offer for sale (OFS) of shares to the tune of ₹1,960 crore by existing shareholders and promoter group entities. The price band for the issue was fixed in the range of ₹450 per share to ₹474 per share. The IPO closed with 70% subscription, lower than its actual issue size. (Read More)
Archean Chemical shares list at premium over IPO issue price
Shares of Archean Chemical Industries Pvt Ltd made a positive market debut on Monday with the stock listing at ₹450 apiece on the NSE, a premium of over 11% as compared to its IPO issue price of ₹407 per share. On the BSE, Archean Chemical shares started trading at ₹449 apiece.
The public issue was subscribed 32.23 times by the close of the subscription period on Friday, November 11, 2022. Archean Chemical IPO consisted of a fresh issue of equity shares aggregating up to ₹805 crore and an Offer For Sale (OFS) of up to 1.61 crore shares by the promoter and investors. (Read More)
EaseMyTrip share price zooms 17% as stock trades ex-split, ex-bonus today
EaseMyTrip or Easy Trip Planners shares will be in focus today as the stock is trading ex-dividend and ex-bonus today. The board of directors of the company has fixed 22nd November 2022 as the record date to finalize eligible beneficiaries for issuance of bonus shares and stock subdivision. The company board has already approved and declared bonus shares in the 3:1 ratio whereas it has declared a stock split in 1:2 ratio.
Ahead of the record date for stock split and bonus shares, EaseMyTrip share price shot up near 17 per cent in early morning deals on Monday. EaseMyTrip share price today opened upside and went on to hit an intraday high of ₹57.30 apiece levels, logging to the tune of 17% upside within a few minutes of the stock market’s opening bell today. (Read More)
IT index sheds 1% in early trading with all stocks in red
Buy or sell: Vaishali Parekh recommends 2 stocks to buy today
Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today, here we list out full details in regard to those two stocks:
1] IGL: Buy at ₹418, target ₹430, stop loss ₹412; and
2] Canara Bank: Buy at ₹309, target ₹322, stop loss ₹304. (Read More)
Bajaj Finance drags in early trading, sheds 2%
Cryptocurrency prices today: Bitcoin trades below $16,000; dogecoin tanks 11%. Check latest rates
In cryptocurrencies, the world’s largest and most popular digital token Bitcoin’s price today was trading more than 4% lower at $15,973, slipping below the $16,000 mark. On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency, also plunged by more than 8% to $1,118.
The global crypto market cap today remained below the $1 trillion mark, as it over 5% lower in the last 24 hours to $828 billion, as per the data by CoinGecko, as cryptocurrency prices continued to struggle in the ongoing crisis sparked by the downfall of Sam Bankman-Fried’s once powerful FTX empire. (Read More)
Sensex sheds 300 points at open, while Nifty is down 100 points on Monday
Geojit Financial Services on today’s market: Time to play defensively rather than taking risky shots at the goal.
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: “There is a strong tailwind and a strong headwind which can sway the market now. The tailwind is the sharp decline in Brent crude to $86.75, which is a big macro positive for India. But this tailwind is unlikely to take the market higher since the headwind in the form of steadily declining momentum in the recent market uptrend, is very strong. The optimism driven by the recent decline is US inflation has run its course and the market is likely to wait for further data on the direction of US inflation and interest rates. So, this is the time to play defensively rather than taking risky shots at the goal. Cautious defensive games can be a good short-term strategy.”
Sensex preopens in the flat-to-red zone; Archean Chemicals and Five Star Business Finance will debut in the markets today; steel stocks will be focus
Reliance Securities Stock in Focus for today: GPIL
STOCK IN FOCUS
GPIL (CMP 272)
We have BUY rating on GPIL, with a 12-month SOTP-based Target Price of Rs415.
Intraday Picks
AXISBANK (PREVIOUS CLOSE: 859) BUY
For today’s trade, long position can be initiated in the range of ₹848- 855 for the target of Rs.875 with a strict stop loss of ₹835.
TATAMOTORS (PREVIOUS CLOSE: 424) BUY
For today’s trade, long position can be initiated in the range of ₹418- 421 for the target of Rs. 432 with a strict stop loss of ₹416.
SUNPHARMA (PREVIOUS CLOSE: 1010) SELL
For today’s trade, short position can be initiated in the range of ₹1020-1035 for the target of Rs.985 with a strict stop loss of ₹1050.
Punjab & Sind Bank expects ₹1,100 crore profit in FY’23 amid bad loans resolution
State-owned Punjab & Sind Bank expects to clock a net profit of around ₹1,100 crore in the current financial year on the back of the resolution of bad loans.
The bank has given NPA recovery guidance of ₹2,000 crore for the ongoing fiscal, Punjab & Sind Bank Managing Director Swarup Kumar Saha told PTI in an interaction.
Out of this, ₹700 crore has already been realised, he said, adding some big resolutions like Sintex Industries and Meenakshi Energy are going to happen in the coming quarter.
Besides, he said, the resolution of some IL&FS…
Read More: Stock Market LIVE: Sensex down 450pt, Nifty below 18,200; all sectors in red