News Shots

Walmart may buy a stake in Tata’s  Super  App  for  up  to  $25 bn. The super app, scheduled to be launched in India in December or January, will bring together Tata’s various consumer businesses under one channel, offering healthcare, food and grocery ordering, insurance and financial services among others including fashion, lifestyle, electronics, over-the-top services, education and bill payments and so on.

Apple Inc’s top contract manufacturers Foxconn, Wistron and Pegatron plan to invest a total of almost $900 million in India over the next 5 years in wake of a new product-linked incentive plan. India’s new $6.65 billion production-linked incentive (PLI) scheme offers companies incentives on sales of locally manufactured smartphones.

Axis Bank said there was an uptick in the number of borrowers who opted for loan moratoriums after June.

Oil majors Rosneft and Saudi Aramco are unlikely to bid in the privatisation of Indian refiner Bharat Petroleum.

Future Enterprises reported a fresh default on interest payment of non-convertible debentures (NCDs)

PVR to consider raising funds via NCDs on Oct 5

Promoter to sell up to 1.65 crore shares (3.3% stake) in Sumitomo Chemical India via offer for sale at a floor price of Rs 270 per share aggregating to Rs 445 crore. Floor price is at a discount of 9.2% to the closing price as on Sep 29. OFS for non-retail investors on Sep 30, for retail investors on Oct 1. Promoter’s stake to come down from 78.3% to 75%. Offering done to comply with minimum public shareholding norms as per SEBI guidelines.

Mahendra Agarwal, Founder and Managing Director of Hyderabad-based Gati., resigned from the Boards of Gati, Gati-KWE, and Gati-Kausar.

Indiabull Ventures has raised Rs 441 crore by selling shares to a clutch of private equity investors.

Plutus Wealth Management lapped up 1,65,000 shares of GMM Pfaudler at Rs 3,528.75 per share from the open market.

The commissioning of state-owned miner NMDC’s Rs 21,000 crore three-million tonne capacity steel plant in Chhattisgarh, targeted this year, has been delayed due to COVID-19 and is now expected by July next year.

What to expect today?

As expected, NIFTY consolidated between 11,200 and 11,300. There were brief scary moments when 11,200 was broken but the market regained and closed strongly above 11,200. Click here for a detailed analysis of yesterday’s market and stock movements.

Bank Nifty was weaker than NIFTY. It gave a larger down movement and took support at 21,300 range.

NIFTY breaking 11,180 on the lower side and Bank Nifty breaking 21,300 on the lower side can be signals for further down movement in the market.

US Markets were slightly down yesterday. Asian markets are also mostly up. SGX NIFTY is currently trading at 11,291, which is 47.5 points higher, indicating a gap up to flat opening in the Indian Market.

NIFTY is likely to trade between 11,180 and 11,350 today. There is support at 11,250, 11,200 and 11,150 and resistance at 11,300 and 11,320.

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 1457 crores. They have sold more than Rs 10,000 crores in the last 5 days, which is definitely not a good sign.

US Futures are trading higher. Also, Asian markets opened positively after China Manufacturing and Services PMI came out better than expected. So, NIFTY can break 11,300 and move up today. But it is important to see if that will be sustained or the market goes down with profit booking. Get confirmation of that before you get into trades. All the best!