Welcoming you at a Healthy, Wealthy and Happy New Year!
The Subject Expert Committee is meeting today to study, discuss and approve Astrazeneca’s and Bharat Biotech’s COVID vaccines. Let’s hope to hear a positive approval news today itself.
Ford have pulled out of the proposed joint venture with Mahindra and Mahindra. The deal was signed more than a year ago, under which Ford was expected to fold its local operations, including two factories, into a JV that would be majority-controlled by Mahindra. Ford has said that its standalone operations in India will continue as is.
LIC-controlled IDBI Bank has sold 23 per cent stake in life insurance venture to foreign partner Ageas for Rs 507 crore.
JSPL’s subsidiary Jindal Power has been declared as the successful bidder for a block of Gare Palma coal mine in Chhattisgarh.
Kishore Biyani-led Future group firm Future Enterprises said its executive director and chief financial officer Dinesh Maheshwari has resigned from the company.
State-owned Canara Bank has raised Rs 1,635 crore through bonds, to fund business growth. The capital was raised by issuing additional tier-1 bonds at 8.50 per cent coupon on December 31.
Crisil announced a transfer of its flagship ratings agency business into a separate, wholly-owned subsidiary to comply with the Sebi mandate for agencies.
Reliance Jio, the nation’s largest telecom operator by subscribers, on Thursday said calls by its users to other networks in India will become free from Friday when the so-called IUC (Interconnect Usage Charges) regime ends.
Antony Waste Handling Cell will make market debut today. The company’s IPO was subscribed 15 times in total.
MOIL has fixed/revised prices of different grades of Manganese Ore and other products, effective from January 1, 2021.
Aavas Financiers has approved the allotment of 1000 secured NCDs of face value of Rs 10 lakh each aggregating up to Rs 100 crore to Kotak Mahindra Bank on a Private Placement Basis.
Satin Creditcare Network has allotted 1,500 NCDs of Rs 10 lakh each aggregation Rs 150 crore on a Private Placement basis for tenure of 18 months. The coupon/interest offered is fixed at 10.30% per annum.
What to expect today?
Yesterday, as expected again, volatility hit us hard. But more importantly, 14,000 was breached and then the day ended below the important 14k mark. You can read all about yesterday’s movements here.
Bank Nifty gave a perfect range bound movement yesterday. It moved in almost the same range as the days before, respecting the power of price action. 31,400-31,500 is acting as a strong resistance.
The European markets are down. US markets are slightly up again. Asian markets are mixed. SGX NIFTY is trading higher at 14,030, which is nearly 50 points higher, indicating a gap up opening in the Indian Market.
Yesterday I had written that profit booking will kick in and market will fall after NIFTY crosses 14,000. That happened exactly like that. But today, given the vaccine approval meet, chances are high that NIFTY will sustain 14,000. Hopping for NIFTY to start the year on a high.
Highest Call Open Interest at 14,000, followed by 15,000. Highest Put Open Interest at 13,900, followed by 14,000. The setup looks very bullish.
Foreign institutional investors (FIIs) net bought shares worth Rs 1136 crore, and domestic institutional investors (DIIs) net sold shares worth Rs 256 crore in the Indian equity market.
Reliance is weak again. It is at a very important support of 1965-1980. Do watch out for good trading opportunities.
Banks, giving a range bound movement yesterday, may breakout or breakdown today. Watch out for 31,000 as a support and 31,400-31,500 as resistance.
Start the year with a bang! Do not trade like a crazy person! You belong to the athishaktham fam! Enter into safe, conservative, realistic, intelligent trades! Remember one thing – the only skill you need to win the stock market is DISCIPLINE!
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