News Shots

HDFC will raise up to Rs 10,000 crore by issuing bonds on a private placement basis to augment its long-term capital.

Fitch Ratings has affirmed Bharti Airtel’s long-term foreign currency Issuer Default Rating (IDR) and senior unsecured rating at ‘BBB-‘. The outlook on the IDR is negative

Tarsons Products stock will make its market debut today. Tarson Products shares were trading at a premium of Rs 175-180 on Thursday, a 27 per cent premium over the upper end of IPO price band.

Country’s largest software exporter TCS said it has won a multi-year deal from metal and mining company South32.

The construction of the second airport in Mumbai is finally taking shape with the Adani Airport Holdings readying funding of up to Rs 15,000 crore from the State Bank of India for the proposed airport in Navi Mumbai.

TTK Prestige will buy 51 percent equity shareholding of Ultrafresh Modular Solutions Ltd for a cash consideration of Rs 30 crore.

What to expect today?

Yesterday, NIFTY opened flat at 17,422 and looked weak in the beginning. The index took a reversal at previous day’s low  and then started moving up steadily breaking all the resistances. Though there was intermittent profit booking, the index closed at 17,536, up 121 points or 0.70%.

BANK NIFTY opened with a gap-down at 37,367 and consolidated within a range of 400 points throughout the day. The index tried to break 37,500 towards the end but failed. BANK NIFTY closed at 37,365, down 77 points or 0.21%.

NIFTY REALTY(+2%), NIFTY MEDIA(+1.4%), NIFTY PHARMA(+1.2%) and NIFTY IT(+1%) closed in the green whereas other sectors consolidated.

The US markets remained closed yesterday. The European markets moved up.

The Asian markets fell heavily on COVID worries, with most of them down 1-2%. The U.S. Futures and the European Futures are trading deep in the red with the exception of CAC 40 futures.

SGX NIFTY is trading majorly down at 17,380 indicating a huge gap down opening in NIFTY. At 6.30 am, SGX NIFTY was at 17,550. It has been a steep fall so far.

Major supports for NIFTY are at 17,375, 17,325, 17,215 and 17,050. We can expect resistances at 17,550, 17,650, 17690 and 17,800.

BANK NIFTY has supports at 37,350, 37,000, 36,650 and 36,500. Resistances are at 37,500, 37,750, 37,900 and 38000.

The highest call OI build-up in NIFTY is at 18,000 and the highest put OI build-up is at 17,500 followed by 17,400.

BANK NIFTY has the highest call-OI build up at 37,500 and the largest put OI build-up is at 37,000.

INDIA VIX has cooled down to 16.7.

Foreign Institutional Investors net sold shares worth Rs 2300 crores. Domestic Institutional Investors net bought shares worth Rs 1368 crores. 

If not for Reliance and the positive sentiment created by its upmove, NIFTY would not have been able to close above 17,500. The stock was in a good demand zone from where it rallied more than 6%. I will keep an eye on Reliance today as well.

Despite the good upmove yesterday, FIIs have sold. It would be hard for the DIIs to keep supporting the market for long without the help of FIIs. The last time the Foreign Institutions continued to sell back to back was during the COVID fall and this is a major concern for the market.

All the Asian markets are down along with the futures of global indices as a new COVID variant emerges. It was reported that the scientists have little idea about the new variant and doubt it to be worse than the previous variants.

Japan’s service charge rose another 1% and the country noted for deflation seeing back to back price rises for the eighth time is not a good sign for the global economy which is already in the grip of inflation. Inflation along with the new COVID wave has set a  bearish tone and we will have to see how the US market reacts.

17,200 is to be watched in NIFTY as a strong support. 

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