News Shots

“Patrolling patterns are traditional and well-defined. No force on earth can stop our soldiers from patrolling”, said Defence Minister Rajnath Singh in response to the questions that the Chinese troops were blocking the Indian Army patrols along the disputed boundary in eastern Ladakh. The border tensions with China are still on.

Foreign funds could pump in about $800 million into Indian stocks with global index services provider FTSE adding more stocks or increasing weightages of existing ones as part of the rebalancing of its Global Equity Index Asia Pacific. ICICI Bank, TATA Consumer, Adani Green, Indraprastha Gas, PI Industries etc are the major stocks that could benefit.

US based Rosen Law Firm has filed a class action lawsuit against private lender HDFC Bank, alleging that the senior management engaged in reckless acts and caused damages to several investors who relied upon alleged misleading statements.

The government has permitted foreign direct investment (FDI) of up to 74 percent under automatic route in the defence sector. Defence stocks will be in focus.

Faced with regulatory heat on its controversial plan, Vodafone Idea Ltd (VIL) has dropped faster data speed claims, which formed a prominent part of its pay-more-for-priority-treatment offering, and has filed a revised plan with Trai.

Sterling and Wilson Solar has won a 106.71 MW solar project in Chile, its fifth in Latin America, worth $62.6 million (about Rs 462 crore)

Hindustan Zinc proposes to raise up to Rs 4,000 crore via debentures.

Hospitality major EIH, which runs hotels and resorts under the Oberoi brand, said its rights issue committee has approved raising of up to Rs 350 crore.

Hindalco has signed a Memorandum of Understanding (MoU) for the long-term purchase and sale of copper concentrate, produced by the state-owned, Hindustan Copper

The TVS Motor Company announced its new distribution partnership with Autotecnica Colombiana SAS (Auteco SAS), a leading assembler of motorcycles in Colombia.

The Central Public Works Department (CPWD) had invited bids to build a new Parliament complex and Tata Projects Ltd submitted a bid for Rs 861.90 crore and was allotted the construction contract as Larsen and Toubro Ltd had submitted a bid of Rs 865.00 crore. Tata projects Ltd is a subsidiary of Tata Sons, the holding company of the Tata Group. 

Engineering firm JMC Projects reported that it has bagged orders worth Rs 1,342 crore in the domestic and international markets.

What to expect today?

Yesterday, exactly as we said, the market moved up after opening with a negative gap. Later, it went down, consolidated and closed near 11,520. We had discussed 11,560 – 11,600 being a strong resistance for NIFTY and that is being tested for multiple days now. Click here for a detailed analysis of yesterday’s market and stock movements. 

There is huge consolidation in the market now. NIFTY is consolidating between 11,200 and 11,800. Bank Nifty is consolidating between 22,100 and 22,700. A short covering rally can be expected anytime soon, given there aren’t many large cues pinning down the markets.

Bank Nifty is trying to recover with yet another failed attempt yesterday. 22,700-22,800 is a resistance. If that is broken, we may get a rally in both Bank Nifty and NIFTY. 

US Markets are down again. Asian markets are mostly up. SGX NIFTY is currently trading at 11,541, which is 13 points higher, indicating a flat to gap up opening in the Indian Market. 

NIFTY is likely to trade between 11,500 and 11,650 today. There is support at 11,550 and 11,520 and resistance at 11,600 and 11,630. 11,560 is a strong resistance for NIFTY.

Highest Call Open Interest at 12,000, followed by 11,600. Highest Put Open Interest at 11,500, followed by 11,000. 

Foreign institutional investors (FIIs) net sold shares worth Rs 249.82 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 1,067.83 crore

We will definitely see resistances being tested today. If they are broken, catch the breakouts for realizing profits. Wish you all a profitable day!