News Shots

Tata Steel reported a 7 percent rise in consolidated steel output to 7.78 million tonnes (MT) for the July-September period this year.

Titan Company has witnessed a strong recovery in demand in the July-September quarter, and its sales in most of its divisions have either reached above or close to pre-pandemic levels.

Indiabulls Housing Finance has exited from UK-based OakNorth Holdings for about Rs 3,049 crore. In November 2015, Indiabulls Housing Finance acquired a 39.76 per cent stake in OakNorth Holdings Limited for Rs 663 crore.

The government allowed 100 per cent foreign direct investment in the telecom sector through automatic route to promote ease of doing business in the industry. The telecom department has also reduced performance and financial bank guarantee requirements of telecom operators by 80 per cent.

Godrej Consumer Products has made a foray into the baby care segment by launching a premium range of certified products made from organic ingredients under the brand ‘goodnessme’.

The first domestic gaming company to go public Nazara Technologies has approved a preferential allotment of fresh equity shares worth Rs 315.30 crore to institutional investors.

Tata Power has roped in renewable energy AI (artificial intelligence) company BluWave-ai. It announced that it has signed a three-year commercial agreement with BluWave-ai, the world’s first renewable energy AI company.

PNB Housing Finance has joined hands with CSC e-Governance Services India to provide last-mile home loan facilities to individuals living in tier 2 and 3 cities.

What to expect today?

Yesterday, NIFTY opened with a gap up and consolidated till 12.30 pm but then came a huge fall which took the market to 17,646. You can read all about yesterday’s market movements here.

BANK NIFTY looked very bullish in the first half and even crossed 38,000 briefly but then fell later to close at 37,521.

All sectoral indices closed in the red, such was the weakness in the market.

The western markets recovered yesterday, especially the US. There is unbelievable volatility in the market. The European markets were down 2-2.5% at one point of time but recovered and closed 1-1.5% down. The U.S. markets also recovered from deep reds and closed 0.3-0.5% in the green.

Private jobs data was announced in the US and it came out higher than expectations.

Almost all of the Asian markets are trading in the green. The European futures and the U.S. futures are also trading higher.

SGX NIFTY is trading higher at 17,760 indicating a gap up opening in the Indian market. 

Supports for NIFTY are at 17,750, 17,700 and 17,650. 17,800, 17,830 and 17,900 can act as resistances for the index.

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

The highest call OI buildups in NIFTY are at 18,000 and 17,900. The highest put OI buildups in NIFTY are 17,500 and 17,400. There was pure call writing in the market yesterday.

The highest call OI buildup in BANK NIFTY is at 38,000 and the highest put OI buildup is at 37,000. 

Foreign institutional investors (FIIs) net sold worth Rs 803 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 999 crores in the Indian market.

VIX spiked up nearly 6% and got back into 17 ranges. There is huge intraday and interday volatility in the market.

I’ll be watching NIFTY between 17,700 and 17,800 today. Based on which level is broken, I will be taking and adjusting my positions accordingly.

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