The nasty script ideally leaves investors to worry a lot as investors fear the brutal sell-off on Dalal Street is likely to get worse.

*Review & Preview @4PM —— Wednesday, November 13th 2024*

NIFTY (-324, 23559)
Sensex (-984, 77691)
Bank Nifty (-1069, 50088)

Tremors witnessed at Dalal Street which simply caused more massive destruction to Nifty bulls’ confidence.

Profit booking blamed; Nifty slips below 200-DMA in intraday trade.

The nasty script ideally leaves investors to worry a lot as investors fear the brutal sell-off on Dalal Street is likely to get worse.

# Sentimental Overview:

Nifty slips below 200-DMA in intraday trade.

The bears were seen everywhere at Dalal Street.

All sectoral indices end on an ugly note as massive panic profit booking kicks-in. Nifty PSU BANKS (-2.74%) Nifty REALITY (-2.67%) Nifty METALS (-2.48%).

*Blame the pessimism on:*

1) FII exodus has crossed Rs 25,000 crore this November.

2) Also, blame the pessimism on:

a) Increased skepticism about Corporate India’s Q2 earnings disappointment.

b) Traders also brace for Maharashtra Assembly polls which will be held in a single phase on November 20. Jharkhand polls will be held in two phases on November 13 and 20th.

Counting of votes for the two states will take place on November 23.

# Buzzing stocks:

1) Subscriptions for NTPC Green Energy’s eagerly anticipated IPO are anticipated to open next week. Particularly in light of the successful listing of another renewable energy-related IPO, Waaree Energies, investors are eagerly anticipating this one. The public offering of the state-owned company is expected to begin bidding on November 19, according to reports. On the other hand, the anchor investor round is scheduled for November 18.

IPO size and structure: The public offering of the NTPC subsidiary is intended to raise Rs 10,000 crore. With no offer-for-sale (OFS) component, the NTPC Green Energy IPO is anticipated to be a completely new share issuance.

Swiggy shares list at ₹420 on NSE, opening 7.7% above IPO price in a highly anticipated debut.

Swiggy’s IPO debuted at Rs. 420, up 7.7% from its issue price and ultimately ended at Rs 464. The IPO was oversubscribed 3.59 times, attracting significant interest from institutional investors. The company plans to utilize funds for expansion, technology enhancement, and marketing.

# Technical Overview:

# Technically speaking, any near term rebound could be a Dead Cat Bounce!

Strictly speaking, ‘Dead Cat Bounce’ is a temporary price recovery following losses, that is followed by more losses.

Immediate downside risk on Nifty is placed at Nifty’s 200 DMA at 23545 and then at 23157 mark; aggressive downside targets are at Nifty’s psychological 23000 mark.

# Confirmation of strength only on any close above Nifty 24107.

The fear index, India VIX, which gauges the volatility in the Indian stock markets, is consolidating at 15.32 points.

 

# Underperforming Nifty Sectors:
Nifty PSU BANKS (-2.74%)
Nifty REALITY (-2.67%)
Nifty METALS (-2.48%).

# Bulls of the day:
BRITANNIA (+0.40%)
GRASIM (+0.35%)
TATAMOTORS (+0.25%)
ASIANPAINTS (+0.13%)
NTPC (+0.04%)

# Bears of the day:
HEROMOTOCORP (-4.21%)
M&M (-3.47%)
HINDALCO (-3.40%)
TATATSTEEL (-3.11%)
EICHERMOT (-2.94%)
(Source NSSEINDIA.com)

 

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