- Britannia has come out with a good result with 24% increase in net profits
- InterGlobe Aviation (Indigo Airlines) reported loss of 870 crores, irrespective of an increase in revenue
- Lupin has received approval for Meloxicam capsules, which are used to reduce osteoarthritis
- Three of the largest Middle Eastern sovereign wealth funds are in advanced talks to invest in RIL’s digital arm – Jio Platforms
- Temenos, a banking software company, and HCL Technologies announced the signing of an exclusive strategic agreement for non-financial services enterprises.
- Moody’s has downgraded ratings of major companies in India
- Adani Group decides to hold acquisition plans as they consider re-negotiations
What to expect today? – NIFTY Crossing 10,000!
- US, Europe and Asian markets – all closed very positively yesterday. SGX NIFTY is trading higher, indicating a positive gap up opening for the Indian markets. NIFTY can open above 10,000!
- There is a learning opportunity here. 10,000 is a significant whole number. The number itself has a weight and story to it. Objectively speaking, it is just another number like 9350. But ‘10,000’ has a much higher emotional impact in the minds of retail investors and so, we can see more action around such prices. A simple analogy can be, crossing 350k subscribers on YouTube is objectively the same as crossing 340k subscribers. But 350k is often noticed and celebrated, just because it is a whole, round number.
- The market was expected to consolidate in 9500 – 10,000 levels for some time before decisively moving ahead to higher ranges. But the bull run is so strong that the 10,000 barrier is being broken
- NIFTY likely to trade between 9900 and 10,100 today. There is a support at 9870 and a resistance at 10,100 and 10,200
- Maximum Call Open Interest at 10,000 and maximum Put Open Interest at 9,500. Significant call writing is seen at 10,500 and put writing at 9,900 adding to the optimism in the market
- Profit booking and a retracement can be seen anytime soon. So brace yourselves!