MARKET STRATEGY

Indian Market Change (%) November 21, 2024

Trading Strategy:
Last Close 1 day YTD
Sensex 77578 0.31 7.4 Short Term (Time period: 2-3 days): Buy VBL at 625-
Nifty 23519 0.28 8.2
630. Stop Loss: 615. Target: 650.

Nifty Bank 50626 0.5 4.8 Short Term (Time period: 2-3 days): Buy Kaynes at
5750-5776 stop loss: 5665; Target: 5910.
Nifty Midcap 50 15185 0.7 15.5

Nifty Smallcap 50 8536 1.0 19.7 Short Term (Time period: 2-3 days): Buy Coromandel
at 1758-1765 stop loss: 1735; Target: 1800.
Developed Markets Change(%)
Last Close 1 day YTD Technical View: Nifty is likely to find support at around
Dow Jones 43408.47 0.32 15.10 23350 while 23700 is likely to act as the resistance level.
Bank Nifty is likely to find support at around 50050
Nasdaq 100 20667.10 (0.09) 24.92
while 51000 is likely to act as resistance level on the
S&P 500 5917.11 0.00 24.76 upside.
Hang Seng 19705.01 0.26 17.31
Asian markets declined in early trade reflecting the
Nikkei 225 38,352.34 (0.19) 14.37
sluggish US markets which were impacted by Nvidia's
results whose future guidance for profit failed to impress
Institutional Activity (`cr) investors and led to a gauge of semiconductor stocks
Cash YTD declining as much as 1%. Shares in Japan, China, Hong
Kong and Taiwan fell. The markets are also likely to be
FII -3,412 -2,39,747
impacted by Trump's pick for key administration role
DII 2,784 5,06,059 which will shape future policy decisions. As at 7:30 a.m.
*Provisional Figures IST, the CSI 300 index was down by 11 points, the
Nikkei 225 index was down by 288 points and the Hang
Advance/Decline stocks No. (NSE) Seng index was down by 44 points.
19-Nov-24 18-Nov-24
Adv 1,580 844
Dec 763 1,514

27000
26000
NIFTY
25000
24000
23000
22000
21000
20000
19000
2-Jun-24

2-Jul-24
2-Jan-24

2-Apr-24

2-Oct-24
2-Nov-23

2-Dec-23

2-Mar-24

2-Sep-24

2-Nov-24
2-Feb-24

2-Aug-24
2-May-24

Close
 DERIVATIVE

Change
% Fut OI in Weekly in OI ATM Max CE Max PE
Index Spot Future Chg Basis lakhs OI Chg PCR OI PCR IV Buildup Buildup
- Derivative Snippets
Nifty 23519 23491 0.10% -28 114.96 (5.22) 1.25 1.23 15.6 24000 23000

BankNifty 50627 50499 0.14% -128 26.82 (5.5) 0.86 0.59 17.2 51000 49500

OI Gainers-November Expiry
OI Price Nifty/Bank Nifty Weekly expiry update:
OI
Underline Chg Price Chg Action
(lakhs)
(%) (%)  On the options front (21 Nov 2024 expiry) In Nifty,
MGL 23 16.5 1128 (0.2)
Short 23700 Call option has seen an increase in writing
Builtup
Short positions. We expect the index to trade with a
IGL 198 (13.0) 320 (1.9)
Builtup negative bias.
Sunpharma 173 4.2 1776 1.4
Long  Nifty Monthly PCR stood at 1.25 vs 1.42x.
Builtup
 FII’s index future long short ratio stood at 0.34x vs
OI Losers- November Expiry
OI OI Chg Price 0.31x.
Underline Price Action
(lakhs) (%) Chg (%)  FIIs were net sellers in the cash market segment to
MCX 15 (12.7) 6056 2.2
Short
covering the tune of Rs 3,411.73 crores.
Short
m&m 202 (8.3) 2941 3.1
covering FII Long-Short Activity
Long Long-
% % Chg
Nationalum 549 (8.6) 239 (0.1) unwindin Index OI Short
Chg Since Exp
g Ratio
Future Index Long 100 2 62 0.34
Nifty Weekly Active Strikes Future Index Short 291 (8) 36
OI Option Index Call
Price change OI in 1977 6 36
Strike Price Price Change Long 1.3
(%) Lakhs
(%) Option Index Call
1491 (7) 31
23500CE 89 -8 2.05 -15 Short
Option Index Put 2078 3 23 1.6
23600CE 48 -16 1.86 -10 Long
Option Index Put 1269 (8) 34
23700CE 26 -16 2.33 6 Short

23500PE 128 -8 1.88 -7

Reverse cash and carry arbitrage
23400PE 86 -8 1.47 -4
Spot Futures Basis
Underline Basis Action
Price Price (%)
Cash and carry arbitrage Sell cash and
Suntv 740.60 725.50 (15.10) -2.0%
Buy future
Sell cash and
Spot Futures Basis Voltas 1686.75 1660.00 (26.75) -1.6%
Underline Basis Action Buy future
Price Price (%)
Sell cash and
M&Mfin 259.80 255.75 (4.05) -1.6%
Buy cash and Buy future
Marico 590.95 594.45 3.50 0.59%
Sell future

Buy cash and

GNFC 561.05 563.00 1.95 0.35%
Sell future

Buy cash and

3505.90 3517.70 11.80 0.34%
LT Sell future
 DERIVATIVE

PCR Open Interest PCR Volume

Underline PCR OI Price Change (%) PCR Price Change
Underline
Volume (%)
Coforge 1.13 1.20
Idea 1.34 -2.07
Apollotyre 1.06 2.82
ICICI Pruli 1.11 -1.10
Petronet LNG 1.02 0.64
Eichermot 1.02 1.69 Nifty 1.10 0.09
Hindcopper 1.01 -0.34 GNFC 1.07 0.84
ICICIGI 0.95 0.11

FII Vs Retail Long-Short ratio Historical Volatility of Active Stocks

2.5
Historical Volatility
2.0 50 1.2%
40 1.0%
30 0.8%
1.5 0.6%
FII 20 0.4%
10 0.2%
1.0 Retail Clients 0 0.0%

0.5

0.0
L/S Fut L/S CE Options L/S PE Option HV % Chg
 PIVOTS AND DEALS
CMP Support Resistanc 50- 200- CMP Support Resistanc 50- 200-
Company Company
(Rs) * e* DMA DMA (Rs) * e* DMA DMA
AARTIIND 435 430 441 536 637 CIPLA 1472 1457 1486 1589 1501
ABBOTINDIA 27224 27055 27450 28775 27720 COALINDIA 412 408 419 476 469
ABCAPITAL 185 182 188 218 210 COFORGE 8117 7995 8239 7274 6171
ABFRL 289 286 295 323 286 COLPAL 2734 2707 2772 3418 2998
ACC 2186 2160 2221 2367 2477 CONCOR 786 774 804 877 956
ADANIENT 2822 2789 2874 2991 3091 COROMANDEL 1765 1734 1785 1663 1418
ADANIPORTS 1290 1274 1313 1402 1379 CROMPTON 391 381 398 422 374
ALKEM 5530 5462 5599 6046 5386 CUB 171 169 174 167 155
ARE&M 1248 1226 1274 1358 1221 CUMMINSIND 3301 3259 3375 3657 3371
AMBUJACEM 550 544 558 595 613 DABUR 508 505 513 588 573
APLLTD 1040 1027 1053 1145 1036 DALBHARAT 1745 1706 1777 1850 1893
APOLLOHOSP 6687 6633 6769 7012 6481 DEEPAKNTR 2671 2576 2740 2807 2555
APOLLOTYRE 486 474 495 508 504 DELTACORP 114 114 116 124 128
ASHOKLEY 221 217 226 227 211 DIVISLAB 5901 5793 5985 5675 4531
ASIANPAINT 2484 2470 2500 3072 2966 DIXON 14876 14632 15252 14315 10519
ASTRAL 1729 1710 1754 1868 2014 DLF 763 756 774 842 846
ATUL 7284 7219 7360 7738 6817 DRREDDY 1213 1189 1235 5148 5937
AUBANK 591 578 600 677 641 EICHERMOT 4965 4892 5026 4810 4516
AUROPHARMA 1250 1232 1268 1457 1269 ESCORTS 3494 3445 3538 3838 3558
AXISBANK 1134 1124 1141 1188 1151 EXIDEIND 422 414 430 477 447
BAJAJ-AUTO 9546 9465 9663 11035 9511 FEDERALBNK 207 202 211 193 175
BAJAJFINSV 1596 1576 1621 1825 1659 FSL 340 334 349 330 250
BAJFINANCE 6595 6556 6640 7183 6945 GAIL 187 185 189 217 206
BALKRISIND 2770 2729 2811 2959 2776 GLENMARK 1493 1471 1516 1695 1286
BALRAMCHIN 527 521 536 612 467 GMRINFRA 81 79 82 87 88
BANDHANBNK 168 165 171 191 195 GNFC 561 556 567 642 666
BANKBARODA 237 234 243 245 257 GODREJCP 1185 1175 1197 1351 1318
BATAINDIA 1283 1273 1299 1397 1421 GODREJPROP 2693 2627 2751 2953 2764
BEL 279 276 284 285 261 GRANULES 553 536 562 578 508
BERGEPAINT 476 473 481 570 544 GRASIM 2508 2488 2540 2688 2477
BHARATFORG 1323 1294 1354 1487 1421 GSPL 325 321 330 403 352
BHARTIARTL 1526 1511 1549 1650 1402 GUJGASLTD 451 447 457 580 580
BHEL 226 222 232 256 267 HAL 4057 4015 4124 4403 4190
BIOCON 327 323 332 349 318 HAVELLS 1633 1613 1658 1853 1709
BOSCHLTD 34302 33854 34790 35900 31808 HCLTECH 1821 1804 1851 1813 1610
BPCL 288 283 295 332 463 HDFCAMC 4190 4152 4229 4420 4016
BRITANNIA 4893 4864 4937 5905 5403 HDFCBANK 1742 1712 1763 1706 1579
BSOFT 552 546 561 598 676 HDFCLIFE 680 668 693 718 642
CANBK 98 96 100 104 282 HEROMOTOCO 4776 4722 4842 5409 5078
CANFINHOME 833 823 847 867 817 HINDALCO 640 633 651 700 640
CHAMBLFERT 464 459 470 495 441 HINDCOPPER 263 259 269 310 314
CHOLAFIN 1236 1220 1253 1455 1309
HINDPETRO 362 357 371 404 445
 PIVOTS AND DEALS
CMP Support Resistanc 50- 200- CMP Support Resistanc 50- 200-
Company Company
(Rs) * e* DMA DMA (Rs) * e* DMA DMA
HINDUNILVR 2410 2397 2432 2744 2533 MPHASIS 2789 2744 2842 2983 2668
HONAUT 42001 41420 42661 48412 47069 MRF 122951 120949 124573 130231 133538
ICICIBANK 1249 1240 1260 1269 1160 MUTHOOTFIN 1896 1877 1915 1947 1715
ICICIGI 1841 1804 1864 2065 1823 NAM-INDIA 688 674 701 682 606
ICICIPRULI 685 670 698 747 640 NATIONALUM 240 237 245 211 184
IDEA 7 7 7 10 14 NAUKRI 7625 7559 7720 7887 6552
IDFCFIRSTB 65 64 66 71 77 NAVINFLUOR 3338 3271 3399 3360 3338
IEX 162 161 165 197 170 NBCC 90 89 92 133 143
IGL 320 315 328 492 475 NESTLEIND 2214 2197 2237 2462 2501
INDHOTEL 754 743 763 690 612 NMDC 221 219 225 225 234
INDIACEM 357 355 360 362 287 NTPC 367 362 375 413 373
INDIAMART 2263 2235 2302 2791 2704 OBEROIRLTY 1933 1906 1970 1901 1672
INDIGO 4046 3981 4113 4543 4021 OFSS 11169 10990 11456 11357 9411
INDUSINDBK 1000 988 1022 1296 1419 ONGC 248 245 253 282 282
INDUSTOWER 328 324 334 377 341 PAGEIND 44607 44178 45158 43517 39121
INFY 1825 1810 1849 1886 1687 PEL 1060 1044 1083 1063 945
IOC 133 132 136 161 166 PERSISTENT 5710 5629 5795 5441 5488
IPCALAB 1575 1551 1602 1535 1317 PETRONET 314 310 318 341 316
IRCTC 800 792 812 876 951 PFC 471 466 478 478 466
ITC 467 464 472 497 457 PFIZER 5179 5109 5273 5589 4951
JINDALSTEL 865 855 883 968 926 PIDILITIND 3002 2978 3028 3191 3011
JKCEMENT 3952 3902 4016 4414 4263 PIIND 4149 4110 4199 4550 3986
JSWSTEEL 947 941 957 977 900 PNB 101 100 103 105 118
JUBLFOOD 613 604 622 634 549 POLYCAB 6517 6448 6598 6812 6073
KOTAKBANK 1728 1714 1741 1810 1767 POWERGRID 315 312 318 331 311
LTF 140 138 142 163 166 PVRINOX 1476 1449 1498 1586 1452
LALPATHLAB 3041 2984 3086 3272 2792 RAIN 149 147 152 169 169
LAURUSLABS 489 483 495 477 440 RAMCOCEM 904 893 920 860 840
LICHSGFIN 616 611 624 643 661 RBLBANK 156 154 160 192 233
LT 3506 3465 3577 3580 3573 RECLTD 517 508 525 542 524
LTIM 5886 5824 5956 6135 5470 RELIANCE 1242 1224 1270 2418 2786
LTTS 5133 5069 5217 5316 5183 SAIL 111 110 114 127 138
LUPIN 2038 2023 2054 2186 1822 SBICARD 685 678 688 740 724
M&M 2949 2863 3016 2925 2474 SBILIFE 1523 1493 1560 1743 1579
M&MFIN 260 257 264 299 289 SBIN 803 795 816 805 791
SHREECEM 24106 23852 24359 25193 25902
MANAPPURAM 155 152 158 180 187
SIEMENS 6646 6588 6746 7079 6314
MARICO 591 587 597 666 600
SRF 2200 2181 2222 2360 2407
MARUTI 10959 10839 11138 12115 12058
MCX 6106 5973 6197 6062 4425 SHRIRAMFIN 2825 2796 2860 3303 2772
STAR 1392 1365 1418 1464 1049
METROPOLIS 2021 2001 2050 2171 1934
SUNPHARMA 1777 1736 1813 1864 1641
MFSL 1190 1165 1229 1193 1046
MPHASIS 2789 2744 2842 2983 2668
MGL 1126 1110 1144 1696 1551
 PIVOTS AND DEALS
CMP Support Resistanc 50- 200-
Company
(Rs) * e* DMA DMA
Bulk Deals
SUNTV 741 729 751 784 721 Qty Avg
Scrip B/
SYNGENE 851 843 860 884 771 Date name
Institution (`000 price
S
) (`)
TATACHEM 1068 1057 1083 1090 1072 19- BASI
DEVI TRADERS LLP B 263 321.9
TATACOMM 1737 1714 1766 1920 1863 Nov LIC
19-Nov GSTL RAGAVAN RAJKUMAR S 526 39.4
TATACONSUM 917 908 933 1101 1132 NEOMILE CORPORATE
19-Nov SRM S 122 311.6
TATAMOTORS 783 770 798 918 965 ADVISORY LIMITED

TATAPOWER 408 404 415 444 423

TATASTEEL 139 138 142 154 157
TCS 4040 3992 4110 4221 4081
TECHM 1700 1668 1728 1652 1442
TITAN 3225 3170 3281 3504 3511
TORNTPHARM 3095 3076 3124 3362 2942
TORNTPOWER 1582 1563 1609 1829 1517
TRENT 6424 6329 6549 7374 5392
TVSMOTOR 2429 2405 2462 2677 2363
UBL 1854 1832 1887 2031 1933
ULTRACEMCO 10770 10662 10874 11357 10662
UNITDSPR 1487 1473 1504 1513 1297
UPL 547 534 558 575 534
VEDL 444 439 450 471 401
VOLTAS 1687 1662 1722 1804 1451
WHIRLPOOL 1837 1800 1867 2163 1753
WIPRO 562 555 570 543 507
ZEEL 123 119 126 128 147
ZYDUSLIFE 948 941 955 1040 1023
 EVENT CALENDAR

Corporate Snippets:

 An Adani group unit, Adani Infra (India) Ltd.,

has agreed to buy a 30.07% stake in PSP Projects
Ltd. for $81.1 million to reinforce engineering
and construction capabilities for infrastructure
projects.
 NTPC is in talks with Japan’s EPC major Toyo
Egineering Corp. and Norwegian power supply
systems company Getek AS for offtake of green
hydrogen to be produced at its yet-to-be-
constructed green hydrogen hub in Andhra
Pradesh.
 Bharti Airtel has given a multi-billion contract to
Nokia to deploy 4G and 5G equipment across
key Indian cities and states as the company eyes
to strengthen its capacity and coverage in the
Indian market.

Economy Snippets:

 Indonesia and Thailand have questioned India’s

quality control orders on various products
including medical textiles and footwear and
measures restricting import of copper, wooden
boards and tyres at a WTO meeting on market
access.
 According to estimates by ICRA, India’s GDP
growth in Q2 is likely to moderate from 6.7% in
Q1 to 6.5% due to challenges such as heavy
monsoon rains and weaker corporate margins,
which have offset increased government capex
and strong kharif sowing season.
 According to MD and CEO of NPCI, technical
payment failures have dropped to 0.7% from 8-
10% in 2016 due to scale up in infrastructure by
banks.
 DISCLAIMER

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recipient of this research report that does not qualify as a Institutional Investor, or seek to otherwise induce or attempt to induce the purchase or
sale of any security addressed in this research report by such recipient.

A graph of daily closing prices of securities is available at http://www.nseindia.com, www.bseindia.com (Choose a company from the list on the browser and select the “three years”
period in the price chart).

Name, Qualification and Certification of Research Analyst: Jaynit Manoj Vora (MBA, CMT). Raj Bhayani (MGB) Contact: [email protected]

IIFL Securities Limited (Formerly ‘India Infoline Limited’), CIN No.: L99999MH1996PLC132983, Corporate Office – IIFL Securities Ltd. 24th Floor,
One Lodha Place, Senapati Bapat Marg, Lower Parel, Mumbai – 400013 Tel: (91-22) 4249 9000 Fax: (91-22) 4060 9049, Regd. Office – IIFL
House, Sun Infotech Park, Road No. 16V, Plot No. B-23, MIDC, Thane Industrial Area, Wagle Estate, Thane – 400604 Tel: (91-22) 39294000. Fax:
(91-22) 25806654 Website: www.indiainfoline.com, Details of associate entities of IIFL Securities Limited are available on the website at
https://www.iifl.com/finance/about-us/corporate-structure. (Indiainfoline Securities) Details of pending Enquiry Proceedings of IIFL Securities
Limited and Investor Charter are available on the website at https://ttweb.indiainfoline.com/trade/frmInformation2customer.aspx

Compliance Officer: Mr. Prasad Umarale, email id - [email protected], contact no. +91-22-61502040

Grievance Redressal Cell: email id - [email protected], contact no. +91-22-40071000

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Registration Details: Stock Broker SEBI Regn: INZ000164132(BSE/NSE/MCX/NCDEX), CDSL & NSDL SEBI Regn.: IN-DP-185-2016,
PMS SEBI Regn. No. INP000002213, IA SEBI Regn. No. INA000000623, RA SEBI Regn. No. INH000000248, Merchant Banking SEBI
Regn. No. INM000010940, AMFI Regn. No. ARN - 47791

Key to our recommendation structure

BUY - Stock expected to give a return 10%+ more than average return on a debt instrument over a 1-year horizon.
SELL - Stock expected to give a return 10%+ below the average return on a debt instrument over a 1-year horizon.
Add - Stock expected to give a return 0-10% over the average return on a debt instrument over a 1-year horizon.
Reduce - Stock expected to give a return 0-10% below the average return on a debt instrument over a 1-year horizon.
Price Target: Unless otherwise stated in the text of this report, target prices in this report are based on either a discounted cash flow valuation or comparison of valuation ratios with
companies seen by the analyst as comparable or a combination of the two methods. The result of this fundamental valuation is adjusted to reflect the analyst’s views on the likely
course of investor sentiment. Whichever valuation method is used there is a significant risk that the target price will not be achieved within the expected timeframe. Risk factors include
unforeseen changes in competitive pressures or in the level of demand for the company’s products. Such demand variations ma y result from changes in technology, in the overall level
of economic activity or, in some cases, in fashion. Valuations may also be affected by changes in taxation, in exchange rates and, in certain industries, in regulations. Investment in
overseas markets and instruments such as ADRs can result in increased risk from factors such as exchange rates, exchange controls, taxation, and political and social conditions. This
discussion of valuation methods and risk factors is not comprehensive – further information is available upon request.

i. Investments in securities market are subject to market risks. Read all the related documents carefully
before investing.
ii. Mutual Funds Investments are subject to market risk. Please read the offer and scheme related
documents carefully before investing.
iii. Registration granted by SEBI, membership of BASL (in case of IAs) and certification from NISM in no
way guarantee performance of the intermediary or provide any assurance of returns to investors