News Shots

IRCTC is set to share proceeds of service charge on e-ticketing with Indian Railways. The revenue earned from the convenience fee collected by IRCTC will be shared in the ratio of 50:50 from November 1.

NTPC said that their installed capacity increased 7% YoY to 66,900 MW. The company reported net profit increased 6% YoY to Rs 3,690.95 crore.

Manappuram Finance is set to consider raising funds via the issuance of various debt securities or through the issue of Commercial Papers in November 2021.

AU Bank reported NII up 34% at Rs 753.13 crore(YoY), but net profits down 13% at Rs 278.51 crore.

Tata Consumer Products said it will transfer its tea cafe business ‘Tata Cha’ to group firm Indian HotelsCL.

DLF reported a 66% jump in consolidated net profit at Rs 378.12 crore for Q2 with sales bookings growth of 77% to Rs 1,512 crore. The company said it’s seeing a revival in housing demand, particularly for luxury apartments.

Tata Power posted a 36% jump in consolidated net profit at Rs 506 crore for Q2 on the back of higher revenues.

Major Earnings Today:

  • BPCL
  • UPL
  • Vedanta
  • Dr Reddy’s Laboratories
  • Shree Cement
  • JSW Energy
  • Adani Transmission
  • Adani Power
  • GAIL
  • Apollo Tyres
  • Cadila Healthcare
  • Emami
  • Bandhan Bank
  • Castrol India
  • SAIL
  • Embassy Office Parks REIT
  • Bharat Electronics
  • Chola Fin
  • Dixon Technologies
  • Equitas Small Finance Bank

What to expect today?

Yesterday, NIFTY opened with a gap-down at 18,188 and started falling. The index tried to take support at 18,000 multiple times but failed. Bears completely took over the market and NIFTY started its freefall, finally closing at 17,857, down 354 points or 1.94%.

BANK NIFTY opened the day with a small gap-up and was bearish since the opening. 40,000 was respected for a while before it fell, easily breaking the level of 39750 and closed at 39,509, down 1366 points or 3.34%.

All the sectors closed in the red with NIFTY PSU BANK(-5.2%) and NIFTY METAL(-3.44%) falling heavily.

The European markets were mixed, with CAC40 well in the green and DAX and FTSE closing flat with a negative bias. The U.S markets closed well in the green with NASDAQ creating a new all-time high.

The Asian markets are trading in the red. U.S. Futures and European Futures also are in the red except CAC40 futures. NASDAQ futures are deep in the red after disappointing results from the tech giants, Amazon and Apple. 

SGX NIFTY is trading slightly higher at 17,881 indicating a flat to gap-up opening in NIFTY. 

Major supports for NIFTY are at 17,835, 17,800, 17,750 and 17,710. There are resistances at 17,880, 17,940, 18,000 and 18,040.

BANK NIFTY has support at 39,500, 39,300, 39,000, 38,900 and 38,780. Resistances are at 39,750, 40,000, 40,175, 40,400 and 40,500.

The highest call OI build up in NIFTY is at 18,000 and the highest put OI build-up is equally at 17,500 and 17,000.

BANK NIFTY has the highest call OI buildup at 41,000. There is very little OI build-up. Significant OI can be seen at 39,000 and 39,500.

INDIA VIX has climbed to 17.91 indicating fear in the market.

Foreign Institutional Investors net sold shares worth Rs 3,819 crores. Domestic Institutional Investors net bought shares worth Rs 837 crores.

It was a disappointing day for the bulls in the Indian market after Foreign institutional Investors sold a huge volume of equities leading to market-wide sell-off. The question that arises now is whether our market prepares for consolidation or falls further. 

Till yesterday this month, FIIs have sold more than Rs 20,400 crores in the cash market. But unlike other months of selling, domestic institutional investors did not match this number and net bought only Rs 128 crores. This uninterest by both FIIs and DIIs in the Indian market has not been seen in many months.

Though NASDAQ keeps moving up, the unsatisfactory results of Amazon and Apple will offer a setback. The futures are deep in the red already. 

I will watch 17,650 for weakness in the coming days and 18,000 for strength in NIFTY. And even if the market closes in the green today, I will be watching for significant participation from FIIs and DIIs before initiating fresh buying positions in NIFTY.

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