News Shots

Reliance Industries has incorporated a new subsidiary in the UAE for trading in crude oil, petroleum products and agricultural commodities.

NTPC has drawn a Rs 15,000 crore divestment plan which includes a listing of its arms NTPC Renewable Energy, North Eastern Electric Power Corporation and NTPC Vidyut Vyapar Nigam.

Coal India’s coal production registered a marginal rise to 40.7 million tonnes in September. The development assumes significance in the wake of country’s power plants grappling with coal shortages.

Tech Mahindra will acquire IT consultancy service provider Beris Consulting Gmbh for 7 million euros or about Rs 60 crore through its German subsidiary.

Avenue Supermarts, the owner and operator of retail chain D-Mart, has reported a 46.6 percent increase in its standalone revenue from operations at Rs 7,649.64 crore for the second quarter ended September 2021.

BSE is ready with its technology to introduce electronic gold receipts (EGRs) on its platform, which will help in creating a uniform price structure of the yellow metal across the country.

Jammu and Kashmir Bank has received shareholders’ nod to raise up to Rs 2,000 crore through equity and debt to fund its business.

Ceat is increasing its stake in Tyresnmore Online, a digital platform for purchasing tyres and fitting services, to 46 percent with a further investment of Rs 1.4 crore.

The leading exchange for power Indian Energy Exchange recorded a 59 per cent year-on-year jump in the total traded electricity volumes to 8,997 million units (MU) in September. The IEX traded 8,997 MU electricity volume and achieved a 59 per cent year-on-year growth in September 2021.

What to expect today?

Friday, NIFTY opened with a gap down, moved down till 17,450 to take support and then traded within the range of 17,450 and 17,550 throughout the day. You can read all about Friday’s market movements here.

BANK NIFTY also fell at the start and even went below 37,000 for a brief period but recovered well and closed at 37,225.

Only NIFTY REALTY(-1.51%) gave a more than 1% move to either side. All other indices closed with consolidation.

The western markets started moving up on Friday sending a positive signal to us for this week. The European markets opened gap down and moved up throughout the day but still ended in the red. The U.S. markets all closed well in the green, indicating strength.

The Asian markets are not as up as expected as trading of Evergrande was suspended in China and thus Hong Kong is down by more than 2%. Most of the Asian markets are trading in the red. The European futures and the U.S. futures are also trading slightly in the red now.

SGX NIFTY is trading a bit higher at 17,565 indicating a gap up to a flat opening in the Indian market. SGX NIFTY was trading well above 17,600 over the weekend and even at today’s opening.

Supports for NIFTY are at 17,515, 17,450 and 17,380. 17,560, 17,590, 17,630 and 17,740 can act as resistances for the index.

The supports for BANK NIFTY are at 37,000 and 36,880 and 36,500. Resistances exist at 37,500, 37,800 and 38,000.

The highest call OI buildups in NIFTY are at 17,700 and 18,000. The highest put OI buildups in NIFTY are 17,500 and 17,400. The PCR is 0.7, indicating not much strength.

The highest call OI buildup in BANK NIFTY is at 38,000 and the highest put OI buildup is at 37,000. The PCR is 0.7, indicating not much strength.

Foreign institutional investors (FIIs) net bought worth Rs 131 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 613 crores in the Indian market. 

This is major and should be observed well today also because FIIs have been selling heavily for many days now and that steak has been broken on Friday. Let’s see if that was a one-off buying on Friday or an actual change in their behavior.

VIX has crashed a bit to 17 levels. An eye will be on VIX as it surged from 13 to 19 in the last week.

After the almost flat opening, let’s see if 17,500 is crossed or 17,600 is crossed. That can set the tone for the rest of the week. The global cues till yesterday indicated positivity and recovery in the market. That will happen eventually.

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