News Shots

Reliance Retail Ventures invested $200 million (about Rs 1,490 crore) in Dunzo for a 25.8% stake.

Titan witnessed strong demand across its consumer businesses in Q3 and clocked 36% growth over the festive quarter last year.

Ujjivan Small Finance Bank: Gross loan book rose 15% in Q3 to Rs 16,600 crore over the preceding quarter. Total deposits grew 10% QoQ to Rs 15,600 crore.

Hinduja Global Solutions declared a dividend of Rs 150 per share and bonus share in 1:1 proportion. It also increased the authorised share capital from Rs 27.65 crore shares to Rs 80 crore shares. Consequently, equity share capital increased from 2.75 crores to 7.98 crores of Rs 10 each.

Spring Ventures bought 5 million Zee Learn shares in a bulk deal.

NTPC has awarded a contract to Adani Enterprises for the supply of 1 MMT of imported coal to its various power plants.

What to expect? 

Yesterday, NIFTY opened with a huge gap-down following the US markets and continued the down-move. Though the index bounced back from 17,670, the bears pushed the price down again. The second half saw recovery but NIFTY faced resistance at day-high and closed at 17,746, down 179 points or 1%.

BANK NIFTY opened with a gap-down at 37,348 but was not as weak as NIFTY. The index gave a break-out from the range later in the day and crossed 37,500. BANK NIFTY eventually lost strength and closed the day at 37,490, down 206 points 0.55%.

Major sectoral indices closed in the red except NIFTY AUTO(+0.53%).

The US markets closed in the red. The European markets closed deep in the red reacting to global sell-off following FED Minutes.

The Asian markets moved up earlier in the day. The U.S. Futures are trading slightly in the green and the European futures are flat except for CAC futures that is deep in the red.

SGX NIFTY is trading at 17,845 indicating a gap-up opening in NIFTY.

Major supports for NIFTY are at 17,740, 17,700, 17,650, 17,600 and 17,550.There are resistances at 17,800, 17,820, 17,850, 17,950, 18,000 and 18,040.

BANK NIFTY has supports at 37,500, 37,300, 37,200, 37,000 and 36,900. Resistances are at 37,700, 37,800, 38,000, 38,350 and 38,500.

NIFTY has the largest call OI build-up at 17,800. The largest put OI build-up is at 17,500.

BANK NIFTY has the highest call OI build-up at 38,000 and the highest put OI build-up is at 37,000.

INDIA VIX went up further to 17.98.

Foreign Institutional Investors net sold shares worth Rs 1927 crores. Domestic Institutional Investors net bought shares worth Rs 801 crores. 

The gap-down yesterday was due to the negative sentiments created by the Fed Minutes hinting at an early interest rate hike. But NIFTY was able to reach day-high indicating strength. There is a gap to be filled and we can wait for a move above 17,800.

The FIIs turned net sellers yesterday owing to global negativity and we will have to see if they buy today. At the same time, the DIIs have not yet booked their profits to become net sellers. For no doubt, today is a crucial day for our market.

I will be closely watching 37,400 on the downside and 37,700 on the upside in BANK NIFTY. Reliance had moved down by more than 2% yesterday and the stock along with BANK NIFTY can decide the direction in NIFTY today. There is a high chance that the index may be range-bounded as there are strong supports and resistances on either side.

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