News Shots

Tata Chemicals is looking to sell its soda ash business in the U.S for $1 Billion(~Rs 7,500 crores) or more.

Bharti Airtel’s rights issue of nearly Rs 21,000 crore was closed for subscription yesterday with a subscription of 1.44 times.

Reliance Industries’ proposal to appoint Aramco Chairman as independent director gets shareholder approval.

KEC International has secured new orders of Rs 1,829 crore across its various businesses.

lnduslnd Bank is set to raise up to Rs 2,800 crore via issuance of unsecured debentures on a private placement basis.

Vedanta’s Board approved the appointment of Ajay Goel as acting Chief Financial Officer(CFO) of the company with effect from October 23.

JSW Steel posted an over four-fold jump in its consolidated net profit to Rs 7,179 crore for Q2 driven by higher income. It had reported Rs 1,595 crore net profit in Q2 last year.

TVS Motors posted a 29.19% increase in consolidated net profit at Rs 234.37 crore for the second quarter ended September.

Indiamart reported an 18% increase YoY in its consolidated net profit to Rs 82 crore in Q2.

Indian Energy Exchange posted a nearly 75% YoY jump in consolidated net profit at Rs 77.38 crore for the September quarter, again on the back of higher revenues.

LIC Housing Finance reported a 68.66% fall in its net profit at Rs 247.86 crore for Q2 with higher provisioning for non-performing loans.

Major Earnings Today:

  • Reliance Industries
  • HDFC Life
  • Hindustan Zinc
  • Gland Pharma
  • Apollo Pipes
  • Federal Bank
  • Yes Bank
  • Crompton Greaves
  • Dodla Dairy
  • Huhtamaki India
  • Inox Leisure
  • Jubilant Pharmova
  • Mahindra Holidays & Resorts India
  • Polycab India
  • ABB Power Products
  • PVR
  • Steel Strips Wheels
  • Tata Consumer Products
  • Tata Elxsi

What to expect today?

Yesterday was a crazy day for the markets. NIFTY opened with a gap-up and saw profit booking with supports once again being broken. The support level at 18,050 was respected and power from Banks pushed NIFTY to close at 18,178, down 88 points or 0.48%. You can read all about yesterday’s market movements here.

BANK NIFTY was in a mood to consolidate and traded above the previous day’s low. But heavy buying in the last hour took the index from day-low to all-time highs, closing at 40,030, 1.3% up.

NIFTY PSU BANK(+2.7%), NIFTY BANK(+1.3%) and FIN NIFTY(+1.2%) closed strongly in the green. NIFTY IT(-2.5%), NIFTY METAL(-1.7%) and NIFTY REALTY(-1.4%) closed in the red.

The European markets traded in the red yesterday. The U.S. markets were in red for most of the day, but moved up sharply towards closing time. S&P 500 closed at record highs with NASDAQ slightly in the green.

The Asian markets are mostly in the green. U.S. Futures are trading slightly in the green and European Futures are also in the green.

SGX NIFTY is trading higher at 18,266, indicating a gap-up opening in NIFTY. 

Major supports for NIFTY are at 18,100, 18040 and 18000. We can expect resistances at 18250, 18,320 and 18400.

BANK NIFTY has support at 40000, 39750 and 39,500. Resistances are at 40,100 , 40,500 and 41,000.

The highest call OI build up in NIFTY is at 18,500, followed by 18,200. Put options saw unwinding yesterday due to the fall. The highest put OI build up is at 18,000.

BANK NIFTY has the highest call OI buildup at 40,000. Put OI build up increased at 39,500.

VIX is now at 18.04

Foreign Institutional Investors net sold shares worth Rs 2818.9 crores. Domestic Institutional Investors net bought shares worth Rs 428 crores.

We witnessed a falling NIFTY and a flying BANK NIFTY yesterday. Day candle pattern shows weakness in NIFTY. But 18040 is a very good support level to watch and this was respected. BANK NIFTY has set the trend for a larger rally and looks like it will be outperforming NIFTY in the coming days.

We can expect NIFTY to consolidate between 18,000 and 18,600 for the coming days. I will be watching Banks and IT stocks closely today to see if they continue their bullish and bearish trend or show reversals. 

Also keep an eye on Reliance and other stocks which are publishing their results today as this may create volatility in the index.

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