News Shots

The Future Group has moved against the order passed by the Delhi HC, which stayed its Rs 24,713 crore deal with Reliance Industries for selling its retail and wholesale businesses.

Government-run Power Grid Corporation has signed an agreement with Jaiprakash Power Ventures to acquire 74% stake in Jaypee Powergrid for Rs 351.64 crore.

Competition Commission of India (CCI) has cleared Tata Power’s plan to acquire a 51% stake in North Eastern Electricity Supply Company of Odisha.

Adani Green Energy has signed an agreement with SkyPower Global to acquire 100% stake in a special purpose vehicle (SPV) that owns 50 MW operating solar assets in Telangana.

Tata Consultancy Services has again rolled out salary hikes for all staff for 2021-22.

Tata’s Voltas is expecting double-digit growth in sales of ACs this year due to a “buoyant summer” and more sales due to customers working from home.

The Ministry of Defence has signed a contract with Bharat Dynamics Ltd(BDL)for supply of Milan-2T Anti-Tank Guided Missiles to Indian Army for Rs 1,188 crore.

JSW Future Energy’s subsidiary has received Letters of Award for a total wind capacity of 450 MW from Solar Energy Corporation of India.

What to expect today?

On Friday, NIFTY fell below 14,500 and slipped to 14,360 but took support and shot up back to close at 14,744. You can read all about Friday’s movements here.

Bank Nifty, which was and is more bearish, took support at 33,300 and closed just above 34,000.

All sectors moved up on Friday, except Realty.

The Indian markets moved up on Friday mostly due to short covering and also because the 10 year US treasury bond yield kept falling. But the bond yield rose back to 1.7% levels later in the day after our markets closed.

The European markets moved down after the bond yields spiked. US was also not very positive on Friday.

 Most Asian markets opened negatively, but many of them are moving up now. SGX Nifty is currently trading lower at 14,720 indicating a flat opening in the Indian market. Note that SGX NIFTY was at 14,680 at 7 am.

14,500 is a major support for NIFTY. It has not closed below 14,500 in a long time. Similarly, Bank Nifty has a medium support at 33,300.

We also have to understand that FIIs have been buying in the last many days. 

Moving up, NIFTY has strong resistances at 14,750, 14,850 and 14,900.

14,500 to 15,000 is the range to watch out for this week.

Today’s movement is going to be decisive for the market. Please plan averaging/fresh long entries only after getting a bullish trend signal.

Interestingly, India VIX has slipped below 20, even after the pull back on Friday.

Foreign institutional investors (FIIs) net bought worth Rs 1418 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 559 crores in the Indian equity market. 

Going to watch into today’s OI buildups to get an idea of what is coming up.

Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!