POST-MARKET SUMMARY 16 November 2023

On November 16, the Indian benchmark indices closed positively for the second day in a row, navigating through a volatile trading session. Despite a lower opening influenced by mixed global signals, the indices rebounded and surged throughout the day. However, a last-hour sell-off trimmed some of the gains. Among various sectors, information technology saw a substantial increase of almost 3%, with realty, oil & gas, and auto also marking gains of around 1% each. 

NIFTY:  The index opened flat at 19,674 and made a high of 19,875 before closing at 19,765. Nifty formed a bullish candlestick pattern with a long upper shadow and minor lower shadow on the daily charts. Its immediate resistance level is now placed at 19,850 while immediate support is at 19,700. 

 BANK NIFTY: The index opened 50 points higher at 44,251 and closed at 44,161. Bank Nifty has formed a bearish candlestick pattern on the daily scale making lower high lower low formation. Its immediate resistance level is now placed at 44,400 while support is at 44,000.

Stocks in Spotlight

▪   Pennar Industries:  Stock surged 11.36% after the company said it bagged orders worth Rs 669 crore across its various business verticals.

▪   Suzlon Energy:  Stock gained 4.94% after the company said that one of its wind turbine series got a listing from the government, paving the way for its commercialisation.

▪   Paytm:  Stock slumped 1.64% as investors rushed to book profits after the stock gained almost 3% the previous day.

Global News

▪   European markets were lower on Thursday amid a cooling of the positive sentiment seen earlier in the week after the release of positive data from the U.S. and China.

▪   Hong Kong stocks led declines in the Asia-Pacific region on Thursday as Xpeng led electric vehicle stocks lower, while investors digested high-level discussions between the United States and China.

▪   Oil prices dropped on Thursday, extending losses from the previous session, as signals of higher supply from the United States met worries about lackluster energy demand from Asia.

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