News Shots

Coal India produced 42.6 million tonnes of coal in August, a 14.6% increase YoY. There is high demand for coal with increasing power demand.

Vedanta has declared a dividend of Rs 18.50/share for FY 2021-22, with the payout totalling Rs 6,877 crore. The record date of the dividend is September 9.

Vedanta’s subsidiary, Hindustan Zinc, has extended its shutdown plan of one of the roasters at the lead-zinc smelter in Rajasthan. This would result in a production loss of 25,000 tonnes of Zinc. The company expects the roaster to be fully operational by mid-October.

Power Grid is planning to seek shareholders’ approval to raise Rs 6,000 crore through bonds, later this month.

Mineral producer NMDC said that its iron ore production surged over 44% YoY to 15.02 million tonnes (MT) in April-August 2021.

Minda Corporation has entered into an agreement for acquiring 26% shares in an Electric Vehicle (EV) charging solutions startup EVQPOINT Solutions, through a subsidiary.

Telangana government has approved the Rs 1,000 crore expansion plan of Kitex Garments.

Ami Organics IPO got fully subscribed yesterday, got 190% demand. Vijaya Diagnostics IPO saw only 30% demand on its first day.

Aditya Birla Fashion is looking to raise up to Rs 400 crore by issuing debentures on a private placement basis this month.

Axis Bank and State Bank of India completed fundraising through selling debt instruments.

What to expect today?

Yesterday, NIFTY jumped up to 17,250 in the morning before witnessing a sell-off due to profit booking. It closed at 17,076. You can read all about yesterday’s market movements here.

Bank Nifty tried to break out yesterday morning and even tested the 37,000. Later on profit booking was seen and it closed at 36,574, slightly in the green.

IT stocks and Metal stocks saw a general sell-off yesterday.

The European markets closed mostly in the green. The U.S. markets moved sideways and closed flat.

Asian markets are mixed on Thursday morning, with most slightly in the green. The European futures are in the red, and the U.S. futures are also slightly in the red.

SGX NIFTY is trading slightly higher at 17,112 indicating a flat to gap-up opening in the Indian market. 

Nifty has fallen down from a sharp trendline which was being generated in its 5-minutes chart. The bullish phase of the index seems to be over for at least this week.

This was also indicated call writing in the market everywhere above 17,200. The immediate supports for NIFTY are at 17,080 and 17,000 and 16,900. Resistances are seen at 17,150 and 17,250.

Bank Nifty was really bullish yesterday morning, up nearly 600 points intraday. 37k was beautifully taken as resistance after breaking 36,800. Even today, these levels of 36,800 and 37,000 will be good resistance zones. 

The next supports are at 36,200, 36,000 and 35,720. Bank Nifty closed yesterday by testing the 36,500 support zone. We can see good Call and Put writing in the market, with most together seen at the 36,500 level. We may see consolidation around this level.

There was volatility in the morning yesterday, courtesy of AU Bank. Today we can watch out for heavyweights HDFC Bank and Kotak Mahindra Bank.

Foreign institutional investors (FIIs) once again net bought worth Rs 666.66 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 1,287.87 crores in the Indian market. DIIs are now booking profits, but we expect more buying.

Reliance has been consolidating in the last two days. In fact, even when the market was in red yesterday, the stock showed strength. Keep a watch on the stock above yesterday’s highs, which was its highest since October 2020.

I will be following the trend of the day to trade, and I am mostly expecting a consolidation with a bearish bias. After breaking the trendline, Nifty might take some rest before its next rally. But also expect some intraday volatility as it is the first weekly expiry of the September series!

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

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