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Market Ahead, November 22: All you need to know before the Opening Bell

Here's a trading idea by Anand Rathi Shares and Stock Brokers who recommend buying Lupin at the current market price for the target of Rs 825 with stop-loss at Rs 735

BS Web Team  |  New Delhi 

Global cues, stock-specific action, and oil price movement will give direction to the today.

According to a Business Standard report, BPCL's Numaligarh Refinery may go to exploration major Oil India or Indian Oil Corporation as the government has decided to keep it with a public sector undertaking. The stocks of Oil India and Indian Oil Corporation may react to the reports in today's session.
Apart from that, rupee's movement against the US dollar and foreign fund will also influence sentiment.
In the primary market, Kerala-based CSB Bank will launch it's Rs 410 crore-initial public offer today. Analysts like the private lender's turnaround performance in this fiscal year, but remain cautious on its concentrated regional presence and a greater proportion of below 'BBB' rated loans.

Global markets:
Asian equities rose on Friday, but gains were capped by persistent worries over the status of trade negotiations between China and the United States.Early in the Asian trading day, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.12 per cent, Australian shares were up 0.52 per cent, and Japan’s Nikkei gained 0.1 per cent.

In US, the S&P 500 dipped 0.16 per cent, and the Dow Jones and the Nasdaq Composite were down 0.2 per cent each. The SGX Nifty was also trading slightly lower in the early hours, indicating a flat start for the domestic indices.

In commodities, oil prices rose more than 2 per cent on Thursday to the highest in nearly two months following a report that OPEC and its allies are likely to extend output cuts until mid-2020. Brent crude ended the session up $1.57 at $63.97 a barrel.

Yesterday's market session:
Benchmark indices ended in the red on Thursday. The S&P BSE Sensex ended 0.2 per cent lower at 40,575. On the NSE, the Nifty50 index ended at 11,968, down 0.26 per cent.

Going forward, analysts say that Nifty seems to be forming an ending diagonal pattern on the hourly charts of which the last leg is still pending. So, in anticipation of the last leg up, one can buy Nifty for the target of 12,070 with a stop loss of 11,865.

And before we wrap up, here's a trading idea by Anand Rathi Shares and Stock Brokers who recommend buying Lupin at the current market price for the target of Rs 825 with stop-loss at Rs 735.

First Published: Fri, November 22 2019. 07:20 IST
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