News Shots

Bharti Airtel’s board approved raising up to Rs 21,000 crore by way of rights issue, at a price of Rs 535 per share.

Future Retail has approached the Supreme Court against orders passed by the Delhi High Court to maintain the status quo in relation to its Rs 24,713 crore deal with Reliance Retail and directing it to enforce the order of the Singapore-based Emergency Arbitrator.

Tata Steel will invest Rs 8,000 crore in capital expenditure on its India operations during the current financial year.

Hero Motocorp and Automotive Skills Development Council (ASDC) have joined hands to bridge the digital skill gap at the country’s auto dealerships and build their capacity in this critical growth driver.

Tata Motors has received approval of the National Company Law Tribunal (NCLT) Mumbai bench to hive off its passenger vehicles business unit into a separate entity.

Dr Reddy’s Labs and Zydus Pharma are recalling bottles of a product each, in the US market, for different reasons, according to the latest report of the US health regulator.

Steel Authority of India expressed commitment to invest Rs 4,000 crore in the next three years in Jharkhand to augment capacity of its Gua mines besides installing a 4-million-tonne (MT) pallet plant.

Phillips Carbon Black to pump about Rs 1,300-1,400 crore over the next two years on capacity expansion. The expansion lined up is one Rs 800 crore greenfield plant near Chennai and brownfield expansion in Mundra for specialty carbon that would entail an investment of Rs 300-350 crore.

Nazara Technologies has acquired Hyderabad-based OpenPlay for Rs 186.41 crore.

Burger King India to buy up to 85% in Burger King Indonesia.

What to expect today?

Friday, NIFTY moved up with a lot of power to reach fresh all time high and closed at a new all time high of 16,705. You can read all about yesterday’s market movements here.

BANK NIFTY ended in net consolidation as it closed at 35,627.

NIFTY METAL and PHARMA led the rally in NIFTY. Almost all other indices also closed in the green on Friday.

The European markets closed in the green. The US markets also moved up strongly and closed nearly 1% up.

The rally in the US markets came after Jerome Powell’s positive speech at the Jackson Hole meeting where he tactically mentioned that the Fed will reduce the bond purchase program but will not be increasing interest rates soon.

Every single Asian market is in the green. The European futures are in the green and US futures are almost flat.

SGX NIFTY is trading higher at 16,818 indicating a gap up opening in the Indian market. 

After such a gap up opening, it is natural for the market to correct a bit as there might be profit bookings. If that is the case, do watch if NIFTY takes support at 16,700. If it takes support there, it is a bullish signal.

The immediate supports for NIFTY are at 16,700, 16,590 and 16,500. 

The 35,500 support exists for BANK NIFTY, which might not be broken. 35,300-35,250 and 35,000 are the next support levels. 35,680, 35,800 and 36,000 will act as immediate resistances for the index. 

Foreign institutional investors (FIIs) net sold worth Rs 778 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 1646 crores in the Indian equity market. FIIs have been heavily selling for many days now. 

There are more puts written than calls in NIFTY now. The largest put OI buildup is at 16,600 followed by 16,500. The largest call OI buildup is at 16,700 followed by 17,000.

In BANK NIFTY, the largest call OF buildup continues to be at 36,000 and the largest put OI buildup continues to be at 35,500.

RELIANCE is looking strong above 2200. HDFCBANK is testing 1565, let’s see if the bank can break out from this level.

As we are entering the beginning of a new month, a lot of economic data will come in from tomorrow. They might have an effect on the market this week.

The market looks super strong right now but be cautious as profit booking might kick in any time. But, also remember, in the last good amount of time, profit bookings haven’t been strong.

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