News Shots

Twin Star Holdings and Vedanta Netherlands Investments BV, the promoter companies of Vedanta, will be purchasing around 170 million shares at an offer price of Rs 350 per share, which is at a premium of 6.6 per cent to the last close price of Rs 328.35 apiece.

Latent View Analytics, whose Rs 600-crore initial public offer (IPO) attracted a record 338 times bids, will make market debut today.

Bharti Airtel added 2.74 lakh mobile subscribers in September even as larger rival Reliance Jio lost 1.9 crore users and Vodafone Idea lost 10.77 lakh subscribers during the month.

Fitch Ratings has affirmed SBI’s long-term issuer default rating (IDR) at ‘BBB-‘. The outlook is negative. The agency also affirmed the bank’s viability rating (VR) at ‘BB’.

Realty major DLF’s rental arm has raised Rs 1,000 crore through debentures to refinance its existing debt.

Punjab National Bank confirmed there had been no breach of its systems or pilferage of personal data of customers and account holders. The state-run lender, in a statement, said it had thoroughly checked its systems and that the reported attempt of the perpetrator was monitored and checked.

What to expect today?

Yesterday, NIFTY opened with a gap-up at 17,805 and fell heavily. There was blood bath in the Indian market with NIFTY breaking all the supports to even go below 17,300. The demand zone 17280-17,325 helped NIFTY recover some points towards the end and the index closed at 17,417, down 348 points or 1.96%.

BANK NIFTY also fell after opening with a small gap-up at 38,180.  All the banks were weak and the index broke all the major supports. Support was taken near 36,650 and BANK NIFTY  closed at 37,129, down 847 points or 2.23%.

The US markets had an interesting price action with a gap-up and fall towards the end reacting to the decision to retain Jerome Powell as the Fed Chairman. Dow Jones closed flat, S&P 500 fell and NASDAQ closed deep in the red. The European markets were mixed, with FTSE moving up whereas CAC 40 and DAX closed flat to red.

The Asian markets are down and the Japanese market is closed for holiday. The U.S. Futures and the European Futures are trading in the red now.

SGX NIFTY is trading at 17,366 indicating a gap-down opening in NIFTY. 

Major supports for NIFTY are at 17,375, 17,325, 17,250 and 17,050. We can expect resistances at  17,450, 17,550, 17,650 and 17,690.

BANK NIFTY has supports at 37,000, 36,650, 36,500 and 36,250. Resistances are at 37,350, 37,500 and 37,750.

The highest call OI build-up in NIFTY is at 18,000 followed by 17,800 and the highest put OI build-up is at 17,000 followed by 17,400.

BANK NIFTY has the highest call-OI build up at 38,000 and the largest put OI build-up is at 36,000.

INDIA VIX has spiked up, to 17.52, as the day saw a huge fall.

Foreign Institutional Investors net sold shares worth Rs 3,440 crores. Domestic Institutional Investors net bought shares worth Rs 2051 crores. 

The much-expected correction has arrived, but with a huge loss for the investors. The market was waiting for a trigger and the cancellation of Reliance-Aramco helped it. Even the major supports were easily broken yesterday.

The global cues were not really bad till yesterday but now we have that as well. The global markets are reacting to the decision to retain Jerome Powell as Fed Chairman, in a mixed way. The reduction in uncertainty should help the market in the long term. At the same time, there is a chance of tightening the policies sooner than expected.

17,250-17,325 should act as a good demand zone for NIFTY. The index had recovered more than 100 points towards the end after falling to the level of 17,280. At the same time, the fact that the Asian markets are down indicating a gap-down opening in NIFTY is a concern.

Also, watching 2360 in RELIANCE and 1500 in HDFCBANK, which are major supports. If these are broken, weakness can continue in NIFTY and BANKNIFTY also.

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