News Shots

Domestic electronics manufacturing firm Dixon Technologies has started manufacturing 5G millimetre waves smartphones which will be the first set of devices in the segment to be exported from India.

Enterprise communication service provider Route Mobile has received shareholders approval to raise Rs 2,000 crore through the sale of securities.

HDFC Bank reported an 18 percent increase in its consolidated net profit at Rs 9,096 crore for the second quarter ended September 2021, even as there is a marginal increase in bad loans.

Avenue Supermarts, the company which owns and operates retail chain D-Mart, reported a twofold increase in its consolidated net profit to Rs 417.76 crore for the second quarter ended September 2021.

Metropolis Healthcare has approved the acquisition of Hitech Diagnostic Centre and its subsidiary Centralab Healthcare Services for a cash consideration of Rs 636 crore.

Amid legal hurdles, PNB Housing Finance reported it has aborted Rs 4,000-crore share sale plan to US-based private equity firm Carlyle Group and others.

Reliance Brands will pick a 40 percent minority stake in renowned fashion designer Manish Malhotra’s MM Styles.

State-run Bank of India announced a cut in its interest rates on home and vehicle loans by 35 basis points and 50 basis points, respectively.

Major Earnings Today:

  • UltraTech Cement
  • L&T Infotech
  • Tata Coffee
  • Route Mobile
  • Alok Industries
  • Hatsun Agro Products
  • Hathway Bhawani Cabletel

What to expect today?

Thursday, NIFTY opened with another huge gap up just below 18,300 and then consolidated between 18,260 and 18,320 for a long time. BANK NIFTY exploded towards the last which took NIFTY also up and the index closed 0.97% up at 18,338. You can read all about Thursday’s market movements here.

BANK NIFTY consolidated in a range of 100 points after opening at 38,750. The index exploded towards the last with the help of HDFC BANK and ICICI BANK and crossed major resistance at 39,000 to close 1.83% up at 39,340.

NIFTY BANK(+1.8%) and NIFTY PSU BANK(+1.7%) closed with big gains. Only NIFTY AUTO(-0.59%) closed slightly in the red.

The European markets continued the positivity and closed in the green. The US markets had another strong, green day thereby strongly recovering from the lows.

In fact, Dow scored its biggest weekly percentage gain since June, as Goldman Sachs rounded out a week of strong quarterly earnings for the big banks.

Oil prices hit their highest in years as demand continues its recovery from the COVID-19 pandemic.

The Asian markets are mostly in the red now as the Chinese GDP data has come out lower than expected.

U.S. Futures and European Futures are also slightly down.

SGX NIFTY is trading higher at 18,427, indicating a gap-up opening in NIFTY. SGX NIFTY opened at 18,470 and has been moving down continuously.

Major supports for NIFTY are at 18,250, 18,200, 18,100 and 18,040. We can expect resistances at 18,350, 18,400 and 18,500.

BANK NIFTY has supports at 38,900, 38,500, 38,350 and 38,000. Immediate resistances are at 39,500 and 40,000.

Foreign Institutional Investors net bought shares worth Rs 1681 crores. Domestic Institutional Investors net sold shares worth Rs 1750 crores.

The highest call OI build up in NIFTY is at 19,000, followed by 18,500. There is good put OI build up at 18,100, followed by 18,000.

BANK NIFTY has the highest call OI buildup at 40000 and the highest put build up at 38,500. 

VIX fell on Thursday to 15.76.

HDFC BANK results are better than expected. It has already shot up to all time highs. It will be interesting to watch what happens now. And so, BANK NIFTY will be in focus today.

TCS can also be watched to see if it is recovering from the post result lows.

There are many result announcements this week, including AXISBANK, ICICIBANK and RELIANCE towards the end of the week.

The larger bullishness continues in the market. The US still has catching up to do to reach all-time high levels and that can trigger more positivity for us.

Let’s see if today’s gap up is sustained like the previous 2 days. If it is not sustained, then NIFTY can fill the gap, move down and take support at 18,340-18,350. These are the price action levels I will be watching.

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