News Shots

Jubilant FoodWorks has announced American multinational chain of fried chicken restaurants ‘Popeyes’, to India.

Canara Bank is organising an auction of 2,000 borrower properties in its possession.

JSW Energy is planning to raise up to $1 billion(Rs 7,300 crore) in its first dollar bond sale. Looking to catch up with Adanis and the Tatas in expanding its presence in clean energy projects.

Rail Vikas Nigam (RVNL) offer for sale (OFS) price of Rs 27.50, looking good for long term investors. The OFS will open for retail investors today.

Bank of India will raise up to Rs 750 crore by issuing Basel III compliant bonds.

Voltas has executed the Business Transfer Agreement with its wholly-owned subsidiary, Universal MEP Projects & Engineering Services for transfer of its domestic projects business.

Tata Steel board has approved the conversion of 7.02 crore partly paid-up equity shares of face value Rs 10 each into fully paid-up equity shares of face value Rs 10 each. Hopefully all partly paid shares owners had subscribed.

Vakrangee has entered into a partnership agreement with TransUnion CIBIL (TUCIBIL), one of India’s largest credit information companies regulated by RBI. This will help the company drive financial inclusion by providing easy access to CIBIL score and report to consumers through Nextgen Vakrangee Kendra network.

What to expect today?

Yesterday, NIFTY fell from 14,750 and crossed the important supports of 14,650, 14,600 and closed just below 14,550. You can read all about yesterday’s movements here.

Bank Nifty moved into a worrying state by moving down strongly and breaking the very important supports at 33,400 and 33,300.

The fall was attributed mainly to US Congressional hearing, new COVID strain found in India, rising COVID cases and technical weakness.

Only the Pharma sector closed in the green yesterday. Only 3 out of the 50 NIFTY stocks could close in the green. Such was the bearishness.

The European markets opened with a gap down and steadily moved up throughout the day, to close barely in the green. The US markets moved down. DOW moved down and closed flat after it was 300 points high during the day. NASDAQ closed 2% down.

Though the US markets were not positive, we are seeing some positivity in the Asian markets. US Futures are also trading slightly in the green. SGX Nifty is currently trading higher at 14,583 indicating a gap up opening in the Indian market.

There is clear weakness in the market. Bank NIFTY breaking 33,300 is huge and NIFTY not breaking 14,500 is a relief. FIIs selling heavily is also a concern. The gap up opening is not a clear indication that the market will move up. We will have to watch and understand the trend.

NIFTY has strong resistances at 14,600, 14,650, 14,700 and 14,750. 14,700 call option saw huge writing yesterday. NIFTY has to cross at least 14,700 to gain back upwards momentum.

14,500 is a major support for NIFTY. It has not closed below 14,500 in a long time. Similarly, Bank Nifty has next medium support at 32,800-33.000. If 14,500 is breached by NIFTY, the next supports are at 14,360 and 14,260.

India VIX spiked yesterday but cooled off towards close. We saw good movement yesterday as expected and thus expecting not many unexpected moves today.

Foreign institutional investors (FIIs) net sold worth Rs 1951 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 612 crores in the Indian equity market. 

There is good put OI buildup at 14,000 followed by 14,500. Similarly, the largest call option buildup is at 15,000 followed by 14,700 and 14,800. 

First few candles will be very decisive today. Also, if FIIs continue to sell, that itself will take the market down.

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