News Shots

Invesco Developing Markets Fund along with OFI Global China Fund have moved the National Company Law Tribunal against media major ZEEL for not calling an EGM of the company.

The State-owned power company NTPC has got shareholders’ approval to raise up to Rs 18,000 crore through the issuance of bonds or debentures.

Coal India will augment fuel supply to power utilities of the country to rein in the lowering coal stocks and build them up to adequate levels. The development assumes significance in the wake of power plants across the country grappling with coal shortages.

The promoter Standard Life Investments divested a 5 percent stake in HDFC Asset Management Company for a little over Rs 3,060 crore through the open market transaction.

IndusInd Bank has acquired a 4.79 percent stake in embattled tea plantation firm McLeod Russel India by invoking 50 lakh pledged shares of the company.

Persistent Systems’ US subsidiary will acquire North Carolina-based Software Corporation International (SCI) and its affiliate, Fusion360 for $53 million- a move that will bolster its expertise in serving banking, financial services, and insurance (BFSI) clients.

The Kolkata-based FMCG major Emami has embarked on various distribution initiatives and rural expansion drive to boost growth in the current fiscal.

Birla Corporation said it is aiming to almost double its cement manufacturing capacity to 30 million tons per annum in the next five years by 2027.

Piramal Enterprises has completed the acquisition of Dewan Housing Finance (DHFL) by paying Rs 34,250 crore to creditors of the troubled housing finance company.

AU Small Finance Bank has inked an MoU with NABARD for rural development initiatives in Rajasthan for benefit of farmers, farmer producer organizations, self help groups, joint liability groups, rural artisans, agri-preneurs, agri start-ups among others.

SpiceJet has joined hands with the online travel platform EaseMyTrip for holiday bookings.

What to expect today?

Yesterday, NIFTY opened with a gap down, consolidated for the most part and then moved up towards the last to close above 17,700. You can read all about yesterday’s market movements here.

BANK NIFTY was more bullish throughout the day as SBI moved up strongly and closed just below 37,800.

Only NIFTY PSU BANK(+2.7%), NIFTY METAL(+2.3%), NIFTY PHARMA(+1.6%) and NIFTY REALTY(+1.1%) closed in the green. Most other indices closed with consolidation.

The global markets also consolidated yesterday. The European markets all closed nearly 1% up. The U.S. markets closed almost flat! 

Most of the Asian markets are trading slightly in the green. Chin’s factory activity data has come out to be positive. The European futures and the U.S. futures are trading in the green and indicating more recovery.

SGX NIFTY is trading lower indicating a small gap down opening in the Indian market.

Supports for NIFTY are at 17,680, 17,600-17,580 and 17,500. 17,700, 17,740 and 17,800 can act as resistances for the index.

The supports for BANK NIFTY are at 37,500 and 37,000. Resistances exist at 38,000 and 38,350.

Foreign institutional investors (FIIs) net sold worth Rs 1896 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 3262 crores in the Indian market. 

The largest call OI buildup continues to be at 18,000 followed by 17,900. Also, the largest put OI buildup in NIFTY is at 17,600 followed by 17,500 and the below strikes.

BANK NIFTY has the highest call OI buildup at 38,000. 37,000 and 37,500 have the highest put OI buildups.

VIX has now shot up to nearly 19 and thus indicates more volatility in the market. We have to be extra cautious as today is both weekly and monthly expiry.

As I said in the show yesterday, watching 17,600 on the lower level. I will sell call options aggressively if that is broken. Also, watching 17,780-17,800 on the upper side. Will sell put options aggressively if that is broken.

It is buy-on-dips market. We are seeing buying kicking in after a fall. Most of the heavy weight stocks did not move up yesterday. So watching them closely today. If they move up, NIFTY and BANK NIFTY will also easily move up.

Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!