News Shots

Wipro announced the launch of the Wipro-Google Cloud Innovation Arena in Bengaluru to accelerate the adoption of cloud services.

Hero MotoCorp is set to launch a Harley-Davidson model bike with retro styling and entering the premium motorcycle space.

Cadila Healthcare received approval from the USFDA to market Vortioxetine Tablets, used to treat depression, in the American market. 

Punjab National Bank cut the interest rate on home loans above Rs 50 lakh by 0.50 per cent to 6.60 per cent.

Kitex Garments and the Telangana government signed a memorandum of understanding (MoU) for setting up two integrated fibre to apparel manufacturing clusters.

Intellect Design Arena announced a strategic partnership with Resurs Bank from Sweden for a new cloud-based banking platform.

Shipping Corp of India gets government approval to form a new unit on demerger.

Rail Vikas Nigam(RVNL) bags a Rs 1,035 crore contract for Indore Metro Rail project

Sobha’s Chief Financial Officer Subash Mohan Bhat has resigned. Yogesh Bansal has been appointed to the role. Keep an eye out for the stock as the circuit limit has also changed from 10% to 20%.

Founder Inox Wind Energy of Inox Wind sold 14.7 lakh shares of the company, as reported by BSE, 0.66% of total equity.

Vanguard Total International Index Fund acquired shares of KPIT Technologies and AsterDM.

Rumours are going around that after Vinod Dasari’s resignation as chief executive of Royal Enfield, more exits in the top including Chief Marketing Officer may be coming. Royal Enfield is owned by Eicher Motors.

What to expect today?

Friday, NIFTY opened with a gap up above 17,700 and moved up till 17,800 and then fell more than 250 points. NIFTY took support near 17,540 and closed at 17,585. You can read all about Friday’s market movements here.

BANK NIFTY continued the bullishness from Thursday and closed in green while most of the sectors closed in red. Interestingly, 38,000 was broken at one point of time. The index closed at 37,811, up 0.38%.

NIFTY PSU BANK(-2.9%), NIFTY REALTY(-2.35%) and NIFTY METAL(-2.38%) saw heavy sell-offs on Friday.

The European markets closed nearly 1% down on Friday. The U.S. markets also fell 0.5%-1% on Friday. In the U.S. market, Friday was quadruple witching day, where index and stock options and futures expire together and a fall is usually witnessed.

Most of the Asian markets are trading in the red, mostly following the western markets. But HONG KONG is down more than 3% because Chinese giant Evergrande is in financial troubles. As of now, it seems like the Evergrande issue is not affecting other markets and I really hope it remains like that. I read reports saying that the issue can potentially lead to a global economic crisis! The European futures and the U.S. futures are now trading in the red.

SGX NIFTY is trading lower at 17,440 indicating a gap down opening in the Indian market.

Supports for NIFTY are at 17,440, 17,390 and 17,360. 17,500, 17,540 and 17,600 can act as resistances for the index

The supports for BANK NIFTY are at 37,600, 37,200 and 37,000. Resistances exist at 37,800 and 38,000.

Foreign institutional investors (FIIs) net bought worth Rs 1552 crores continuing their buying spree, and domestic institutional investors (DIIs) net sold shares worth Rs 1398 crores in the Indian market. 

In NIFTY, 18,000 has the highest call OI buildup, followed by 17,800 and 17,600. The highest put OI buildup is at 17,600 followed by 17,500 and 17,400.

With today’s gap down opening, these put sellers will have to run for cover!

38,000 has the highest call OI buildup in BANK NIFTY and 37,000 has the highest put OI buildup.

Normally, after huge gap downs openings, an up move is seen in the market. But there is negativity in the global markets.

Last week also the global markets were weak. We moved up because of local cues like telecom sector update, bad bank etc. This week we don’t have any major local data/news coming out and the global markets continue to be bearish. Let’s see how it goes. 

A small correction is expected by many after the stellar rally in the market. 

US Fed Monetary Policy is one global data that is important this week. It will be out on Wednesday. If Fed takes some positive decision, that might be the trigger for the US markets to either get out of the recent sluggishness or move up strongly.

I will be watching the markets today, to get a clear view for the week. Trade only with the trend, so do give the market some initial time to identify its direction.

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