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Market Commentary

Overnight global action was Positive: On 21 st Nov, U.S. markets up with S&P 500 +64.23 pts (+0.98%), Dow Jones up by +493.03 pts (+1.08%) and Nasdaq up by +185.19 pts (+0.77%). India VIX was up by ~12.3%. GIFT Nifty is trading up at ~26,180 (+62.50 pts, +0.2%) indicating Indian markets will open positively.

On 21 st Nov, advance decline ratio on NSE was 1383: 1714 and BSE was 3173: 2302 which showed balanced in the overall markets.

Index Options Data Analysis:

Sensex max call OI is at 85,500max put OI is at 85,000 with PCR of 0.77

Nifty max call OI is at 26,500 and max put OI is at 26,000 with PCR of 0.9

Bank Nifty max call OI both is at 59,000 with PCR of 0.88

Securities in Ban for F&O Trade for 24 th – Nov -2025:

SAIL, SAMMAANCAP

Sectors in Focus:

FMCG : Nifty FMCG index up by +0.14% with TATACONSUMER (+0.90%), ITC (0.63%), and UNITEDSPR (+0.62%) Among the contributors.

Metal : Nifty Metal index down by -2.34% with HINDCOPPER (- 4.41%),LLOYDSME (-3.34%), and SAIL (-3.40%) Among the contributors.

Realty : Nifty Realty index was down by -1.86% with OBEROIRLY (-3.48%), BRIGADE (-2.69%) and DLF (-2.49%) among the top losers.

PSU Bank : Nifty PSU Bank index down by -1.43% with INDIANB (-3.25%), PSB (-2.04%), and MAHABANK (-1.69%) Among the contributors.

Financial Services : Nifty Financial Services index was down by -1.54% with CHOLAFIN (-2.77%), BAJAJFINACE (-2.29%) and PFOCUS (-1.79%) among the top losers.

Energy: Nifty Energy index was down by -1.05 % with JPPOWER (-7.86%), GVT&D (-5.51%) and JSWENERGY (-3.87%) contributing negatively to the index.

Stocks in the News

1. Infosys Limited (CMP: 1544.6, MCap: 641,723,286,214, Sector: IT Services, Valuation: 22.76xFY26 P/E) Infosys Foundation announced the winners of the Aarohan Social Innovation Awards 2025, underscoring the company's commitment to social impact and innovation, potentially enhancing its corporate reputation. News Source: INFY

2. Mahindra & Mahindra Limited (CMP: 3748.95, MCap: 466,192,741,097, Sector: Automotive, Valuation: 26.51xFY26 P/E) Mahindra & Mahindra acquired a stake in Mahindra BT Investment Company (Mauritius) Limited from BT Holdings Ltd., which could strengthen its investment portfolio and strategic positioning. News Source: M&M

3. Adani Enterprises Limited (CMP: 2421.6, MCap: 313,035,973,858, Sector: Conglomerate, Valuation: 50.02xFY26 P/E) Adani Power appointed Mr. Narendra Nath Misra as Independent Director effective December 4, 2025, potentially bringing fresh perspectives to strategic governance. News Source: ADANIPOWER

4. InterGlobe Aviation Limited (CMP: 5840.25, MCap: 225,778,281,984, Sector: Airlines, Valuation: 11.22xFY26 EV/EBITDA) IndiGo allocated USD 820 million towards the purchase of aviation assets on November 21, 2025, and invested in a wholly-owned subsidiary, aiming to bolster operational capacity. Additionally, IndiGo will join the BSE Sensex index in December, replacing Tata Motors' passenger vehicle business. News Source: INDIGO

5. Hindalco Industries Limited (CMP: 777.1, MCap: 174,631,973,102, Sector: Metals & Mining, Valuation: 6.82xFY26 EV/EBITDA) Hindalco Industries reported a fire incident at the Oswego Plant of its subsidiary Novelis, which could disrupt operations or incur costs, though specific impacts were not detailed. News Source: HINDALCO

6. TVS Motor Company Limited (CMP: 3440, MCap: 163,429,967,216, Sector: Automotive, Valuation: 48.39xFY26 P/E) TVS Motor Company launched the all-new TVS King 3-wheeler portfolio in Ghana on November 21, 2025, expanding its international presence and targeting growth in the African market. News Source: TVSMOTOR

7. United Spirits Limited (CMP: 1427.25, MCap: 103,811,150,494, Sector: Beverages, Valuation: 57.82xFY26 P/E) United Spirits reported a change in auditors, signaling a shift in financial oversight that may influence transparency and reporting practices, though specific reasons or impacts were not detailed. News Source: UNITDSPR

8. NTPC Green Energy Limited (CMP: 97.15, MCap: 81,861,792,734, Sector: Renewable Energy, Valuation: 48.14xTTM EV/EBITDA) NTPC Green Energy's subsidiary Ayana Renewable Power Private Limited won a 140 MW Round-the-Clock RE Project in a REMC Limited tender, boosting its renewable energy portfolio and supporting sustainability goals. News Source: NTPCGREEN

Nifty Spot – Pivot Levels – 24/11/2025

Previous week it was mentioned that Our view is positive & Traders should use any corrections at mentioned levels as an opportunity to buy. If the trend is strong Nifty will not breach (25687- 25429) Above 26105 we open for 26151 above which we can test Sept 2024 high at 26277.

After making low of 25856.20 Nifty made a high of 26246.65 Evening star Candlestick pattern has been formed. Corrective levels below 26060 are (25785-25510)-25287-(25065-24750) as bounce back level.

If the trend is strong Nifty will not breach (25785-25510),which if breached then one should wait for 25287-(25065-24750) as bounce back levels. Above 26247 we open for Sept 2024 high at 26277. The pattern suggests Nifty has opened for 26500-26700 area.

Our view is that Nifty can correct downside to the above-mentioned levels & traders should use any corrections an opportunity to buy.

Bank Nifty Spot – Pivot Levels – 24/11/2025

Previous week it was mentioned that our view is positive & Traders should use any corrections at the above-mentioned levels as an opportunity to buy. Above 58616 we open for 59550- 61050—62540—63470 area. Bank Nifty reached a high of 59440.10 Evening star Candlestick pattern has been formed. Corrective levels are (58023-57168)-56478-(55788-54804)

If the trend is strong Bank Nifty will not breach (58023-57168 area. If these levels are breached one should wait for 56478-(55788-54804). Above 59441 we open for 59550-61050—62540—63470 area. Our view is Bank Nifty can correct to above mentioned levels & Traders should use any corrections as an opportunity to buy.

SMS subject to  Disclosures and Disclaimer goo.gl/8bCMyQ

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