News Shots

Wipro posted a 3.4 per cent decline in consolidated net profit to Rs 2,465.7 crore in the three months ended September. Also, the board approved a proposal to buyback 23.75 crore shares (4.16% equity stake) at Rs 400 per share aggregating to Rs 9,500 crore. Buyback price is at premium of 6.45% to the closing prices as on Oct 13.

Competition Commission of India (CCI) has approved the acquisition of various solar energy assets by a joint venture of Adani Energy and Total Solar.

Bank of Baroda (BoB) may consider adopting a model in the next few years where it will deploy 50 per cent of its employees at the branches and the balance would work from home, its Managing Director and CEO Sanjiv Chadha said.

Bharti Airtel DTH arm Airtel Digital TV and coaching institute Aakash Educational Services launched two dedicated TV channels for preparation of medical and engineering entrance exams.

Smartphone maker Vivo India has partnered IDFC First and Bajaj Finance to waive dealer charges paid by retailers for selling devices under installment schemes.

Karnataka Bank reported a nearly 13 per cent rise in net profit at Rs 119.44 crore for the September quarter as bad loans moderated.

NTPC to raise Rs 4,000 crore via issue of NCDs.

Future Enterprises defaulted on payment of interest on NCDs worth Rs 15.14 crore which was due on Oct 12.

The Competition Commission of India said it has approved the proposed acquisition of over 50 per cent stake in CG Power and Industrial Solutions by Tube Investments of India Ltd (TIIL)

Some Major Q2 Results Announcements Today:

  • Aditya Birla Money
  • Infosys 
  • Tata Elxsi
  • Tata Steel BSL

What to expect today?

Yesterday NIFTY tried to cross 12,000 again, but failed. This has further established the strong resistance at 12,000. Then NIFTY moved within the range of 11,900 and 12,000 throughout the day. Click here for a detailed analysis of yesterday’s market and stock movements. 

Bank Nifty underperformed NIFTY and has gone below 23,500.

The moratorium case verdict has been postponed to today by the Supreme Court.

Last 2 weeks were powered by positive local and global cues and NIFTY has risen up by more than 1000 points. But now, it looks like there might be a correction in the market.

But isn’t the correction just natural? There has to be profit booking at the end of such a rally and also the power of resistance at 12,000.

11,800 should act as a support now. So, if the market moves down and if 11,800 is broken, we might see a larger correction in NIFTY. If NIFTY crosses and sustains above 12,000, then we can see higher highs.

US Markets closed in red. Europe closed in red. Asian markets are mostly down. SGX NIFTY is trading at 11,894, which is 46 points lower, indicating a gap down opening in the Indian Market. 

NIFTY is likely to trade between 11,800 and 12,000 today. There is support at 11,900 and 11,860 and resistance at 11,950 and 12,000.

Highest Call Open Interest at 12,500, followed by 12,000. Highest Put Open Interest at 11,500, followed by 11,000.

Foreign institutional investors (FIIs) net bought shares worth Rs 832.14 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 1,674.46 crore 

Hoping for NIFTY to not fall steeply. All the best for the day!