Weekly Market Analysis for November 18 to 22, 2024

What happened last week?

Nifty closed the week at 23532, down 2.8% from last week. It has now fallen 10.2% from the peak it made in September.

Nifty made lower highs and lower lows last week, indicating that it is still in a downtrend.

Midcaps, SmallCaps and Microcaps fell 5-6%. Almost all sectors except IT closed in deep red.

On the Global Front…

Most markets ended the week in the red. The US market fell by 1.7%, while China and Hong Kong experienced substantial declines.

FIIs sold ₹9683 Cr and DIIs bought ₹12508 Cr in the cash market last week.

FIIs continue to hold net shorts on Index Derivatives.

Looks like FIIs aren’t done selling in the cash market yet. They have now sold for 34 consecutive days in the cash market. I do not remember a longer streak. Since late September, they have sold ₹1.5 lac crores.

FIIs have also reduced their longs in Stock Derivatives. FII Sentiment continues to be Bearish.

Nifty Sentiment Analysis…

Both Weekly and Monthly Max Pain went down together last week indicating Bearish Sentiment.

Note: We will turn bullish only when the blue and pink lines above start moving up together. If they tread down together, we will stay Bearish.

Key Upcoming Events

November 18 (Monday):

- G20 Summit

November 19 (Tuesday):

- IPO: NTPC Green Energy

November 20 (Wednesday):

- Market Holiday

November 22 (Friday):

- India Manufacturing PMI

- India Services PMI

Key Stock Announcements

New Orders & Projects:

• ITI Limited wins INR 4559 crore BharatNet Phase-3 project.

• Tera Software, with ITI Ltd., wins INR 3,022 crore BharatNet project.

• STL wins INR 2600 crore BharatNet project in Jammu & Kashmir.

• DBL-STL Consortium wins BSNL BharatNet Phase III bid for INR 1,625.36 crore.

• Solar Industries India secures INR 580 crore international defense supply order.

• BEL wins over INR 500 crore orders, increasing 2024 total to INR 8,194 crore.

• DCX Systems wins INR 460.3 crore export order from Lockheed Martin.

• NBCC (India) Limited secured three contracts totaling INR 448.74 crore.

• Azad Engineering signs INR 340 crore deal with Arabelle Solutions.

• INOX India secures INR 150 crore order to build a mini-LNG terminal in the Bahamas.

• Viviana Power secures INR 74 crore contract from two power companies.

• Inox Wind wins 87 MW wind energy project from Continuum.

• Tarmat Limited awarded INR 33.53 crore contract for Mumbai airport project.

• HAL wins avionics upgrade contract for Dornier-228.

• RULKA secures new orders worth INR 17 crore.

• Winsol Engineers wins 2 solar power plant contracts from PGVCL.

• Servotech won a 2 MW solar project from UPNEDA in Uttar Pradesh.

• HFCL wins BharatNet Phase III bids, enhancing rural broadband connectivity.

• Happy Forgings receives long-term order for power generation components supply.

• Zaggle partners with Mumbai Metro One for reward platform services.

Partnerships, Acquisitions & Investments:

• NCLT approves Sadhana Nitro Chem's acquisition of Calchem Industries' assets.

• HeidelbergCement invests in Continuum MP Windfarm for green power.

• HealthCare Global Enterprises acquires oncology business from HCG NCHRI LLP.

• Entero acquires Shree Enterprises, expanding pharmaceutical distribution and revenue.

• Nazara partners with ONDC, launching "gCommerce" for in-game monetization.

• Transformers and Rectifiers to acquire controlling stake in Posco Poggenamp Electrical Steel.

• Maithan Alloys acquired 0.05% Nuvama Wealth shares for INR 11.29 crore.

• SPARC completes acquisition of stake in Suryaurja One Private Limited.

Business Operations:

• HealthCare Global Enterprises transfers diagnostic and PET-CT businesses to subsidiary.

• RattanIndia Enterprises launches Neomate, affordable premium stationery brand in India.

• Alembic Pharmaceuticals receives USFDA approval for Diltiazem Hydrochloride capsules.

• KPIL secures INR 2,273 crore orders in T&D and residential building projects.

• LTIMindtree opens new facility in Houston to boost growth.

• S.J.S. Enterprises disclosed insider trading transaction involving Sanders Consulting Private Limited.

Management Changes:

• Norton Motorcycle’s CEO, Dr. Robert Hentschel steps down.

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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.