News Shots

Reliance Industries has delayed the launch of its ultra low-cost smartphone it is developing with Google, to Diwali, possibly due to semiconductor shortages that the industry is facing.

International rating agency S&P maintained Bharti Airtel’s credit rating of “BBB-“, and upgraded outlook to stable from negative, indicating the company’s improved financial status and ability to pay back debt.

Infosys formally launched its ‘Equinox’ suite of solutions to help enterprises transform their online and in-store functions and deliver personalized omnichannel commerce experiences for B2B and B2C buyers.

Adani Green Energy has listed its USD 750-million foreign currency green bonds on India INX’s Global Securities Market platform with a 3-year maturity at a competitive coupon of 4.375 percent.

Angel Broking has onboarded 4.5 lakh customers in August, taking the total base to 61.5 lakh, primarily due to the fintech platform’s increased focus on leveraging artificial intelligence and machine learning.

Punjab National Bank has approved raising up to Rs 6,000 crore by issuing bonds.

Zomato has decided to stop its grocery delivery service from September 17 mainly on account of gaps in order fulfillment leading to poor customer experience.

The generic drug maker Granules India is recalling different products in the US, the world’s largest market for medicines, for different reasons.

What to expect today?

Thursday, NIFTY consolidated within a small range of 17,300 and 17,380. There was a quick up move in the last half an hour which made the index close at 17,369. You can read all about Thursday’s market movements here.

BANK NIFTY was comparatively more bearish but again took support at 36,500 and could not break it. BANK NIFTY closed 0.23% down at 36,683.

NIFTY MEDIA did really well on Thursday while most of the other sectoral indices just consolidated.

The European markets have all moved down and closed in the red. The U.S. markets also continued to display weakness and closed in red on both Thursday and Friday.

Asian markets are mostly down, following the weakness in the Western markets. The European futures and the U.S. futures are now trading in the green.

SGX NIFTY is trading lower at 17,360 indicating a gap-down opening in the Indian market. 

Supports for NIFTY are at 17,300-290, 17,250 and 17,200. We can expect 17,400, 17,440 and 17,500 to act as resistances. 

The supports for BANK NIFTY are at 36,500, 36,200 and 36,000. Resistances exist at 36,800, 37,000, 37,200 and 37,500.

The highest call OI buildup in NIFTY is at 17,400 followed by 17,500. The highest put OI buildup in NIFTY is at 17,300 followed by 17,000. This indicates upward move is limited and NIFTY may consolidate or cool down a bit.

The highest call OI buildup in BANK NIFTY continues to be at 37,000.

Foreign institutional investors (FIIs) net bought worth Rs 423 crores, and domestic institutional investors (DIIs) also net bought shares worth Rs 704 crores in the Indian market. 

Our markets did not fall much when the US markets fell last week. Let’s see if we will follow suit and fall today. You already know the important supports if there is a fall.

But there is also the angle of recovery in the US, which can in turn influence our markets positively. Also, the inflation data in India is coming out today and in the US, it is coming out tomorrow. This can also have an impact on the market.

NIFTY heavy weights supported the market last week. Let’s see what they do this week.

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