News Shots

The Interest on Interest case has been postponed to next Monday. RBI Policy announcement has been postponed indefinitely.

Airtel has come closer to challenging Reliance Jio which continues to reign supreme on 4G availability and 4G coverage experience in India

Coal India has invited global bids for setting up a coal to methanol plant. Dankuni Coal Complex (DCC) in West Bengal, currently run by its subsidiary South Eastern Coalfields Ltd, is identified as the project site for the proposed plant

With the upcoming festive season, the country’s largest lender State Bank of India announced a slew of festive offers for its retail borrowers including 100 per cent waiver of processing fee for all customers applying for car, gold, and personal loans through Yono. Meanwhile, SBI has shut down six floors in corporate headquarters on Sept. 25 after detection of a few Covid-19 cases.

Infosys and process mining player Minit have signed an agreement to deliver digital solutions.

India Grid Trust has completed the acquisition of 74 percent in Jhajjar KT Transco (JKTPL) from Kalpataru Power Transmission and Techno Electric & Engineering Company.

Promoter Max Ventures Investment Holdings sold a total of 60,33,000 shares of Max Financial Services. Max Ventures held 28.15 per cent stake in the company at the end of June, and has sold 20,80,000 shares and 61,00,000 shares in the company earlier in September and August respectively.

Max Ventures Investment Holdings, a promoter of Max Healthcare Institute, sold shares worth nearly Rs 182 cr on Monday through an open market transaction.

Hotel and restaurant associations said they have been given ‘in principle’ approval by Maharashtra chief minister Uddhav Thackeray to reopen restaurants and bars in the state from the first week of October. Focus on Jubilant Foodworks, Westlife Development, Specialty Restaurants etc

Fraudulent transactions worth Rs 12,705.53 crore took place at debt-ridden mortgage firm DHFL during FY17 to FY19, according to transaction auditor Grant Thornton.

Symphony has launched universal packaged air-coolers for industrial and commercial applications.

What to expect today?

NIFTY has regained over 400 points in 4 days! Yesterday was another strong day for the market. NIFTY closed above its strong resistance of 11,200. Click here for a detailed analysis of yesterday’s market and stock movements. 

As the interest on interest case and RBI policy have been postponed, the market can either consolidate or move up further without much worries.

Global markets are doing better again. US Markets were up by nearly 1.5% yesterday. Asian markets are also mostly up. SGX NIFTY is currently trading at 11,258, which is 11 points higher, indicating a gap up to flat opening in the Indian Market. 

NIFTY is likely to trade between 11,100 and 11,300 today. There is support at 11,200 and 11,150 and resistance at 11,250 and 11,300. 

11,300 will be the next strong resistance for NIFTY. 50 DMA is also present at that level. Let’s see if NIFTY is able to break that level today.

Highest Call Open Interest at 11,500, followed by 12,000. Highest Put Open Interest at 10,500, followed by 11,000. 

Foreign institutional investors (FIIs) net sold shares worth Rs 26.98 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 542.34 crore in the Indian equity market. It is good to see that the DIIs are supporting the market.

10,770 – 11,300 should act as a consolidation range for NIFTY. Breakout or breakdown from this level will be important.

The October series has opened with volatility. At the same time India VIX has fallen. The moratorium case and RBI policy can be the market movers in this series. Given that the last 2 days were purely positive, wait for trend confirmation today before getting into trades. All the best!