Indian Benchmark indices are expected to open mildly in green amid positive global cues. SGX Nifty hinted at a positive start for domestic equities as Nifty futures traded 69 pts or 0.3% higher 18377 level. In the previous session, BSE Sensex rose 274 points to 61,419, while the Nifty50 climbed 84 points to settle at 18,244. “Markets are likely to remain in tight range due to absence of any major triggers. Also with India VIX at 2-year lows, we don’t expect any sharp volatility ahead of the monthly derivatives expiry on Thursday,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Key things to know before share market opening bell
Global market watch: Global cues were positive as US stocks rose Tuesday with all three major indices gaining more than 1%, and shares in Asia also traded higher in early trade. South Korea’s Kospi rose 0.56%, and Hong Kong’s Hang Seng index rose 0.6%, while Japanese markets are closed for a public holiday. Overnight in the US, Dow Jones rose 1.18%, Nasdaq gained 1.36%, and S&P 500 rose 1.36%.
Nifty technical view: A reasonable positive candle was formed on the daily chart, post weakness of few sessions. “Technically, this pattern indicates an upside bounce in the market. The Nifty has moved up on Tuesday from near the important cluster support of around 18100 levels. This is a positive indication. The positive chart pattern like higher tops and bottoms continued on the daily chart and the recent swing low of 18133 could now be considered as a new higher bottom. We need confirmation of further upside to call this as a higher bottom reversal pattern,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Levels to watch for: “According to the option chain, the largest open interest for calls is 18300, which will operate as immediate resistance, while the highest open interest for puts is 18200, which will work as support. Bank Nifty has technical support at 42100 and resistance at 42600. Bank Nifty is trading in a range of 43000 to 42000, with the highest Call OI and Put OI,” said Ameya Ranadive, Equity Research Analyst, Choice Broking.
Fed meeting minutes: Investors will look forward to the release of the Federal Reserve’s meeting minutes. While the report will be from the last FOMC meeting, investors are eager to see if there are any clues as to the Fed’s thinking heading into the last meeting of the calendar year next month. The market is expecting another interest rate increase. However, public comments by some Fed officials in recent days indicate that the US central bank might be leaning towards a smaller amount. In the previous meetings, the Fed raised rates four consecutive times by 0.75% each, and now it could raise by only a half-percentage point in December.
IPO Listing: Inox Green Energy Services will make its market debut on Wednesday. The company’s Rs 740 crore initial public offering (IPO) which ended last week, received full subscriptions driven by retail investors and institutional buyers. Inox Green Energy Services is a subsidiary of the listed firm Inox Wind. In a notice, BSE said, trading members of the exchange are hereby informed that effective from November 23, 2022, the equity shares of Inox Green Energy Services shall be listed and admitted to dealings on the Exchange in the list of ‘B ‘ Group of Securities.
FII and DII data: Foreign institutional investors (FIIs) net sold shares worth Rs 697.83 crore, while domestic institutional investors (DIIs) net bought equities worth Rs 636.39 crore on 22 November, according to the provisional data available on the NSE.
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Stocks under F&O ban on NSE: There is no stock under the National Stock Exchange’s F&O ban list for 23 November. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95% of the market-wide position limit.
