News Shots

National Investment and Infrastructure Fund (NIIF) is in advanced negotiations with Larsen and Toubro (L&T) to invest up to Rs 4,000 crore in Hyderabad Metro.

Rakesh Jhunhunwala has picked up 1.59 percent stake in Canara Bank worth Rs 407 crore according to Tuesday’s closing price.

Wipro will open a new delivery centre in Sherwood, Arkansas, and expects to hire up to 400 people in the next two years in the US state.

HDFC Bank has divested more than 2 percent stake in Central Depository Services (India) Ltd (CDSL) in tranches during June-August this year, garnering nearly Rs 223 crore from the sale.

Power Finance Corporation has signed a pact with NHPC Ltd to lend funds for the development of hydro projects. NHPC is engaged in the development of hydropower in India and has also diversified into solar and wind power.

Bank of India to raise Rs 3,000 crore equity capital through a qualified institutional placement (QIP) offer to fuel business growth and meet regulatory compliance.

A 100 percent subsidiary of Tata Power, Tata Power Renewable Energy Limited (TPREL), has announced commissioning of a 150 MW Solar Power project in Village Loharki, Rajasthan.

What to expect today?

Yesterday, we saw NIFTY opening with a gap-up near 16,600, and then fall to take support at 16,500. After that NIFTY moved up throughout the day to test 16,650 and close below it. You can read all about yesterday’s market movements here.

BANK NIFTY was the star of the day where it moved up with strength to break the resistance at 35,500, test the one at 35,800 and close 1.67% up at 35,712.

NIFTY IT and NIFTY FMCG were the only indices to perform badly yesterday. All other indices led by BANKS and METALS rallied.

The European markets fell for most parts of the day and recovered towards the end to close slightly in the green. The US markets were trading with a slight positive bias for most parts of the day and moved down a bit towards the end to still close in the green.

Asian markets are also mixed and no large movements are seen. The European and US futures are slightly in the red.

SGX NIFTY is trading higher at 16,660 indicating a gap up opening in the Indian market. 

The immediate supports for NIFTY are at 16,590 and 16,500. There will be strong resistance at the all time high of 16,700.

BANK NIFTY has broken out with the help of HDFC BANK. The 35,500 support exists for BANK NIFTY. 35,800 and 36,000 will act as immediate resistances for the index. 

Foreign institutional investors (FIIs) net sold worth Rs 1,644 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 2,380 crores in the Indian equity market. It’s incredible to see DIIs buying at such large values even when NIFTY is near all time high.

In NIFTY, the largest put OI buildup is at 16,500 and 16,400. The largest call OI buildup is almost equal at 16,700, 16,800 and 17,000. The was call unwinding and huge put writing in the market yesterday.

In BANK NIFTY, the largest call OI buildup is at 36,000 and largest put OI buildup is at 35,000. 

Yesterday, HDFCBANK powered the market. The stock can be watched near its resistance zone 1560.

Let’s see how the market moves after the gap up opening. Yesterday, the market moved up as we expected. There is a large consolidation mood globally today.

The upper level I will be watching in NIFTY is 16,700 and lower level is 16,590. 

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