On November 15, the Indian benchmark indices rebounded from the losses of the previous session and closed in positive territory, supported by widespread buying across sectors. Buoyed by favourable global signals, the Indian indices opened higher and sustained the upward momentum throughout the day, with the Nifty approaching the 19,700 mark. All sectoral indices finished in positive territory, with gains of 1-3% in capital goods, auto, metal, information technology, oil & gas, and realty.
NIFTY: The index opened 208 points higher at 19,651 and made a high of 19,693 before closing at 19,675. Nifty has formed a bullish candlestick pattern, with a long lower shadow and upper minor shadow on the daily chart. Its immediate resistance level is now placed at 19,725 while immediate support is at 19,580.
BANK NIFTY: The index opened 507 points higher at 44,398 and closed at 44,201. Bank Nifty has formed a bearish candlestick pattern on the daily scale as the closing was lower than the opening level. Its immediate resistance level is now placed at 44,400 while support is at 44,050.
Stocks in Spotlight
▪ Natco Pharma: Stock dived 4.44% despite the company’s quarterly net profit surge to Rs 369 crore against Rs 56.8 crore from the previous year.
▪ NMDC: Stock slipped 2.88% even after company reported a 15.7% increase in consolidated net profit for the second quarter.
▪ Wipro: Stock gained 2.57% after Designit Tokyo, a step-down subsidiary of Wipro, was voluntarily liquidated with effect from November 13.
▪ Hong Kong stocks led Asia-Pacific markets higher on Wednesday after upbeat economic data from China.
▪ The pan-European Stoxx 600 was up 0.7% by early afternoon in London, with basic resources adding 2.5% to lead gains as most sectors and major bourses advanced.
▪ US wholesale prices fell 0.5% in October for biggest monthly drop since April 2020. This was against expectations for a 0.1% increase from the Dow Jones consensus.
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