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Reversal or short covering? is the upward trend here to stay?

Good Morning, Everyone, Nifty saw a short covering yesterday after several days of continuous fall, however, is this going to be a reversal is the big question? This can be confirmed only if Nifty can break the 17800 level and subsequently 18000. But with no other major cues from India, we might see a sideways market for some time.

However, with this major correction, we can see that most of our favourite blue-chip stocks are available at a discount, hence the right time to add them for the long term.

The concern still remains that the FIIs continue to sell big in the Indian Market.

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On the daily chart, the Nifty has formed a bullish candle, however, the next 2 days can be crucial if considering it as a reversal or temporary short covering.

Sector Watch:

Every Sector closed in the green today, However, metals were on fire today!

Top Gainers:

Powergrid was among the top gainers today, followed by major metal stocks.

Top Losers:

Asian Paints was the top closed, followed by Indus Ind Bank and Infosys.

Global Markets:

Stocks closed mixed on Wall Street yesterday after a day of wobbly trading. The tech-heavy Nasdaq lost 0.5 percent whereas the Dow Jones gained 0.5 percent. And S&P 500 rose 0.2 percent.

The Federal Reserve will raise interest rates late next year, earlier than expected just a month ago, in a landmark shift from the emergency measures it took to backstop the U.S. economy during the COVID-19 pandemic, according to a Reuters poll.

Most respondents said the Fed should move even sooner to combat inflation, which hit a 30-year high last month and economists say it will stick above the central bank's target until at least 2024.

Asian shares were mixed Wednesday morning as investors monitored US treasury yields. MSCI's broadest index of Asia-Pacific shares outside Japan was trading 0.2 percent lower. Japan's Nikkei index lost 0.6 percent. Chinese blue chips were flat. And South Korea’s Kospi rose 0.06 percent. Elsewhere, Australian shares rose over 0.06 percent.

Indian Market:

Trend on the SGX Nifty indicates a small gap up opening to the Nifty today. But tomorrow is the monthly expiry, and we will see huge volatility in the market today and tomorrow.

Ace investor Rakesh Jhunjhunwala-backed Star Health and Allied Insurance Company is set to launch its maiden public offer on November 30, 2021. The offer closes on December 2. The company will disclose the information about price band and lot size on November 24.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 4,477.06 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,412.05 crore in the Indian equity market on November 23

Stock Specific News:

Bharti Airtel | Moody's Investors Service revised Bharti Airtel's and its subsidiary Bharti Airtel Int'l (Netherlands) B.V.'s rating outlook to 'positive' from 'stable'. The outlook change to 'positive' reflects Bharti's improving operating performance and credit metrics which, if sustained, could support an upgrade to investment grade within the next 12-18 months.

TVS Srichakra | TVS Eurogrip has joined hands with Chennai Super Kings as the Principal Sponsor for the next three years. The partnership will give TVS Eurogrip visibility on the front of Chennai Super Kings' famed yellow jersey.

Coal India | The board meeting of the company will be held on November 29 to consider and approve payment of interim dividend for 2021-22, if any.

ICICI Bank | After gaining market share in retail banking and credit cards, ICICI Bank plans to open its trade platform for use by non-bank customers to gain a bigger chunk of the market. It has launched a new trade platform that will allow exporters and importers to access services like the letter of credit, bank guarantee, forex, payment and collections, and also value-added services like credit bureaus and shipment booking, a report said.

Poonawalla Fincorp | Sanjay Chamria, Executive Vice Chairman of the company, has stepped down from the board of directors of the company after serving as the co-founder since the inception of the company.

Polo Queen Industrial and Fintech | The company approved sub-division of one equity share of the face value of Rs 10 into five equity shares of the face value of Rs 2 each.

Srikalahasthi Pipes | National Company Law Tribunal approved the Scheme of Amalgamation of the company with Electrosteel Castings with effect from the appointed date of October 1, 2020.

Balaji Amines | Production in the DMF plant has started after carrying out all the rectifications. On October 6, the DMF plant was shut down because of a minor incident.

Himadri Speciality Chemical | ICRA has downgraded the long-term rating to A+ from AA-, and also downgraded the short-term rating to A1 from A1+. The outlook on the long-term rating has also been revised to 'stable' from 'negative'.

SpiceJet | The airline said in a report that it will induct 50 Boeing 737 Max planes by 2023, as it continues to phase out older Boeing 737-800 NG planes.

IRCTC | After passenger, freight segments, the Indian railways are set to begin their third segment of trains for tourism called Bharat Gaurav trains, Minister of Railways Ashwini Vaishnaw said on Tuesday.

Reliance Industries | Reliance Industries' decision to shelve the $15 billion deal with Saudi Aramco will not affect the conglomerate's credit quality, Moody's said today.

Bal Pharma | Micro Labs acquired 1,26,296 equity shares in the company at Rs 92.57 per share, however, Kumat Vipul sold the same number of shares at Rs 92.56 per share on the NSE. Micro Labs bought 2,73,704 equity shares in the said company at Rs 92.4 per share. Meanwhile, Vipul Kumat sold the same number of shares at the same price, the bulk deals data showed.

Vedanta | Promoters Vedanta Netherlands Investments B.V. acquired 5,00,14,714 equity shares and Twin Star Holdings bought 8,78,72,748 equity shares in the company at Rs 349.7 per share on the NSE, the bulk deals data showed.

Kirloskar Pneumatic | HDFC Mutual Fund sold 5,23,324 equity shares in the company at Rs 392 per share on the BSE, the bulk deals data showed.

Lyka Labs | Ipca Laboratories acquired 17,74,142 equity shares in the company at Rs 126.11 per share, however, Dalal&Broacha Stock Broking sold 7,98,786 equity shares at Rs 128.45 and Amee Parikh offloaded 9,75,356 equity shares at Rs 124.2 per share on the BSE, the bulk deals data showed.

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