News Shots

Britannia Industries reported a decline of 22.9 percent in consolidated net profit at Rs 381.84 crore for the second quarter ended in September, impacted by inflationary trends in raw material inputs.

The mining player Vedanta announced the delisting of American Depositary Shares from the New York Stock Exchange at the close of trading on Monday. Vedanta had earlier said the decision to delist American depositary shares from the New York Stock Exchange (NYSE) is aimed at simplification and triggered by the low trading volumes in the security.

The realty firm Sobha reported a nearly three-fold jump in its consolidated net profit at Rs 48.3 crore for the quarter ended September and announced plans to raise Rs 140 crore through the issue of debentures.

SBI Cards and Payment Services will raise Rs 2,000 crore by issuing bonds on a private placement basis.

DCM Shriram, the company engaged in chemicals, sugar, and fertilisers businesses announced an investment of over Rs 350 crore, mainly to expand the capacity of sugar mills.

Ujjivan Small Finance Bank reported a net loss of Rs 274 crore in the quarter ended September 2021 as the core income fell, alongside a spike in provisions for bad loans.

Cadila Healthcare has received an order to supply one crore doses of its COVID-19 vaccine, ZyCoV-D, to the Indian government at Rs 265 per dose.

Major Earnings Today:

  • Power Grid Corporation
  • Mahindra & Mahindra
  • Bosch
  • Petronet LNG
  • Max Financial Services
  • Indraprastha Gas
  • MRF
  • Bharat Heavy Electricals
  • Hindustan Copper
  • Godrej Agrovet
  • Redington (India)
  • CreditAccess Grameen
  • IDFC

What to expect today?

Yesterday, NIFTY opened with a gap-up at 17,998 and started falling. The index took support at 17,835 and began its recovery, to break the day-high and closed above 18,050, which is an indication of strength. NIFTY ended the day at 18,068, up 152 points or 0.85%.

BANK NIFTY fell soon after the gap-up opening at 39,680, as Indusind Bank fell sharply. The index recovered just after 39,000 was broken but faced resistance 39,500. BANK NIFTY closed at 39,438, down 135 points or 0.34%.

NIFTY PSU BANK(+2.15%), NIFTY IT(+1.27%), METAL(+1.45%), REALTY(+1.38%) and MEDIA(+1.42%) closed well in the green but NIFTY PHARMA(-0.70%) closed in the red.

The Global markets consolidated after a good rally with the European markets closing flat and the U.S. markets closing slightly in the green. 

The Asian markets are trading in the green, following the west. U.S. Futures and European Futures are trading slightly in the red except CAC 40 futures.

SGX NIFTY is trading slightly higher at 18,126 indicating a gap-up opening in NIFTY. 

Major supports for NIFTY are at 18,050, 18,000, 17,940 and 17,880. We can expect resistances at 18,100, 18,175, 18,250 and 18,320.

BANK NIFTY has support at 39,300, 39,000 and 38,900. Resistances are at 41,500 and 41,830.

The highest call OI build up in NIFTY is at 18,500 and the highest put OI build up is at 17,900.

BANK NIFTY has the highest call OI buildup at 40,000. The highest put OI build up is at 39,000.

INDIA VIX increased to 16.34, after a volatile start for the week.

Foreign Institutional Investors net sold shares worth Rs 860 crores. Domestic Institutional Investors net bought shares worth Rs 1,912 crores.

NIFTY displayed strength by closing above 18,050. Let us see if NIFTY can sustain above the level following global positivity. 18,200 will be a crucial level in the coming days.

Several economic indicators including GDP forecasts show that the economic revival could be much faster. I will be watching the immediate resistance at 18,100 on the upside to see if there is profit booking and 18,050 on the downside.

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