News Shots

Overseas investors’ interest in HDFC Bank is expected to pick up again after the country’s largest private lender came out of the Foreign Portfolio Investors’ red flag list.

Tata Consultancy Services has partnered with South America’s leading airlines Avianca to accelerate its journey to the cloud and digital world.

ICRA has assigned ‘AAA’ credit rating for non-convertible debentures (NCD) of ONGC for Rs 7,500 crore.

Sun Pharma’s consumer healthcare division has forayed into the nutrition bar segment in India with the launch of Revital NXT. The product is a brand extension of Revital H, a health supplement brand.

Infosys and The Economist Group announced a new strategic partnership designed to enable and accelerate sustainability solutions and drive world-changing impact through a new business-to-business model.

Bank of Baroda announced the launch of its digital banking platform ‘bob World’, aimed at providing all banking services under one roof.

Jindal Steel & Power has prepaid $105.66 million loan of Australian unit. The prepayment has helped reduce the unit’s debt by about 50%.

CG Natural Resources, a subsidiary of Adani Enterprises, has emerged as a successful bidder for Jhigador (250 MT) and Khargaon (250 MT) coal blocks in Bisrampur, Chhattisgarh.

What to expect today?

Yesterday, NIFTY continued to remain volatile and showed a V-shaped recovery. NIFTY fell from 17,380 to 17,250 levels and then later moved back up till the day’s high. You can read all about yesterday’s market movements here.

BANK NIFTY, for a change, was bullish throughout the day. It also fell at one point of time from 36,800 to 36,500, took support at 36,500 and rallied towards the end to close 0.82% up at 36,768.

BANKS did really well yesterday while most of the other sectoral indices just consolidated. IT moved down causing weakness in NIFTY.

The European markets have all moved down considerably and closed 0.7-1.5% lower. The U.S. markets also displayed weakness and closed 0.2 to 0.5% down. 

Asian markets are mostly down, following the weakness in the Western markets. The European futures and the U.S. futures are also considerably in the red.

SGX NIFTY is trading lower at 17,326 indicating a slight 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 36,200 and 36,000. Resistances exist at 36,800, 37,000, 37,200 and 37,500.

The highest call OI buildup in NIFTY is at 17,500 followed by 17,400. The highest put OI buildup in NIFTY is at 17,300 followed by 17,000. PCR is 0.9. 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 but the PCR has increased to 0.9. There is a large straddle buildup at 36,500. The largest put OI buildup is now at 36,500.

Foreign institutional investors (FIIs) net sold worth Rs 802 crores, and domestic institutional investors (DIIs) also net bought shares worth Rs 0.60 crores in the Indian market. 

There is weakness and volatility in the market, which is not a great combo. Whenever the market is falling, buyers are kicking in and taking it up. Let’s see what will happen today.

If NIFTY breaks 17,290, I’ll turn slightly bearish for the day. If NIFTY breaks 17,250 strongly, I’ll sell call options aggressively.

SImilarly, if BANK NIFTY breaks 36,500, I’ll turn slightly bearish for the day.

I am expecting NIFTY to expire between 17,250 and 17,400.

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