Wednesday's Pre-bell Essentials: Trade Setup & Insights

Trade setup for the stock market on November 15, 2023. Here are some key points:

Nifty Consolidation: The Nifty is expected to consolidate before decisively breaking above the key resistance level of 19,550.

Technical Analysis: The Nifty is currently consolidating around the resistance of a down trendline at 19,550. The near-term trend is considered positive as long as the index holds strong support at 19,300.

Sensex Performance: The BSE Sensex fell 326 points to 64,934, while the Nifty50 declined 82 points to 19,444, forming a bearish candlestick pattern on the daily charts.

Expert Views: Nagaraj Shetti, a technical research analyst at HDFC Securities, suggests that there may be some consolidation or minor weakness in the short term before a decisive upside breakout of the resistance.

Support and Resistance Levels: The pivot point calculator indicates support levels at 19,421, 19,402, and 19,371, with resistance at 19,481, 19,500, and 19,531.

Nifty Bank Outlook: The Bank Nifty is expected to hold support at 43,650-43,600 and continue its pullback towards 44,000-44,200.

Options Data: The 19,500 strike has the maximum Call open interest (OI), acting as a key resistance level. Maximum Put OI is at the 19,400 strike, serving as key support.

Stock Movements:

Long Build-up: 38 stocks, including Hindustan Copper, NTPC, and ONGC.

Long Unwinding: 61 stocks, including Chambal Fertilisers, Alkem Laboratories, and United Spirits.

Short Build-up: 46 stocks, including Glenmark Pharmaceuticals and Page Industries.

Short Covering: 40 stocks, including Ramco Cements and Manappuram Finance.

Delivery Percentage: Stocks with high delivery percentage include Godrej Consumer Products, Tata Consultancy Services, Bharti Airtel, Hindustan Unilever, and Britannia Industries.

FII and DII Data: Foreign institutional investors sold shares worth Rs 1,244.44 crore, while domestic institutional investors bought Rs 830.40 crore worth of stocks on November 13.

Stocks in the News: Companies in the news include ASK Automotive, Grasim Industries, IDFC FIRST Bank, Biocon, GMM Pfaudler, and Rail Vikas Nigam.

PCR (Put Call Ratio): The Nifty Put Call ratio dropped to 1, indicating a neutral trend.

Bulk Deals: Promoters of GMM Pfaudler will buy a 1 percent stake in the company from Pfaudler Inc at Rs 1,700 per share.

F&O Ban: Hindustan Copper, Indiabulls Housing Finance, and SAIL are added to the F&O ban list for November 15.

Moody’s Grade: There's a mention of Moody’s grading on the US credit rating and its potential impact on the market's Diwali cheer.

Please note that this summary is not financial advice, and it's essential to conduct thorough research or consult with a financial advisor before making any investment decisions.