MARKETS: Financials lift indices; Sensex up 282 pts, Nifty ends at 12,859
All that happened in the markets today
 "MARKET LIVE:Sensex,Nifty,today,covid-19,reliance,voda idea, gland pharma")
Bajaj Finserv ended as the biggest gainer on Sensex - up over 9 per cent to Rs 8,536.50.
8:54 AM
Currency Outlook :: Reliance Securities
>> The Indian rupee could start this Friday on a stronger note as against the greenback as the Dollar fell yesterday supported by signs of movement on a stimulus deal in Washington.
>> Technically, USDINR Spot holds its downside momentum near 100-DMA which is placed at 74.14 levels indicating upside push from these levels. However if it sustains above 21-DMA near 74.22 levels will continue sideways to marginal upside momentum up to 74.34-74.55 levels. On the other hand, a trade below 100-DMA will pull the pair lower towards 73.95 levels.
>> USDINR Spot is expected to trade in a range of 74.00-74.45 levels.
>> The Rupee could open around 74.11-74.12 per dollar compared with 74.27 at close on Thursday. Meanwhile, NDF is at 74.1101/74.1106 this Friday morning.
>> Technically, USDINR Spot holds its downside momentum near 100-DMA which is placed at 74.14 levels indicating upside push from these levels. However if it sustains above 21-DMA near 74.22 levels will continue sideways to marginal upside momentum up to 74.34-74.55 levels. On the other hand, a trade below 100-DMA will pull the pair lower towards 73.95 levels.
>> USDINR Spot is expected to trade in a range of 74.00-74.45 levels.
8:51 AM
Nifty Outlook :: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities
Nifty took a breather after rallying for last 14 days and fell 1.39 per cent on Thursday. The index has now formed the formation of an "inverted hammer", suggesting profit booking by investors in the market. Based on that, the Nifty would correct and may fall in the near future. However, the Nifty needs to trade below the 12,800 levels.
Activity above the level of 12,850 and elimination of the level of 12,970 levels would lead to an immediate march on the level of 13,100/13,200. Closing below the level of 12,780 has opened the door for Nifty to fall to 12,500/12,450 levels.
Activity above the level of 12,850 and elimination of the level of 12,970 levels would lead to an immediate march on the level of 13,100/13,200. Closing below the level of 12,780 has opened the door for Nifty to fall to 12,500/12,450 levels.
8:49 AM
F&O Strategy :: Sneha Seth, Derivatives Analyst at Angel Broking)
In the November series, both the indices gave a spectacular move with addition of good amount of longs. However, in the previous week's rally, longs were missing in the banking index. Stronger hands continued their buying streak in equities and they are net buyers of Rs 41,210 crores which clearly dictates their optimism in Indian equity market.
In options front, decent writing was seen in 12,900 and 13,000 call options along with decent build-up in 12,500-12,700 put options. Maximum open interest concentration for the monthly series is placed at 13,500 call and 12,500 put options. Now, in yesterday's fall we did see some short formation, but the quantum wasn't significant. Considering this development, we believe there is a decent possibility of further profit booking in coming sessions as we heading towards the monthly expiry week. As far as levels are concerned, 12,900-13,000 may act as a hurdle now; whereas, support is placed around 12,400-12,500 levels.
In options front, decent writing was seen in 12,900 and 13,000 call options along with decent build-up in 12,500-12,700 put options. Maximum open interest concentration for the monthly series is placed at 13,500 call and 12,500 put options. Now, in yesterday's fall we did see some short formation, but the quantum wasn't significant. Considering this development, we believe there is a decent possibility of further profit booking in coming sessions as we heading towards the monthly expiry week. As far as levels are concerned, 12,900-13,000 may act as a hurdle now; whereas, support is placed around 12,400-12,500 levels.
8:44 AM
BROKERAGE VIEW :: MOFSL on Bharat Electronics
CMP: Rs 103 | TP: Rs 130 (+26% ) | Reco: Buy
>> On the back of strong performance in 1HFY21, we increase our FY21E/FY22E/FY23E EPS by 5%/3%/6%. We forecast revenue/EBITDA/PAT CAGR of 11%/7%/8% over FY20-23E. At the CMP, the stock trades at FY22E/ FY 23E P/E of just 12x/11x despite having a RoE/RoCE of ~17%/18%, dividend yield of ~3.5% and FCF yield of 5-7%. We maintain our Buy rating, but raise the TP to INR130/share from INR116/share earlier, based on 15x Mar’22E EPS v/s oneyear forward long-term average multiple of 15.8x. Key risk to our rating includes working capital deterioration
>> On the back of strong performance in 1HFY21, we increase our FY21E/FY22E/FY23E EPS by 5%/3%/6%. We forecast revenue/EBITDA/PAT CAGR of 11%/7%/8% over FY20-23E. At the CMP, the stock trades at FY22E/ FY 23E P/E of just 12x/11x despite having a RoE/RoCE of ~17%/18%, dividend yield of ~3.5% and FCF yield of 5-7%. We maintain our Buy rating, but raise the TP to INR130/share from INR116/share earlier, based on 15x Mar’22E EPS v/s oneyear forward long-term average multiple of 15.8x. Key risk to our rating includes working capital deterioration
8:39 AM
BROKERAGE VIEW :: MOFSL on Petronet LNG
CMP: Rs 254 | TP: Rs 335 (+32%) | Reco: Buy
>> As guided by one of its promoters – GAIL, commissioning of three fertilizer plants along the Jagdishpur-Haldia-Bokaro-Dhamra pipeline (JHBDPL) and connectivity to refiners on Urja-Ganga pipeline would aid GAIL in de-risking US HH contracts by bringing ~10mmscmd of volumes currently sold abroad to India.
>> Being of the opinion that promoter-led offtake would continue to aid strong utilization rates at Dahej, we reiterate a Buy.
>> Return profile for the company remains strong with a RoE/RoCE at 24-27%/21- 25% for FY21-23E. The stock trades at 12.1x FY22E EPS of INR21.3 and 6.9x FY22E EV/EBITDA. We value PLNG on a DCF basis to arrive at a fair value of INR335
>> As guided by one of its promoters – GAIL, commissioning of three fertilizer plants along the Jagdishpur-Haldia-Bokaro-Dhamra pipeline (JHBDPL) and connectivity to refiners on Urja-Ganga pipeline would aid GAIL in de-risking US HH contracts by bringing ~10mmscmd of volumes currently sold abroad to India.
>> Being of the opinion that promoter-led offtake would continue to aid strong utilization rates at Dahej, we reiterate a Buy.
>> Return profile for the company remains strong with a RoE/RoCE at 24-27%/21- 25% for FY21-23E. The stock trades at 12.1x FY22E EPS of INR21.3 and 6.9x FY22E EV/EBITDA. We value PLNG on a DCF basis to arrive at a fair value of INR335
8:35 AM
Top stock picks by Nilesh Jain of Anand Rathi Shares
BUY | MCDOWELL-N | TARGET: Rs 620 | STOP LOSS: Rs 545
The stock surpassed its previous swing high and also reclaimed its 200-DMA placed at Rs 570 levels. It has also provided a fresh breakout from a symmetrical triangle formation and a conservative target for the same is coming around Rs 650 levels. The momentum indicators and oscillators are in the buy mode on the daily as well as weekly scales which hints of further positive momentum in the counter. READ MORE
8:27 AM
Bear spread strategy on Asian Paints
Buy Asian Paint 2160 Put at Rs 35 & simultaneously sell 2100 Put at Rs 14
Lot Size 300.
Cost of the strategy Rs 21 (Rs 6300 per strategy)
Maximum profit Rs 11700 If Asian Paint closes at or below 2100 till 26 November expiry.
8:10 AM
FII/FPI & DII trading activity on NSE, BSE and MSEI
8:05 AM
Rupee check
Source: Bloomberg
7:59 AM
SGX Nifty update
>> At 8:00 am, the index was at 12,794 levels, up 21 points.
7:57 AM
Asian markets check
Source: Reuters
7:55 AM
Wall Street on Thursday
Source: Reuters
7:52 AM
Track all the latest, markets-related updates here
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Nov 20 2020 | 7:36 AM IST
