News Shots

YES Bank, the largest shareholder of Dish TV India, has asked the satellite television service provider to hold an extraordinary general meeting (EGM) of shareholders and act on its recommendations to reconstitute the company’s board.

India’s largest telecom operator Reliance Jio added 65 lakh mobile subscribers in July, outpacing rivals, and Airtel added 19 lakh subscribers, while Vodafone Idea lost 14.3 lakh customers.

Adani Enterprises announced the incorporation of wholly-owned arm ‘Adani Digital Labs Pvt Ltd’ (ADLPL). ADLPL is yet to commence its business operations.

Coal India subsidiary Northern Coalfields Ltd (NCL) has joined hands with power major NTPC to install a 50 MW solar power project in Madhya Pradesh.

UltraTech Cement has set a target to source 100% of its electricity requirement through renewable energy by 2050 as the company commits to Climate Group’s RE100 initiative at Climate Week NYC 2021.

Fuel retailer BPCL and SBI Card announced the launch of a co-branded RuPay contactless credit card, offering fuel and other benefits.

Shriram Transport Finance Company has allotted 950 secured NCDs of face value of Rs 10 lakh each on private placement basis. The coupon rate is fixed at 7.95% per annum. The issue will mature on June 16, 2023.

In the US, Accenture Plc.’s revenue increased 24% year-on-year to $13.42 billion in the quarter ended August. Analysts had pegged the metric at $13.41 billion. For the full fiscal, revenue rose 14% over the preceding year to $50.5 billion. The strong result is a positive sign for the Indian IT sector as well.

What to expect today?

Yesterday, NIFTY displayed absolute bullishness. Opened with a gap up at 17,650 and continuously moved up to close at 17,822. You can read all about yesterday’s market movements here.

BANK NIFTY also followed a similar pattern but was more bullish. The index broke many resistances and closed 2.2% up at 37,771.

The high volatile rally in NIFTY REALTY(+8.6%) continued today. NIFTY BANK(+2.2%) and FIN NIFTY(+2.2%) moved well in the day. NIFTY METAL(+1.6%) also moved up.

The bullishness that we saw in our markets yesterday was seen in the global markets as well. The European markets closed nearly 1% up. The U.S. markets closed 1-1.5% up. 

Most of the Asian markets are trading almost flat, in the green. The European futures and the U.S. futures are also trading flat and mixed.

SGX NIFTY is trading slightly higher at 17,856 indicating a gap up opening in the Indian market.

Supports for NIFTY are at 17,800, 17,740 and 17,650. 17,900 and 18,000 can act as resistances for the index.

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

Foreign institutional investors (FIIs) net bought worth Rs 357 crores continuing their buying spree, and domestic institutional investors (DIIs) net bought shares worth Rs 1173 crores in the Indian market. 

For the monthly expiry, OI analysis shows heavy put buildup indicating strength in the market. There is a large call OI buildup at 18,000, indicating that level can act as a strong resistance.

VIX is still at 16 indicating large, wild candles can form anytime in the market. Volatility can be expected in the coming days as well.

We have factored in the global positivity now. Today might be a consolidating day as the Asian markets have also not moved much. The next major level to watch put for is 18,000 in NIFTY.

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