News Shots

Bharti Airtel and equipment maker Ericsson said they have conducted India’s first 5G network trial in a rural location.

Zee Entertainment Enterprises was directed by The National Company Law Tribunal (NCLT) to submit a reply on a petition filed by its investors Invesco and OFI Global China by Thursday.

Cadila Healthcare said it has received permission from the Indian drug regulator for conducting phase III trials for its COVID-19 vaccine ZyCoV-D.

Godrej Consumer Products said it expects to deliver high single-digit sales growth in the July-September period.

Meanwhile, Marico said its revenue growth in the quarter ended September 30, 2021, was in “the low twenties”.

In a boost for the Sugar Stocks rally, Sugar mills exported a record 7.23 million tonnes in the 2020-21 marketing year that ended September 30, with highest exports to Indonesia.

MTAR Technologies’ long-term rating of bank facilities were upgraded to A-/Stable from BBB+/Positive and short-term rating to A2+ from A2 by CRISIL Ratings.

Glenmark Pharma has confirmed recall of some products in the U.S.

What to expect today?

Yesterday, NIFTY opened with a gap down and consolidated around 17,700 for a very long time. There was a major breakout at 12.40 pm powered mainly by INFY, TCS and RELIANCE and NIFTY closed at 17,822. You can read all about yesterday’s market movements here.

BANK NIFTY did move as much as that of NIFTY and closed 0.43% up at 37,741.

NIFTY IT(+1.1%) moved up considerably in the second half of the day. NIFTY REALTY(-1.3%) moved down.

The western markets recovered yesterday. The European markets closed 1-1.5% up. The U.S. markets also closed nearly 1% up, but there was sharp selling towards the close.

Most of the Asian markets are trading in the red. Weakness continues in Japan, Korea and Hong Kong as all of their indices are down by more than 1%. The European futures and the U.S. futures are trading majorly in the red now!!

SGX NIFTY is trading lower at 17,780 indicating a muted or a small gap down 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 17,800. The highest put OI buildups in NIFTY are 17,600 and 17,700. The PCR is 1.0, as lot of puts were written yesterday.

The highest call OI buildup in BANK NIFTY is at 38,000 even though there was unwinding at 38,000 yesterday and the highest put OI buildup is at 37,500. In fact, there are high number of straddles at 37,500. The PCR continues to be at 0.9.

Foreign institutional investors (FIIs) net sold worth Rs 1915 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 1868 crores in the Indian market.

FIIs have sold heavily after buying for 2 days. In fact, they have also created a lot of short positions in futures as well. At the same time, FIIs have bought call options yesterday. Is that a hedge to their existing short positions?

VIX is falling heavily and fell 2% yesterday. One of my eyes is on VIX these days.

17,800-17,830 is the upper level to watch out for and 17,580-17,600 is the support to be watched. There can be consolidation within these levels.

Also, eyes will be on RELIANCE, TCS, INFY and BANKING STOCKS today.

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