News Shots

Reliance Industries is closing a deal to acquire REC Group, the largest solar panel manufacturer in Europe, for $1-1.2 billion from China National Chemical Corp. 

Bharat Forge said that reports on Tesla talks were incorrect.

Sunil Mittal of Bharti Airtel says it is time to raise tariffs.

Jindal Steel & Power’s board has approved a plan to raise up to $1 Billion(~Rs 7,400 crores) by selling bonds

Budget carrier Go Airlines has rebranded itself as Go First and received SEBI’s approval for an IPO worth Rs 3,600 crore. Watch the airline sector.

According to a report, 3,200 MW capacity at Tata Power’s Mundra plant and Adani Power’s 1,200 MW plant will be allowed to sell on the power exchanges for a month as electricity demand peaks.

Larsen & Toubro has completed the sale of its entire stake in L&T Uttaranchal Hydropower to ReNew Power Services.

What to expect today?

Yesterday, NIFTY moved up with high bullishness to touch never before levels of 16,950. You can read all about yesterday’s market movements here.

BANK NIFTY was even more bullish and touched nearly a 5-month high and closed at 36,350.

Financial stocks led the rally yesterday along with power in Metals.

The European markets closed slightly in the green. The S&P 500 and NASDAQ in the US markets moved up strongly and closed in the green. Dow Jones was weak.

Hurricane Ida has caused a slight slowdown in the U.S. market. Tech stocks have been rallying while Insurance, Power etc fell.

But still, Asian markets are mostly in the red. The European futures are in the green and US futures are almost flat.

SGX NIFTY is trading slightly lower at 16,928 indicating a flat opening in the Indian market. 

Nifty is expected to cool down a bit after yesterday’s rally. Reliance may show some news based volatility at opening time. Bank Nifty is also trying to give a technical breakout in the charts, closing with a strong green candle yesterday.

The immediate supports for NIFTY are at 16,880, 16,700 and 16,590. 

The 36,000 support exists for BANK NIFTY, and will be crucial today. It will be important to track whether the index can hold its gains from yesterday. The next support will be at 35,720. 36,500 and 36,800 will act as resistance for the index.

Foreign institutional investors (FIIs) net bought worth Rs 1202 crores, and domestic institutional investors (DIIs) also net bought shares worth Rs 689 crores in the Indian equity market. FIIs are looking to close the month with some buying.

There is a good call OI buildup now at 17,000. We can expect this level to act as a resistance for this weekly expiry. Put writers are more cautious and we can see the largest Put OI buildup is only at 16,800 followed by 16,700. 

Bank Nifty continues to show bullishness with the highest Call OI only at 37,000 for this week. Highest Put OI is at 36,000 level.

RELIANCE and HDFCBANK continue to silently give power to NIFTY. Even their 1-2% ‘small moves’ contribute more points to Nifty than some stocks moving 4-5%.

Follow us on marketfeed app’s livefeed section to get real-time updates from the market. All the best for the day!