News Shots

Bloodbath in the global markets, because of exponentially increasing COVID cases in Europe, lockdown in Spain and US economic stimulus getting delayed indefinitely.

Amazon had challenged the Reliance-Future Group Deal in a Singapore Arbitration Court and thus, the deal was ordered to put on hold. Future Retail gave clarity on this yesterday by saying “will proceed unhindered without any delay as the company is not a party to the agreement under which Amazon moved the Singapore International Arbitration Centre (SIAC) and that its recent ruling is not enforceable in India.”

NTPC to consider share buyback on November 2.

SBI has raised Rs 5,000 crore by issuing Basel-III compliant bonds.

Kotak Mahindra Bank Q2 net profit jumps 27% to Rs 2184 crores, beats analysts expectations.

Engines and power equipment manufacturer Cummins India has successfully completed BS-IV emission standard certification tests for its wheel equipment at the International Centre for Automotive Technology (ICAT).

Tyre manufacturer Balkrishna Industries that sells under the BKT brand expects its domestic market share to double in the next couple of years to over 12 per cent.

Hulst B V, the promoter of IT firm Coforge, sold 38 lakh shares of the company for more than Rs 878 crore. The company was earlier known as NIIT Technologies.

AU Small Finance Bank reported customer spending is getting back to pre-Covid levels and its festive season offer has witnessed 23 per cent rise in per day debit card spends.

Torrent Pharmaceuticals reported a 27.04 per cent rise in consolidated net profit to Rs 310 crore for the quarter ended September, mainly on account of robust sales in India and reduction in expenses.

Mahindra and Mahindra Financial Services reported a 34 per cent jump in consolidated net profit at Rs 353 crore for the second quarter ended September of this fiscal.

Some Major Q2 Results Announcements Today:

  • Bharti Airtel
  • Tata Motors
  • Amara Raja Batteries
  • Ceat
  • Castrol
  • ICICI Prudential Life Insurance
  • VST Industries

What to expect today?

Yesterday NIFTY fell heavily because of the fall in Reliance, fall in the auto sector and the fall in European markets due to lockdown in Spain. Click here for a detailed analysis of yesterday’s market and stock movements. 

Bank Nifty, also fell heavily with NIFTY. It has gone below 24,000 again. There seems to be support at 23,800-24,000.

NIFTY has established 12,000 as a strong resistance. The support at 11,800 was broken yesterday. Next strong support is at 11,550-11,600.

To be honest, a short covering rally was expected in Reliance this week. But the whole arbitration case by Amazon went against Reliance yesterday which led to its 4% fall yesterday. But now Future Group has come out saying it is not a big issue and the deal could be closed very soon. All said, Reliance needs to be watched closely. 

Global markets are bleeding because of the increasing COVID cases, lockdown announcements in multiple countries and no stimulus updates in the US. Things do not look good in the short term.

US Markets have closed in deep red, down by more than 2%. Europe is down 3%. Asian markets are not as deeply in the red as their Western counterparts. SGX NIFTY is trading at 11,814, which is 39.5 points higher, indicating a flat to gap up opening in the Indian Market.

NIFTY is likely to trade between 11,660 and 11,900. There is support at 11,780, 11,750 and 11,700 and resistance at 11,820 and 11,850.

Highest Call Open Interest at 12,500, followed by 12,000. Highest Put Open Interest at 11,000, followed by 11,500.

Foreign institutional investors (FIIs) net sold shares worth Rs 119.42 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 979.16 crore.

Local cues are absolutely good with great results pouring in. But all is gloomy in the global scenario. Take some time to understand the trend today and then only enter into trades. All the best for the day!