News Shots

RBI has placed Lakshmi Vilas Bank under moratorium for a month till Dec 16. Deposit withdrawals capped at Rs 25,000. RBI has outlined a scheme to merge Lakshmi Vilas Bank’s operations with DBS Bank India, which will bring in additional capital of Rs 2,500 crore upfront, to support credit growth of the merged entity. DBS Bank India is a subsidiary of DBS Bank, Singapore.

Two overseas private equity players have bought stakes in cloud communication service provider Tanla Platforms from GSO Capital Partners, the hedge fund and credit investment arm of Blackstone group, via block deals.

DLF has been recognised as an index component of the Dow Jones Sustainability Indices in emerging markets category.

IIFL Securities to consider share buyback proposal on Nov. 20.

Reliance Jio has urged telecom regulator Trai to work out a mandatory schedule for periodic spectrum auctions to ensure that telecom operators do not have to wait long for radiowaves to meet their network requirements.

IRCTC has cancelled running of two Tejas Express trains due to low occupancy levels because of Covid-19 pandemic.

HDFC AMC reduced its shareholding in Tata Steel to 2.96 percent from 5.02 percent earlier.

Embassy Office Parks REIT acquired a 9.2 million square feet Embassy TechVillage in Bengaluru from the Embassy Group, Blackstone and other investors for Rs 9,782.4 crore.

IndusInd Bank has sold 2.4 million shares of Eveready Industries India.

What to expect today?

NIFTY fell after it opened with a gap up yesterday, as we had discussed. It took support at 12,800, moved back up and closed near 12,870. Click here for a detailed analysis of yesterday’s market and stock movements. 

Bank Nifty, crossed the resistance of 29,000 and closed near 29,200.

The Global Markets have cooled down, after the multiple vaccine news.

There has to be a major consolidation or minor correction before NIFTY moving up again. Otherwise, we will have to witness a huge fall later. Looking at the global markets, I don’t think NIFTY will be going further up now.

13,000 has very high Open Interest and should act as a strong resistance. It will be difficult for NIFTY to break 13,000.

Yesterday, Reliance also opened with a gap up thereby taking NIFTY also up, as we had discussed. But Reliance fell and closed in the red. NIFTY still managed to close with bullishness.

The European and the US markets are down. Asian markets are mixed. SGX NIFTY is trading at 12,883, which is 14 points lower, indicating a flat opening in the Indian Market. 

NIFTY is likely to trade between 12,760 and 13,000. 

12,800 and 12,760 are acting as good supports now. If they are broke, we might see a large down movement/correction in NIFTY.

Highest Call Open Interest at 13,000, followed by 13,500. Highest Put Open Interest at 12,000, followed by 11,500. 

Foreign institutional investors (FIIs) net bought shares worth Rs 4,905.35 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 3,829.16 crore.

Banks have been doing really good. The Lakshmi Vilas Bank moratorium might turn out to be a non event for the market. But, yes, stay away from Lakshmi Vilas Bank.

Sticking on it what I’ve been saying – I personally do not want to see NIFTY crossing 13,000 soon. That will be 1500 points in 2 weeks. Such kind of movement is never good. So let’s hope NIFTY takes a rest before moving wildly again. Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!