News Shots

In August, Jio added 6.94 lakh subscribers and Bharti Airtel added 1.38 lakh subscribers. However, Vodafone Idea continued to lose subscribers with 8.33 lakh customers leaving the network.

The State-owned construction player NBCC (India) has bagged orders worth Rs 375 crore in Haryana, Delhi, and Rajasthan as a project management consultant.

PNB Housing Finance board to meet on November 2 to consider issuance of Rs 2,000 crore worth non-convertible debentures on private placement basis.

Havells India reported a 7.34 per cent decline in its consolidated net profit to Rs 302.39 crore for the quarter ended on September 30, 2021, compared to Rs 326.36 crore in the year-ago quarter.

Angel Broking reported higher consolidated profit at Rs 134.2 crore in September 2021 quarter against Rs 74.5 crore in the same quarter previous fiscal.

The cold chain storage chain Snowman Logistics reported a profit of Rs 0.47 crore in three months to September against a loss of Rs 1.72 crore in the same quarter last year. The company’s revenue increased 21.45 per cent to Rs 70.07 crore in the second quarter of the fiscal as against a revenue of Rs 57.69 crore during Q2FY21.

Major Earnings Today:

  • Asian Paints
  • JSW Steel
  • Bharat Petroleum Corporation
  • IndusInd Bank
  • ICICI Lombard General Insurance
  • Mphasis
  • IDBI Bank
  • Macrotech Developers
  • Concor
  • Biocon
  • TVS Motor
  • Indian Hotels
  • IEX
  • IndiaMART InterMESH

What to expect today?

Yesterday, NIFTY continued to witness profit booking as major supports were broken and the index fell another 200 points to close 0.83% down at 18,266. You can read all about yesterday’s market movements here.

BANK NIFTY did not exhibit bearishness as much as that of NIFTY. Support was taken at 39,300 and the index managed to close above 39,500, 0.06% down.

NIFTY REALTY, NIFTY METAL closed more than 2% down. NIFTY PSU Bank(+1.5%) and NIFTY MEDIA(+1%) closed in the green.

The European markets consolidated throughout the day and there was a small rally towards the end inspired by the US market rally. The US markets opened with yet another gap up and consolidated. Dow Jones created a new all-time high but did not close at all-time high. NASDAQ closed slightly in the red.

The Asian markets are mixed. U.S. Futures are trading slightly in the red and European Futures are in the green.

SGX NIFTY is trading higher at 18,355, indicating a gap-up opening in NIFTY. 

Major supports for NIFTY are at 18,250, 18,200, 18,050 and 18,000. We can expect resistances at 18,320, 18,350, 18,400, 18,450 and 18,500.

BANK NIFTY has supports at 39,500, 39,400, 39,150 and 39,000. Resistances are at 39,600, 39,730 and 40,000.

The highest call OI build up in NIFTY is at 18,500, followed by 18,600. Put options saw unwinding yesterday due to the fall. The highest put OI build up is at 18,000.

BANK NIFTY has the highest call OI buildup at 40,000. Put OI build up increased at 39,500.

VIX has further increased to 18.31.

Foreign Institutional Investors net sold shares worth Rs 1843 crores. Domestic Institutional Investors net sold shares worth Rs 1680 crores.

Yesterday’s fall can be attributed to profit booking in particular stocks and also in major index heavy weights. IT also moved down yesterday. It is interesting to see BANK NIFTY holding up and not falling even when the entire market is falling. IT and BANKS continue to be on watch.

The larger question is, has NIFTY bottomed out at 18,200 or whether profit booking will continue. I think NIFTY might not fall like the last 2 days anymore. I’ll be concerned about a fall only if 18,200 is broken. 

The support level I will be watching out for is 18,280. If in case NIFTY breaks that, I will turn bearish. And further, if 18,250 and 18,200 are broken I’ll sell call options aggressively. On the upper side, if 18,400 is broken and sustained, I’ll start selling more puts.

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