News Shots

Reliance Industries reported a 43 percent jump in July-September quarter net profit as all its businesses witnessed robust performance. Net profit in the second quarter of the current fiscal at Rs 13,680 crore compared to Rs 9,567 crore a year back.

ICICI Bank reported 24.7 percent rise in consolidated net profit at Rs 6,092 crore for September quarter 2021-22. The private sector lender had posted a net profit of Rs 4,882 crore in the same quarter of the previous fiscal year.

NTPC has floated a tender to procure 1 million tonnes of imported coal after a gap of more than two years amid the ongoing shortage of dry fuel at electricity generating projects across the country.

Bharat Petroleum Corporation board has approved the merger of the unit that operates the Bina oil refinery in Madhya Pradesh with itself.

Apollo Tyres is strengthening its product offering further in the Indian market, Apollo Tyres has introduced its European tyre brand Vredestein in the country to cater to premium cars and superbike segments. The home-grown tyre major is eyeing around 30 percent market share in the segment over the next two years.

Multi Commodity Exchange of India reported 44 percent decline in consolidated net profit at Rs 32.66 crore for the quarter ended September 2021.

Federal Bank reported a 50 per cent jump in its standalone profit after tax at Rs 460.26 crore in the quarter ended September 2021.

Tata Power has inked a pact with IIT Delhi to work together on clean energy and other projects that can be transformed from research and development level to pilot stage.

Tata Elxsi net profit increased 58.9 per cent to Rs 125.3 crore in September 2021 quarter.

PVR reported narrowing of its consolidated net loss to Rs 153.13 crore for the second quarter ended September 30, 2021. The company had posted a net loss of Rs 184.06 crore in the July-September quarter a year ago.

Major Earnings Today:

  • Tech Mahindra
  • Indus Towers
  • SRF
  • HDFC Assest Management Company
  • Coforge
  • Colgate Palmolive
  • Kansai Nerolac Paints
  • The Ramco Cements
  • Aditya Birla Sun Life AMC
  • Home First Finance Company India
  • CEAT
  • CSB Bank

What to expect today?

On Friday, NIFTY opened almost flat and then moved up to take resistance near 18,320. Then the index started falling and took support at the very important support of 18,050, and moved up to close at 18,115, down 63 points or 0.35%. 

BANK NIFTY opened the day at 40,213 and consolidated for a while. 40,150 acted as a good support and the index started bouncing back to create a new all-time high at 40,587. BANK NIFTY finally closed at 40,324, up 293 points or 0.73%. Basically, it was another day where NIFTY and all other sectors fell while BANKNIFTY moved up.

Only NIFTY REALTY(+2.56%) closed in the green. NIFTY METAL(-3.04%), NIFTY MEDIA(-2.24%), NIFTY PHARMA(-1.55%), NIFTY IT(-1.45%), NIFTY FMCG(-1.22%) and NIFTY AUTO(-1.07%) closed in the red. 

The European markets traded in the green on Friday. The U.S. markets were mixed, with Dow Jones in the green, Nasdaq and S&P 500 in the red. Dow made a good recovery towards the end.

The Asian markets are trading mixed currently. Japan’s NIKKEI is nearly 1% down. U.S. Futures and European Futures are trading absolutely flat, slightly in the red.

SGX NIFTY is trading slightly higher at 18,164 indicating a gap-up opening in NIFTY. 

Major supports for NIFTY are at 18,100, 18,040 and 18,000. We can expect resistances at 18,250, 18,320 and 18,400.

BANK NIFTY has support at 40,150, 40,000, 39,750 and 39,500. Resistances are at 40,500 and 41,000.

The highest call OI build up in NIFTY is at 19,000 followed by 18,200 and 18,500. The highest put OI build up is at 17,500, followed by 18,000 and 17,000.

BANK NIFTY has the highest call OI buildup at 40,500. The highest put OI build up is at 40,000.

VIX is now at 17.55.

Foreign Institutional Investors net sold shares worth Rs 2,698 crores. Domestic Institutional Investors net bought shares worth Rs 1,030 crores.

All eyes will be on RELIANCE and ICICIBANK today, after they announced their results over the weekend. 

As NIFTY has taken support just above 18,000 for the second consecutive day, we can expect consolidation for the coming days in the range of 18,000-18,500. I will be watching the immediate levels of 18,000 and 18,300 for a movement.

17,950 to 18,050 is a major support. There is a 20 days EMA also near 17,950. If this level is broken, the bearishness will continue or there will be a trend change in the market. Also, there is a channel in which NIFTY is trading now, as we discussed on TSMS on Friday. Closing below 18,000 means NIFTY moving out of the channel, which is also a sign of trend change.

In all the days of last week, NIFTY opened with a gap-up and then fell. If we see that today is a gap-up opening and NIFTY moving up, then we can say that the market has stabilised. Still, more companies including Kotak and Axis Bank are coming out with their Q2 results this week and that will surely cause more volatility. 

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