News Shots

Vedanta Resources raised the open offer price for buying shares in its flagship Indian firm to Rs 235 per share, nearly 4 per cent higher than the current trading price.

Magma Fincorp to sell its shareholding in its insurance arm Magma HDI by selling stake to ICICI Venture, Morgan Stanley, Poonawalla Group and other entities in a Rs 525 crore-deal.

Realty firm Godrej Properties said it has raised Rs 3,750 crore through sale of shares to institutional investors to expand its business and support future growth.

RBI has imposed a penalty of Rs 2 crore on State Bank of India (SBI) for breaking rules, including specific directions on remuneration to its employees in the form of commission.

BPCL is aiming big to expand its footprint in clean fuel space and looking to set up an infrastructure to tap the growing market for electric and gas-based mobility, an official said on Tuesday.BK Birla Group company,

Kesoram Industries Ltd said that it has completed raising close to Rs 2,063 crore through NCDs and OCDs to a private placement. Completed debt restructuring, paid off bank loan. The distressed company had sold ‘junk bonds’ yielding 21%.

OFS for non-retail investors gets 2.2x subscribed for Tata Communications. The OFS opens for retail investors today. The government will exercise the greenshoe option to sell another 6% of the total equity.

BEML has received $23 million(Rs 165 crore) worth export orders from Cameroon and Bangladesh for supply of construction equipment.

Dalmia Bharat Sugar launched Sulphur free White Crystal Sugar and Natural Brown Sugar under the consumer brand Dalmia Utsav.

What to expect today?

Yesterday, NIFTY opened with a small gap up around 15,000 and tried to move up. It took resistance at 15,050 and fell till 14,890. The close was at 14,910. You can read all about Friday’s movements here.

Bank Nifty, which was more bearish, fell by breaking the support at 35,000. Bank Nifty took support at the ever important level of 34,700.

FMCG and IT sector stocks did well yesterday. Banks, both private and PSU, did not do well.

There isn’t much power in the European and US markets ahead of the Fed rates announcement. There is consolidation with a negative bias in the US. All eyes are on the Fed policy and rates announcement now.

Asian markets were expected to open negatively. We can see that the Asian markets are mixed now. SGX Nifty is currently trading higher at 14,995 indicating a flat to gap-up opening in the Indian market. 

Moving up, NIFTY has resistances at 15,000, 15,070, 15,100, 15,170, 15,260, 15,340 etc. NIFTY has strong supports at 14,950, 14,900 etc

NIFTY is taking good support at 14,500-14,750 levels. Bank Nifty is taking good support at 34,500-35,000 levels. The market is consolidating for a long time above these levels. So, if these are broken, we will have to be extra careful.

Last week completely, we saw the market opening with a gap up and then falling throughout the day. That happened yesterday also.

India VIX has further gone down to 20.19 which means volatility is less in the market.

Foreign institutional investors (FIIs) net bought worth Rs 1692 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 1168 crores in the Indian equity market. 

There is good call option OI buildups at 15,300 and above with the highest buildup at 16,000. Put option buildups are at 14,500 and below. There is also a good put buildup at 15,000!

This is going to be a decisive week with the US Federal Reserve meet announcement coming in today. The Central banks of England and Japan will also announce their rates and policies this week.

There is an air of consolidation in the market but we know consolidation is the precursor of a large upcoming move. So, be prepared for that.

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