News Shots

Bajaj Auto has reduced price of Dominar 250 bike by Rs 16,800 to Rs 1,54,176. The newly announced price on Dominar 250 is expected to grow the franchise further by encouraging customers to take their first step into the world of touring.

Dr Reddy’s Laboratories, which sells its Over the Counter (OTC) products through Amazon and other e-commerce channels in the US, is planning to double the portfolio on the marketplace to over 50 products in the foreseeable future.

Tata Power shareholders have approved the re-appointment of its Chairman Natarajan Chandrasekaran as director of the firm.

Bharti Airtel has launched Xstream Fiber by ‘Secure Internet’ for its customers, a tool offering real-time protection against malware to all connected devices, amid a surge in cyber threats. As customers in India spend more time online for Work from Home, e-commerce, and entertainment, they are becoming increasingly vulnerable.

Mahindra & Mahindra to acquire up to 31.2% in ReNew Sunlight Energy Pvt Ltd, for Rs 16.07 crore. RSEPL will build, own, and operate a solar power plant with 58 MWp capacity to generate around 100 million units a year and feed it into the Maharashtra State Electricity Distribution Grid.

The National Housing Bank has imposed a monetary penalty on Housing Development Finance Corporation Ltd (HDFC) of Rs 4.75 lakh for non-compliance with certain provisions.

Kotak Securities Ltd, a subsidiary of Kotak Mahindra Bank, has invested Rs 10 crore for a 9.96% in the total share capital of Kredent InfoEdge.

Tanla Platforms subsidiary Karix Mobile announced the deployment of a conversational solution for Panasonic India using the WhatsApp Business Solution Platform. The solution will facilitate one-to-one conversations between Panasonic’s customers and the brand.

What to expect today?

Yesterday, NIFTY opened flat and rallied to 15,900 with power from the banks and tested the all time high at 15,915. The second half saw NIFTY falling nearly 100 points to close at 15,818. You can read all about yesterday’s movements here.

BANK NIFTY outperformed the whole market yesterday, led by HDFC BANK. BANK NIFTY rallied up and tested the ever important resistance of 35,800, before falling and closing just above 35,500.

BANK NIFTY, which closed 1.04% up, was yesterday’s rockstar. NIFTY AUTO and NIFTY IT fell more than 1% yesterday.

The European markets were trading flat but fell heavily after the US started falling. The US markets fell heavily in the beginning but recovered well towards the close. NASDAQ closed in the green, S&P 500 -0.2% and DOW JONES -0.6%.

Asian markets are mostly trading in the red, after the Western markets fell yesterday. US and European futures are all trading flat.

SGX NIFTY is trading lower at 15,765 indicating a gap down opening in the Indian market.

The immediate supports for NIFTY are at 15,750 and 15700. 

The immediate resistance for NIFTY will be 15,790-15,800. The all time high of 15,900 will continue to remain unbreached for some more time. It has been tested 4 times till now.

35,500 and 35,800 are the important resistances to be watched out for in BANK NIFTY. 

BANK NIFTY has good support at 35,400, 34,250 and 35,000. 

Foreign institutional investors (FIIs) net sold worth Rs 543 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 521 crores in the Indian equity market. 

In NIFTY, the largest call OI buildup is at 16,000 followed by 15,900. The largest put OI buildup is at 15,700 followed by 15,800. PCR is 0.9 indicating slight bearishness. 

BANK NIFTY has highest call OI buildup at 36,000 and highest put OI buildup at 35,000 with a PCR of 1.3, indicating bullishness. This can be attributed to HDFC BANK breaking out.

HDFC BANK has broken out from 1520-1530 range which was a major resistance for the stock. Let’s see how to stock performs today.

Major banking stocks, which are also index heavyweights, outperforming the market yesterday was interesting. So, my focus will be on banks again to see if they continue the momentum. In that case, NIFTY can easily move up after the weak opening.

Yesterday’s power in NIFTY can completely be attributed to banks. All other major stocks in NIFTY fell. If not for banks, NIFTY would have moved down even further yesterday. Similarly, banks will be crucial today as well for NIFTY to remain strong.

We have been witnessing gap up opening and falls many time in the last many days. We are getting a gap down opening after some time. Let’s see if the market can go up after the gap down opening.

It is important to understand the trend after the market opens with a gap down. I’ll wait for some time to see the price action and direction of the market and then make decisions.

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