News Shots

Sun Pharmaceutical Industries is gearing up to introduce Merck Sharpe Dohme and Ridgeback’s molnupiravir under the brand name Molxvir in India.

Moody’s Investors Service has upgraded the rating of Tata Power to Ba2 with stable outlook from Ba3 with stable outlook.

Wipro has launched an automotive e-commerce cloud solution for direct-to-consumer marketplaces to launch and grow quickly. Click-Shift-Drive is a contactless car-buying solution that addresses the complete automobile-buying journey. The solution enables automakers and dealers to offer everything from research and loan approval to purchase and delivery online.

Tata Steel consolidated net profit jumped manifold to Rs 12,547.70 crore in the July-September quarter of 2021-22 helped by higher income. The company’s “net profit for the period” was at Rs 1,665.07 crore in the corresponding quarter of the previous financial year.

Indiabulls Housing Finance reported an 11 percent dip in its net profit at Rs 286 crore in the quarter ended September due to a decline in its loan book.

Piramal Enterprises reported a 32.12 percent decline in consolidated net profit at Rs 426.49 crore for the quarter ended September, mainly on account of decline in sales in the financial services segment and one time expense related to transaction cost for DHFL acquisition.

The state-run hydro power giant NHPC posted a 7 percent rise in its consolidated net profit to Rs 1,386.81 crore in the July-September quarter compared to a year-ago period mainly on the back of higher revenues.

NHPC to form a joint venture company (between NHPC and Green Energy Development Corporation of Odisha) for implementation of a 500 MW floating solar power project in various water reservoirs in Odisha.

Aster DM Healthcare reported an over three-fold jump in consolidated net profit to Rs 127.62 crore for the quarter ended September.

Major Earnings Today:

  • ONGC
  • Grasim Industries
  • Coal India
  • Hindalco Industries
  • Motherson Sumi Systems
  • Apollo Hospitals
  • Hero MotoCorp
  • Ashok Leyland
  • Abott India
  • Alkem Laboratories
  • PI Industries
  • Bharat Forge
  • Max Healthcare
  • 3M India
  • Vodafone Idea

What to expect today?

Yesterday, NIFTY opened with a gap-down at 17,971 and started falling. The level of 17,835 was tested multiple times before it was broken, to take support at 17,800 and the index bounced back to close at 17,874, down 144 points or 0.80%.

BANK NIFTY opened with a gap-down at 38,930 and moved down. Though the index was less bearish in the beginning, it fell later after hovering around the level of 38,600 for nearly two hours. BANK NIFTY recovered some points after support near 38,350. The index closed at 38,560, down 463 points or 1.19%.

All the sectors fell yesterday, except NIFTY METAL(+0.36%). 

The US markets were mixed with S&P 500 closing flat, Dow Jones in the red and NASDAQ in the green. The price action was slightly negative in all the indices as they consolidated with a negative bias. The European markets gained yesterday.

The Asian markets are trading in the green with a positive view that the worst of China’s regulations is over. U.S. Futures and European Futures are trading in the green.

SGX NIFTY is trading higher at 17,973 indicating a gap-up opening for NIFTY.

Major supports for NIFTY are at 17,880, 17,835, 17,800, 17,750 and 17,700.  We can expect resistances at 17,940, 18,000, 18,050, 18,100 and 18,175.

BANK NIFTY has support at 38,500, 38,420, 38,350 and 38,000. Resistances are at 38,780, 39,000, 39,300 and 39,500.

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

Apart from the straddle build up at 38,500, BANK NIFTY has the highest call OI build up at 39,500 and the highest put OI build-up at 37,500.

INDIA VIX is at 16.35 now, barely changed.

Foreign Institutional Investors net sold shares worth Rs 1,638 crores. Domestic Institutional Investors net bought shares worth Rs 446 crores.

It was another volatile expiry which we witnessed yesterday with heavy falls and minor recoveries in between. The US inflation data made an impact on the Indian market and the FIIs continued selling in our market.

There was a worry that the fall due to inflation data would continue in the US market. But the market stabilised and VIX for S&P 500 has dropped by 5.6%, which is an indication of solidity.

IT stocks made an amazing recovery towards the close. But BANK NIFTY, at a point, was even below the swing low created during the heavy sell-off two weeks ago, which is a bearish sign for the sector, though the index recovered during the last hour. At the same time, Reliance supported the market from further fall.

17,700 will be a major support for the coming days and 18,100 will be a resistance which NIFTY will find hard to break. Do you think NIFTY will break out of these levels or stay in the consolidation phase this week? Let us know in the comments section below.

It will be interesting to see the price action after the gap up opening. NASDAQ closed in the green and S&P500 closed flat only because of the gap up opening. Both of them kept moving down slowly throughout the day after the gap up opening! NIFTY managing to close above 18,050 today will be an indication of strength in the market.

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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