News Shots

COVID-19 vaccination has officially begun in the UK. Margaret Keenan, a 90-year-old grandmother from Britain, has become the first person ever in the world to receive the Pfizer vaccine outside of a test/trial.

ICICI Bank has decided to sell 2.21% stake in ICICI Securities through an offer for sale (OFS) on December 9 and 10. The floor price for the OFS has been fixed at Rs 440 per share, 6% below Tuesday’s closing price of Rs 461.

Even between a pandemic, JSW Steel managed to grow crude steel production by 3% YoY in November 2020 at 13.32 lakh tonnes.

Tata Consultancy Services has launched a Quartz Blockchain powered solution for the digital banking industry of Israel. It is a Digital Bank Guarantee platform.

Yes Bank has launched an ultra-premium Yes Bank Private Prime Credit Card for India’s richest and high networth individuals (HNIs).

Wipro has announced a pay increase for junior employees starting from January 1, 2021.

The Competition Commission of India(CCI) has approved the deal of US-based investment firm Blackstone Group acquiring assets of Prestige Group.

Indian Bank, which rallied over 15% yesterday, has raised Rs 1,048 crore by issuing bonds on a private placement basis.

Coal India’s coal allocation to the power sector has shown a 27.7% increase in the April-October period to 16.48 million tonnes through special e-auction.

TVS Srichakra, who manufactures 2&3 wheeler tyres, has announced a Rs 1,000 crore spending plan to increase capacities at its factories.

The first phase of Open Hybrid Cloud Network has been completed by Bharti Airtel. It is being built with IBM and Red Hat’s portfolio of hybrid cloud and cognitive enterprise capabilities.

What to expect today?

Yesterday, NIFTY was highly volatile moving between 13,350 and 13,430. Click here for a detailed analysis of yesterday’s market and stock movements. 

Bank Nifty consolidated in a range of just 350 points and traded with volatility. It took support at 30,000 and made a high of nearly 30,350.

Finally, Reliance moved up yesterday taking NIFTY also up with it. But Reliance couldn’t close above the resistance at 2000. Let’s see if it is an actual uptrend and that is continued.

Though they were trading down in the red, the US and European markets climbed back up and closed positively. Asian markets are up. Some are even more than 1% up. SGX NIFTY is trading at 13,462, which is 50 points higher, indicating a flat to gap up opening in the Indian Market. 

NIFTY is likely to trade between 13,300 and 13,500. 

Today being Wednesday, we can expect volatility again. There might be a sudden move (fall) at one point of time. Be wary!

Highest Call Open Interest at 13,500, followed by 13,600. Highest Put Open Interest at 13,200, followed by 13,000. 

Significant call writing can be seen at 13,700 and put writing can be seen at 13,400, which indicates bullishness in the market.

The strong call OI built up at 13,500 indicates a resistance there.

Foreign institutional investors (FIIs) net bought shares worth Rs 2,909 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 2,640 crore in the Indian equity market.

FIIs seem to be cooling down a bit. Many analysts are saying that we will soon see FIIs starting to book profits. 

PSU Banks are on a dream run of their own. Hope you watched yesterday’s The Stock Market Show for my detailed analysis on PSU Banks.

The dream rally continues for the market. There was a 100 points movement in NIFTY again, though the candle formed is a doji. The market looks still capable of moving further up but the huge call OI at 13,500 might mean NIFTY will be within 13,500 by Thursday. Today is going to be very decisive.

Will we see another Wednesday fall today? Let’s see. Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!