News Shots

US Markets are nearly 3% down after data showed a cooling of U.S. business activity and the uncertainty in Congress over more fiscal stimulus while the coronavirus pandemic remains unchecked.

India’s antitrust body will examine the online and offline aspects of the Reliance-Future Group deal – separately and together – to ascertain their effect on competition, according to an official.

Dr Reddy’s Laboratories has received USFDA’s nod for Cinacalcet Hydrochloride, a drug used to treat primary and secondary hyperparathyroidism.

Tech Mahindra has divested its stake in Altiostar Networks for $45 million (about Rs 331 crore) to Rakuten USA, Inc.

TCS and Yale University developed a secure, private off-grid networking platform using blockchain.

Housing Development Finance Corporation (HDFC) will raise up to Rs 5,000 crore by issuing bonds on a private placement basis.

A fire has been reported at ONGC’s plant in Surat in Gujarat

Promoter Tata Sons lapped up 22,10,425 shares of Tata Chemicals at Rs 287.58 per share, and 37,63,292 Tata Motors DVR at RS 59.83 each

Waybeo Technology Solutions said telecom giant Bharti Airtel has picked up 10 per cent stake in the company with focus on deep AI analytics for cloud telephony

Seven infrastructure majors, including Larsen and Toubro, Tata Projects, Afcons Infrastructure Limited, and IRCON International Limited are in the race for constructing the Mumbai- Ahmedabad High Speed Rail corridor.

IRCON International Limited has secured works of a total of 9 road overbridges (ROBs) valuing more than Rs 400 crore from the Ministry of Railways.

Coal India, the world’s largest miner, has finalised contracts for heavy earth moving equipment worth over Rs 5,900 crore to ramp up production

CreditAccess Grameen announced raising Rs 100 crore by issuing bonds on a private placement basis.

DLF said its CEO and whole-time director Mohit Gujral has expressed his desire to retire, which has been accepted by the board.

IIFL Securities has increased its stake in Trendlyne to 20.55 percent from 6.25 percent earlier.

What to expect today?

Our markets were heavily volatile yesterday. NIFTY, at a point, tested 11,000. This happened in spite of the global markets doing well the day before. Even the European markets performed well yesterday. This could easily summarise how bearish our market has become! NIFTY tried to move up back above 11,200 but couldn’t succeed. Click here for a detailed analysis of yesterday’s market and stock movements. 

NIFTY and Bank Nifty are all set to break their supports at 11,000 and 20,900 respectively. I understand that this is a difficult phase for investors. But these are times when you hedge your positions or make larger profits by short selling. Remember, Rakesh Jhunjhunwala and Radhakishan Damani made fortunes when the market fell in 1992.

Now we can a lot of reasons being cited for the fall. US political tensions, no progress in US stimulus, no COVID vaccine updates etc are among the reasons.

Horror show in the global markets. US Markets are down. Asian markets are down. SGX NIFTY is currently trading at 11,006, which is 127.5 points lower, indicating a huge gap down opening in the Indian Market. (When was the last time you remember seeing SGX Nifty trading over 100 points down!!)

The next support for NIFTY is 10,900-10,920. There is support at 11,000 and 10,980 as well. 

Highest Call Open Interest at 11,300, followed by 11,200. Highest Put Open Interest at 11,000, followed by 10,500. 

Foreign institutional investors (FIIs) net sold shares worth Rs 3,912.44 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 1,629.23 crore

Remember, exactly 6 months ago, on March 24, was when NIFTY hit the rock bottom of 7511. Since then the market has only been moving up, up and up. (Fun Fact – fundfolio was launched on March 23. That is, after our launch, the market has been on a continuous uptrend!)

Let’s brace ourselves. There might be bloodshed in the market today. We might feel like our holdings are going into a coma from which a comeback will be difficult. But the plan should be to trust your studies, strategies, and processes. Patience is the key to win in the market. And to traders, short to your heart’s delight. All the best for today!

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