News Shots

The Reserve Bank gave license to the Rs 6,000 crore National Asset Reconstruction Company Ltd (NARCL), a move that will help kickstart operations of the bad bank. 

Adani Ports, which is rapidly expanding its network on the east coast, is set to enter the maritime sector in West Bengal as it emerged as the top bidder for operating a berth at Haldia Dock Complex.

JSW Energy has signed a contract with Senvion India, a leading manufacturer of wind turbines, for procurement of 591 MW of onshore wind turbines for the company’s under-construction pipeline of renewable energy projects.

French insurance firm Axa SA, to sell around 175 crore equity shares of ICICI Lombard General Insurance via block deal on Tuesday.

Info Edge (India) has invested an additional Rs 15 crore, through its wholly-owned subsidiary, in 4B Networks.

The domestic tyre maker CEAT announced it has completed the acquisition of 26 percent stake in Cleanwin Energy, for which it had signed a pact with Yellowstone Clean Energy LLP last month.

Max Healthcare Institute to invest around Rs 1,600 crore to expand its capacity in the national capital region by adding around 1,000 beds in Gurugram, Haryana.

PVR has partnered with e-sports company NODWIN Gaming and launched the country’s first in-cinema e-sports live tournaments.

Following the steep 62 percent hike in prices of domestically produced gas announced by the Centre last week, Mahanagar Gas increased the retail price of compressed natural gas (CNG) and piped natural gas (PNG) by Rs 2 each with immediate effect.

The domestic telecom gear maker HFCL has bagged an order of Rs 286.96 crore from RailTel Corporation for setting up a data communication network for the defense forces.

What to expect today?

Yesterday, NIFTY opened with a gap up above 17,600 and moved up till 17,750 where it took resistance. NIFTY consolidated around 17,700 and closed just below it. You can read all about yesterday’s market movements here.

BANK NIFTY also rallied at the start and then consolidated to close 0.95% up at 37,579.

NIFTY PSU BANK(+2.1%), NIFTY METAL(+3%), NIFTY REALTY(+2.1%) and NIFTY MEDIA(+2.6%) all moved more than 2% up. All sectoral indices closed in the green.

The western markets fell heavily yesterday. The European markets tried to move up but fell heavily towards the close as US started falling. The U.S. markets all closed well in the red, down 1-2%

The fall in the US is attributed to the sudden surge in crude oil prices which has reached a multi year high now, which makes people worry about inflation, interest rate hikes and tapering.

As you all experienced yesterday, Facebook and its allies Instagram and WhatsApp stopped working and thus Facebook and other technology companies fell in the market. NASDAQ is down more than 2%.

Most of the Asian markets are trading in the red, down more than 1%. Japan is trading at a one-month low. The European futures and the U.S. futures are trading almost flat.

SGX NIFTY is trading lower at 17,603 indicating a gap down opening in the Indian market. It was at 17,530 just after it opened. There is recovery happening in the Asian markets.

Supports for NIFTY are at 17,560, 17,515, 17,450 and 17,380. 17,590, 17,630 and 17,740 can act as resistances for the index.

The supports for BANK NIFTY are at 37,000 and 36,880 and 36,500. Resistances exist at 37,500, 37,800 and 38,000.

The highest call OI buildups in NIFTY are at 17,700 and 18,000. The highest put OI buildups in NIFTY are 17,500 and 17,400. The PCR is 0.9, indicating not much strength.

The highest call OI buildup in BANK NIFTY is at 38,000 and the highest put OI buildup is at 37,000. The PCR is 0.9, indicating not much strength.

Foreign institutional investors (FIIs) net bought worth Rs 860 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 228 crores in the Indian market. 

VIX is falling heavily and has reached 16 levels now. The option premiums have also crashed along with this.

17,580-17,600 is a key level. Let’s see if NIFTY is able to trade above the level or below the level. Below will indicate weakness.

The local cues are strong and taking the markets up while the global cues are negative and taking the markets down.

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