News Shots

Tata Motors owned Jaguar Land Rover (JLR) expects the semiconductor shortage situation to gradually start recovering in the remaining part of the current financial year.

State Bank of India reported a 66.73 percent jump in its standalone profit after tax (PAT) to Rs 7,627 crore in the quarter ended September, aided by higher net interest income and improvement in asset quality.

Eicher Motors reported a 9 percent rise in consolidated profit at Rs 373.2 crore for September quarter 2021-22 boosted by growth in the commercial vehicles segment amid semiconductor shortage affecting sales of Royal Enfield motorcycles.

The nation’s largest oil firm Indian Oil Corporation will set up 10,000 charging stations for electric vehicles (EVs) in the next three years as it prepares for the energy transition leading to net-zero by 2070.

The state-owned miner NMDC has recorded a 43 percent jump in its iron ore output to 21.04 million tonne (MT) during the April-October period of the ongoing fiscal year.

Hindalco Industries announced the acquisition of 100 percent equity stake in Ryker Base Pvt Ltd for an enterprise value of Rs 323 crore. Ryker is a wholly-owned subsidiary of Polycab India.

Godrej Properties sales bookings rose 18 percent to Rs 3,072 crore during the April-September 2021 period, driven by higher demand of its residential properties in Delhi-NCR.

Major Earnings Today:

  • Britannia Industries
  • Sobha
  • Aurobindo Pharma
  • Shyam Metalics and Energy
  • EID Parry (India)
  • V-Mart Retail
  • 3i Infotech
  • Balrampur Chini Mills
  • Vijaya Diagnostics Centre
  • HG Infra Engineering
  • Wockhardt

What to expect today?

On Wednesday, NIFTY opened with a gap-up at 17,950 and started falling, with intraday volatility due to SBI results, finally closing at 17,830, down 60 points or 0.3%. One hour of Muharat trading followed on Thursday, where NIFTY opened with a gap-up at 17,935 and after taking resistance near 17,950, closed at 17,917, up 87 points or 0.49%.

On Wednesday, BANK NIFTY opened with a small gap-up at 40,006 and tried moving up. Facing resistance, BANK NIFTY started falling with SBI results coming out in between leading to intraday volatility. The index finally closed at 39,402, down 500 points or 1.25%. BANK NIFTY opened with a gap-up at 39,680 on Muhurat day, and closed at 39,574, up 172 points or 0.44%.

All the major sectors closed in the green with NIFTY AUTO(+1.48%) and NIFTY MEDIA(+1.47%) outperforming.

The global markets show positivity, with the European markets and the US markets creating new all-time highs.

The Asian markets are mixed. 

U.S. Futures are in the red whereas the European futures are flat, except CAC 40 futures trading well in the green.

SGX NIFTY is trading higher at 18,011indicating a gap-up opening in NIFTY. 

Major supports for NIFTY are at 17,880, 17,835, 17,800, 17,750 and 17,710. There are resistances at 17,940, 18,000, 18,040, 18,100 and 18,175.

BANK NIFTY has support at 39,500, 39,300 and 39,000, 38,900 and 38,780. Resistances are 39,750, 40,000, 40,175, 40,400 and 40,500.

The highest call OI build up in NIFTY is at 18,000, followed by 18,300 and the highest put OI build-up is at 17,800, followed by 17,500.

BANK NIFTY has the highest call OI build-up at 40,000 and the largest put OI build-up is at 39,000.

INDIA VIX has dropped to 15.75.

Foreign Institutional Investors net sold shares worth Rs 328 crores, during one hour of Muhurat trading. Domestic Institutional Investors net bought shares worth Rs 38 crores. 

The US Fed meeting turned out to be a non-event as the outcome was in line with the expectations. The Fed will start tapering, reducing its bond purchase from $120 billion by $15 billion every month. 

The global positivity displayed during our holidays gives hope for an up-move in NIFTY. What is crucial is whether the index will be able to sustain above 18,050 if the market opens with a gap-up.

Also, the US futures are now in the red after climbing to all-time high last week. Let us see if this hinders NIFTY from opening with a good gap-up.

I will watch 17,800 on the downside and 18,100 on the upside for a confirmation for the direction.

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