Trade Setup: Top 12 things to know before market opens on November 2, 2022

Indian equity benchmarks ended higher for a fourth straight session on Tuesday. Traders noted positive signals from Chief Economic Adviser V Anantha Nageswaran’s statement that India is expected to report better growth than IMF’s projections next year due to high capital formation. Recently, the International Monetary Fund (IMF) projected 6.8% real growth for this year and 6.1% for next year for India. 

However, key indices trimmed some of their gains to close away from their day’s high points as traders got anxious with data released by the Controller General of Accounts showing that the Central government’s fiscal deficit expanded to Rs 6.20 lakh crore in April-September, accounting for 37.3% of the full-year target. 

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The Nifty50 has formed a small positive candle on the daily chart with minor upper and lower shadows, though the opening upside gap of the last two sessions remains intact, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities. The 50-scrip index has sustained above a key hurdle at 18,096 in a positive sign and one can expect more upside, he said.  

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Indian Indices

The Sensex jumped 374.76 or 0.62% to 61,121.35 while the Nifty rose 133.20 or 0.74% to 18,145.40 at the end of trading session on Tuesday. The Sensex moved in a high-low band of 61,289.73 and 60,868.69. There were 26 stocks advancing against 4 stocks declining on the index. The Nifty traded in a range of 18,175.80 and 18,060.15. There were 38 stocks advancing against 12 stocks declining on the index.

Broader Indices

The broader indices ended green with the BSE MidCap index up by 1.04% while the SmallCap index was up by 0.26%. The top gaining sectoral indices on the BSE were Power up by 2.18%, Utilities 2.11%, IT 1.77%, TECK 1.67%, and Healthcare 1.61%, while Bankex down 0.11% was the only losing sectoral indices on BSE.

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India VIX Index

Nifty or India VIX, a gauge of the market’s expected volatility over the near term, rose 2.07% to 16.13 on Tuesday.

SGX Nifty

The trends on SGX Nifty indicate a negative opening for the index in India with a 7.5 points loss. The Nifty futures were trading at 18,247.5 on the Singaporean Exchange at around 09:11 hours IST.

Support and Resistance level

The key support level for the Nifty is placed at 18,083, followed by 18,056 & 18,011. If the index moves up, the key resistance levels to watch out for are 18,171 followed by 18,198 and 18,243, according to pivot charts.

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Asian Markets

Asian markets ended mostly higher on Monday with the Nikkei 225 up by 1.78%, the KOSPI Composite up by 1.81%, the Nikkei 225 up by 0.33%, Shanghai Composite up by 2.62%, and the Hang Seng up by 5.23%.

European Markets

European markets ended higher on Monday. UK’s FTSE 100 jumped 1.29%, France’s CAC rose 0.98% and Germany’s DAX rose 0.64%.

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Major Headlines

Tech Mahindra Q2 Results: Net profit jumps 13% to Rs 1,299 crore

The IT company has reported a net profit of Rs 1,299 crore, a 13% rise sequentially for Q2FY23. Total revenue from operations grew by 3.3% quarter-on-quarter to Rs 13,129 crore during the quarter. Revenue grew by 0.3% quarter-on-quarter in dollar terms, and by 2.9% in constant currency terms. The company has declared a special dividend of Rs 18 per share.

Adani Ports Q2 Results: Net profit jumps 65%

The company’s consolidated profit increased by 65.5% year-on-year to Rs 1,738 crore for Q2FY23, supported by the top line, operating income, and lower tax cost. Revenue jumped 33% year-on-year to Rs 5,211 crore for the quarter. Cargo stood at 86.6 million metric ton (MMT), a 15% year-on-year growth.

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Bulk Deal data

Blackrock Advisors LLC A/C The Master Trust Bank of Japan  L sold 1,40,66,087 shares in Piramal Pharma Limited at Rs 158.88 per share on the NSE.

Securocrop Securities India Private Limited sold 1,15,000 shares in Ganesha Ecosphere Limited at Rs 817.01 per share on the NSE.

Kedia Fintrade Private Limited sold 5,00,000 shares in Rama Steel Tubes Limited at Rs 157.5 per share on the NSE.

Rikhav Securities Limited sold 60,000 shares in Varanium Cloud Limited at Rs 321.11 per share on the NSE.

Jayesh Choudhary sold 1,50,377 shares in Nakoda Group of Ind. Ltd at Rs 126.93 per share on the NSE.

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DII and FII data

Foreign institutional investors (FIIs) have bought shares worth a net of Rs 2,609.94 crore, whereas domestic institutional investors (DIIs) sold shares worth a net of Rs 730.14 crore on November 01, as per data available on the NSE.

NSE F&O Ban

Punjab National Bank securities have been placed under the F&O ban for November 02. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.