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The benchmark indices ended the day in red with Nifty and Sensex closing at 23,349 and 77,155 respectively.Adani groups stocks lost ₹2.3 lakh crore in market cap as US court indicted Chairman Gautam Adani and others in the bribery case. Shares of the flagship Adani Enterprises ended with losses of 23%, followed by Adani Green and Adani Energy Solutions, both of which fell up to 20% each. Most sectoral indices ended with losses on the NSE, with Nifty PSU Bank cracking nearly 3%, followed by Nifty Metal and Media indices which fell over 2% each. The S&P BSE Mid-Cap index fell 0.37% and the S&P BSE Small-Cap index declined 0.67%. Now, on the downside 23,200 holds the significant support level for Nifty (spot) and on the upside 23,500 holds the resistance level.

Commodity Trading Guide 21st-NOV-2024
Disclaimer: https://bit.ly/3AEJJvD

Performer of the day 🔥

Latest after the Bell 🔔 4.00 PM – THURSDAY, 21 NOVEMBER, 2024

➡️ Indian benchmark indices, Nifty 50 closed below 23,400 and Bank Nifty below 50,400 on Thursday, hit by a sell-off in Adani stocks after bribery allegations against its chairman. Sector-wise, Energy, FMCG, Oil & Gas, PSU Bank, Media, and Metal indices dropped 1-2%, while Realty gained 1% and IT rose 0.5%. Adani-related developments weighed heavily on market sentiment, causing broad-based declines.

NIFTY (-168.80, 23349.90)

SENSEX (-422.59, 77155.59)

BANKNIFTY (-253.60, 50372.90)

Key Takeaways

✅ Adani Group's market capitalization fell by ₹2.2 lakh crore as its stocks dropped up to 20% on November 21. The decline followed allegations by U.S. prosecutors accusing Gautam Adani of a $250 million bribery scheme to secure solar energy contracts in India. The accusations have significantly impacted investor confidence, leading to sharp declines across the group’s listed companies.

✅ Shares of public sector banks like SBI, Bank of Baroda, and Union Bank fell 4–8% on November 21 amid Adani bribery allegations and a broad market sell-off. Indian banks disclosed significant Adani Group exposures after the January 2023 Hindenburg report, including LIC at ₹35,920 crore and SBI at ₹27,000 crore. The scandal's revival has raised concerns about financial institutions' stability, affecting investor confidence.

✅ Vedanta Resources is delaying a potential dollar bond sale due to market instability caused by the indictment of Adani Group's founder. Despite holding investor calls, Vedanta might postpone the offering until next week, hoping for yield stabilization. The delay highlights the broader market impact of the Adani situation, as investors exercise caution amidst the uncertainty.

✅ Goldman Sachs predicts the Nifty 50 index could reach 27,000 by end-2025, expecting a near-term range-bound market with a target of 24,000 for recovery. Weak earnings and high valuations, combined with a domestic cyclical slowdown, contribute to a flat outlook for the next three months. Despite this, external factors remain stable, supporting long-term growth prospects as economic recovery gains momentum.

✅ International brokerage Bernstein reaffirmed its bullishness on Paytm parent One97 Communications, as the narrative for the beleaguered fintech player changes from survival to optimism. Bernstein hiked its target price on Paytm to Rs 1,000 per share, up from Rs 750 earlier. Based on the previous session's closing price, this indicates an upside of 23 percent.

Stocks at New 52 Week High

✔️VIJAYA DIAGNOSTIC (1134.05)
✔️INDIANHOTEL (785.45)
✔️FORTIS (681.95)
✔️NALCO (247.78)
✔️FEDERALBNK (210.80)

✔️ Adv-Dec 15 / 35
✔️ INDIA VIX 16.00 (2.11%)
✔️ Nifty PCR (28 NOV) 0.81
✔️ Bank Nifty PCR (27 NOV) 0.91
✔️ Nifty Midcap (-0.30%, 54385.35)
✔️ Nifty SmallCap (-0.46%, 17596.60)
✔️ Nifty IT (0.49%, 41952.80)

Disclaimer: This does not construe as investment advice. Stock market investments are subject to market risks. All information is a point of view and is for educational and informational use only. The author accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Returns mentioned herein are in no way a guarantee or promise of future returns. Stock market investments are subject to market risks.

BANK NIFTY SPREAD: BUY NSECALL BANKNIFTY 27NOV2024 50400 @ 452 ;SELL NSECALL BANKNIFTY 27NOV2024 50500 @ 405 outflow 47 SL 10 TGT 100 Validity - 4 days Disclaimer: https://bit.ly/49hBt1e

BAJAJ FINANCE LIMITED exit call at 6475 ; Intraday call SELL BAJFINANCE @ 6500 SL 6570 TGT 6400 Disclaimer: https://bit.ly/49hBt1e

GRASIM INDUSTRIES LTD exit call at 2537 ; Intraday call SELL GRASIM @ 2547.00 SL 2580 TGT 2490 Disclaimer: https://bit.ly/49hBt1e

Intraday call SELL GRASIM @ 2547.00 SL 2580 TGT 2490 Disclaimer: https://bit.ly/49hBt1e

⭐️ CRUDE OIL UPDATE⭐️

➡️Brent – Trading at $73.40 per barrel against the previous close of $72.81.
➡️WTI – Trading at $69.38 per barrel against the previous close of $68.75.

Oil prices settled lower on Wednesday after U.S. crude and gasoline stocks rose by more than expected last week, but losses were capped by worries about the intensifying war between major oil producer Russia and Ukraine.

Key Triggers

👉 U.S. Crude Oil Inventories rose by 0.5 million barrels, exceeding the forecast of -0.1 million barrels but below the previous 2.1 million barrels. At 430.3 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year. Gasoline rose by 2.1 million barrels, 4% below the five-year average. Distillates dropped by 0.1 million barrels, 4% below the five-year average. Total commercial petroleum inventories increased by 3.0 million barrels last week.

👉 U.S. refineries processed an average of 16.2 million barrels/day, a decrease of 281,000 barrels/day from the previous week. Refinery utilization stood at 90.2%, with reductions in gasoline and distillate fuel production to 9.3 million and 4.8 million barrels/day, respectively.

👉 Crude oil imports rose by 1.2 million barrels/day, averaging 7.7 million barrels/day. The four-week average was 6.6 million barrels/day, 2.7% higher than the same period last year. Gasoline imports averaged 0.374 million barrels/day, and distillate imports averaged 0.123 million barrels/day.

👉 Total products supplied averaged 20.7 million barrels/day over the past four weeks, up 1.2% from the same period last year. Motor gasoline supply averaged 8.9 million barrels/day (+0.5%), while distillates fell to 3.8 million barrels/day (-6.4%). Jet fuel supply decreased by 1.3%.

👉 Oil prices rose marginally on Thursday as geopolitical concerns over escalating tensions between Russia and Ukraine countered the impact from a bigger-than-expected increase in U.S. crude inventories.

Looking forward to: -

➡️ U.S. Natural Gas Storage

Outlook: Sideways
Recommendation: Buy Crude oil @ 5800 SL 5740 TGTs 5920, 5950

Short-Term Calls BUY NSEPUT VOLTAS 28NOV2024 1660 @ 33.65 SL 24 TGT 52 Validity - 15 days Disclaimer: https://bit.ly/49hBt1e

Intraday Calls FO BUY NSEPUT NIFTY 21NOV2024 23300 @ 9.15 SL TGT 40 Disclaimer: https://bit.ly/49hBt1e

BANKNIFTY 50400PE Book profit at 461 ; Short-Term Calls BUY NSEPUT BANKNIFTY 27NOV2024 50400 @ 400 SL 349 TGT 510 Validity - 15 days Disclaimer: https://bit.ly/49hBt1e

Short-Term Calls BUY PFC @ 456.25 SL 448 TGT 474 Validity - 15 days Disclaimer: https://bit.ly/49hBt1e

Short-Term Calls BUY NSEPUT BANKNIFTY 27NOV2024 50400 @ 400 SL 349 TGT 510 Validity - 15 days Disclaimer: https://bit.ly/49hBt1e

TATAPOWER SL HIT AT 409: Intraday call SELL TATAPOWER @ 402.75 SL 409 TGT 391 Disclaimer: https://bit.ly/49hBt1e

POWER GRID CORP. LTD. Book profit at 321 ; Short-Term Calls BUY POWERGRID @ 316.3 SL 308.30 TGT 328 Validity - 15 days Disclaimer: https://bit.ly/49hBt1e