Weekly Market Analysis for November 04 - 08, 2024

A Quick Update

We launched Finvezto Stock Research on Diwali. Our special Launch price and Diwali offer ends today (Nov 03). If you are looking for unbiased and evidence-based research services to power your investing/trading research, do consider subscribing. It includes:

• Long-Term Investing through Mutual Funds (5+ Years)

• Medium-Term Stock Recommendations

• Short-Term Trading Strategies, Concepts & Deep Dives

• Options Selling Strategies

• Algo Trading Strategies

• Toolkit for Stock Research

• Exclusive community for queries and discussions

More details below:

Launching Finvezto Stock Research (Special Price & Diwali Discount)

What happened last week?

Nifty closed the week at 24304, up 0.6% from the previous week. The downtrend has paused but not ended.

FIIs sold ₹14415 Cr and DIIs bought ₹9786 Cr in the cash market last week. On Muhurat day, both FIIs and DIIs were net sellers.

In October, FIIs sold ₹114415 Crores in the cash market bringing broad market indices down by about 6-10%. It is their highest ever selling in a month.

FIIs continue to hold shorts on Index Derivatives.

Looks like FIIs are not yet done with their selling spree.

However, FIIs have added longs in Stock Derivatives. FII Index Sentiment continues to be Bearish, but the stock-specific sentiment seems to be changing.

Nifty Sentiment Analysis…

Although the Nifty Weekly Max Pain has been falling, the Monthly Max Pain seems to be consolidating.

Currently, it is better to stay neutral in the short term. There is no clear direction.

However, it is important to note that the downtrend has just paused. There is no evidence that it has ended.

Only when the blue and pink lines in the below go up together will we turn bullish.

Key Upcoming Events

November 4 (Monday):

- India Manufacturing PMI Final

November 5 (Tuesday):

- US Presidential Elections

- China Services PMI

November 6 (Wednesday):

- Swiggy IPO

- India Services PMI Final

November 8 (Friday):

- Fed Interest Rate Decision

What’s happening in Stocks?

New Orders & Projects:

• NBCC receives orders worth INR 1,726 crore for redevelopment projects.

• Capacit’e Infraprojects received INR 1,203 crore order from Signatureglobal.

• L&T's Power Transmission & Distribution business wins major order in Middle East and Africa.

• Om Infra wins INR 410 crore project for hydro-mechanical infrastructure.

• DCX Systems' subsidiary wins USD 45.2 mn order from Lockheed Martin.

• RVNL receives INR 300 crore order from East Coast Railway for railway construction.

• Dynacons wins INR 108 crore contract from NABARD for core banking solution.

• RITES wins INR 59.13 crore consultancy contract from U.P. State Bridge Corporation.

• SRM Contractors awarded INR 45.25 crore project by Odisha Mining Corporation.

• Paras Defence wins INR 42.05 crore contract for Indian Army's electronics.

• Freshara Agro Exports receives INR 30 crore order for pickled gherkins.

• Sahana System secured INR 23.44 crore order for smart classrooms.

• RBM Infracon received a INR 22.77 crore service order from thyssenkrupp.

• L&T wins order for nuclear fusion project, signs MoU with ITER.

• Godrej Properties wins bid for luxury housing plot in Gurugram.

• Power Grid wins 6000 MW transmission project in Gujarat.

• Transformers and Rectifiers (India) Limited gets INR 270 crore order.

Partnerships, Acquisitions & Investments:

• Mahindra Finance and RBL Bank to launch co-branded credit cards.

• Cyient acquires 27.3% stake in Azimuth AI, strengthening semiconductor capabilities.

• Veranda IAS partners with M.O.P. Vaishnav College to offer a Diploma in Governance and Policy Studies.

• Bikaji acquires Hazelnut Factory to enter the QSR segment.

• Tata Power acquires 40% stake in Khorlochhu Hydro Power Limited.

• Infosys completed its acquisition of Blitz 24-893 SE in Germany.

• Prestige Group acquires land in Whitefield for new residential project.

• Grasim partners with Circ to enhance textile recycling and sustainability.

• Persistent Systems completes acquisition of Arrka Infosec.

• IndusInd Bank partners with Tata Power to offer solar financing for MSMEs.

• TCS partners with Ireland to implement 15-year pension scheme project.

• JSW and POSCO partner to build India’s 5 MTPA steel plant.

• Poonawalla Fincorp partners with IIT Bombay’s TIH for AI transformation initiatives.

• Allied Blenders acquires Minakshi Agro for expansion in grain spirit production.

• TCS partners with Insper in Brazil, investing R$ 50 mn to innovate.

• Maruti Suzuki India announces collaboration between Suzuki and Toyota for electrified vehicles.

• Dabur to acquire Sesa Care to strengthen its hair care portfolio.

• Genesys partners with SatSure to enhance geospatial solutions.

• Wipro, Microsoft, and SAP partner to simplify SAP S/4HANA cloud migration.

Business Operations:

• Accelya processed US 100 bn for airlines, launched FLX order accounting solution.

• Emcure Pharma launched Emcutix Biopharmaceuticals.

• Tata Technologies partners with Air India to enhance aircraft interiors.

• Dr. Reddy's launches Elobixibat, a novel drug for chronic constipation.

• Wipro survey reveals wealth management firms plan to double AI budgets.

• Indoco Remedies gains USFDA approval to market generic Chantix tablets.

• Renaissance Global launches Renaei jewelry brand on Amazon, targeting Gen Z.

Management Changes:

• Castrol India appoints Kedar Lele as Managing Director.

Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This weekly update highlights market trends and upcoming events for your awareness. It does not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.

FINVEZTO.COM | Actionable Stock Market Ideas and Tools