News Shots

The government will sell up to 16.12% stake in Tata Communications through an Offer for Sale starting today at the floor price of Rs 1,161 per equity share.

Adani Ports will partner with John Keells Holdings PLC and Sri Lankan Port Authority to develop the West Container Terminal (WCT) at the Colombo port in Sri Lanka.

The government is not considering any proposal to bifurcate state-owned gas utility GAIL (India) Ltd, and the company is focused on building pipelines to connect gas sources to consumers to accelerate gas usage in the country.

Alkem Laboratories has launched a generic anti-epileptic drug in India to make treatment more cheap and available. The drug has been launched under the brand name ‘Brivasure’.

AU Small Finance Bank has raised Rs 625.5 crore through its QIP issue. It has allotted 50 lakh equity shares to eligible buyers at an issue price of Rs 1,251 per share.

Godrej Properties approved closure of its QIP issue. The issue price of Rs 1,450/share is a 4.19% discount to the floor price of the QIP.

Max Healthcare Institute has acquired 42.8% stake of Saket City Hospitals from Kayak Investments for $64 million. Max Healthcare earlier held 58.2% stake in SCHL and now owns the entire 100% stake.

NIIT USA, a wholly-owned subsidiary of NIIT, has signed a Managed Services agreement with a US based financial services organization.

Radhakishan Damani sold 6.50 lakh shares (4.21%) of VST Industries at Rs 3,465 per share.

What to expect today?

Yesterday, NIFTY opened with a small gap up above 15,000 and then fell more than 250 points. NIFTY took support at 14,750, bounced back and closed above 14,900. You can read all about Friday’s movements here.

Bank Nifty also fell heavily before recovering. Bank Nifty broke the long time important support at 34,700-35,000.

Metal and IT sector stocks did well yesterday. Pharma and Auto did not do well.

Despite the falling Indian and European markets, the US market closed strongly in the green. The treasury bond yield has stabilised and come down by 2 basis points. All eyes are on the Fed policy and rates announcement now.

We can see positivity in Asian markets after the US markets closing strongly. US and European Futures are up. SGX Nifty is currently trading higher at 14,996 indicating a gap-up opening in the Indian market. 

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

Our markets are consolidating for a long time. We haven’t seen such consolidation for a long time in NIFTY and Bank Nifty.

NIFTY is taking good support at 14,500-14,750 levels. Bank Nifty is taking good support at 34,500-35,000 levels.

Last week completely, we saw the market opening with a gap up and then falling throughout the day. Keep that in mind while trading today.

India VIX has further gone down to 21.2 which means volatility is less in the market.

Foreign institutional investors (FIIs) net sold worth Rs 1101 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 749 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.

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

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