Weekly Wrap-up: November Week 2,2023
The Nifty 50 recorded a weekly gain of +1.11%. Read more here
Following last week's recovery, the Nifty 50 opened this week with a positive gap-up and sustained the uptrend for the next three days. However, it experienced a reversal around 19450 levels.
Despite the reversal, the index recovered today, ultimately concluding the week almost at the weekly highs.
Leaders And Laggards
All models except 'Nightcrawler’, ‘Long India', ‘BTST’, and ‘Quick Short’ ended in green for the week.
High Five’ and ‘Buy High Sell Higher’ were two of the best-performing models, with 2.76% and 2.35%, respectively.
High Five is a weekly model that picks stocks likely to go up. On the other hand, the Buy high Sell higher model is a momentum strategy that takes advantage of an upswing in the prices of stocks and sells them as soon as they show signs of price decline.
Coming to stocks, ZOMATO is on the top with a return of 15.09%, followed by JYOTHYLAB, with 14.37%. These stocks are part of the ‘Buy High Sell Higher’ and ‘Alpha Ally’ Models respectively.
On the contrary, ZEEL and MANINFRA, both part of 'Buy High Sell Higher' and 'Sector Superstars,' respectively, are among the underperformers with negative returns of -7.34% and -5.65%, respectively.
Diwali Muhurat Trading 2023
On November 12, 2023, for Diwali muhurat trading, NSE and BSE will open for a one-hour session from 6 pm to 7.15 pm, including a 15-minute pre-market session.
Here are the top broker-recommended picks for Diwali 2023.
- HDFC Securities: Equitas Small Finance Bank, GAIL (India), Godrej Industries, Grasim Industries, Gujarat Alkalies & Chemicals Ltd Chemicals, Indian Oil Corporation, Kalpataru Projects International, Reliance Industries and United Spirits.
- ICICI Direct: Larsen & Toubro, Coromandel International, State Bank of India, Spandana Spoorthy, Bharat Dynamics, TV Today Network and Century Plyboards. Also, ICICI Direct pegs Nifty target at 21,500.
- Kotak Securities: Reliance Industries, Canara Bank, Cipla Ltd, Cyient Ltd, Godrej Consumer Products Ltd, Macrotech Developers Ltd & PCBL.
- Motilal Oswal: State Bank of India, Titan, M&M, Cipla, Indian Hotels, Dalmia Bharat, Kaynes Technology, Raymond, Spandana Spoorty and Restaurant Brands Asia.
Reads On The Internet:
India surpasses China, has highest number of universities featured in QS Asia rankings
As many as 148 Indian universities have been featured in the rankings—37 more than last year. The country is followed by China with 133 and Japan with 96. The Indian Institute of Technology (IIT), Bombay has retained its top position in India.
Wipro not likely to offer salary hike to top performers with higher compens …
The company will accord priority in hikes to those with lower compensation packages who are eligible for a salary increase.
Tata Technologies IPO: Company in talks with Morgan Stanley, US hedge funds for investments
The highly anticipated IPO is expected to be launched later this month. According to reports, the IPO is an offer for sale of 95,708,984 equity shares.
IBM rolls out $500 million venture fund to invest in AI companies
The IBM Enterprise AI Venture Fund will invest in current and future AI leaders that are helping businesses around the world realize the potential of AI for business.
US govt agency to invest $553 million in Adani-owned Sri Lankan deepwater terminal
This move is reportedly part of efforts by the US and India to curb China's sway over Sri Lanka and its influence in the Indo-Pacific region.
WeWork India CEO says US bankruptcy filing will not affect local operations
WeWork India CEO Karan Virwani noted that WeWork India is a separate entity in itself, and it is not a part of this strategic reorganisation process.
Concluding this report with heartfelt Diwali wishes! May the muhurat investments grow significantly, contributing to a prosperous and rewarding financial journey.
Wishing you a joyous and prosperous Diwali🎆🎇 !
