News Shots

France, Germany to go back into new lockdowns amid COVID-19 surge. A second COVID wave and thus, lockdowns in multiple countries are happening. Global markets are responding violently to this.

Dr Reddys Laboratories said the Phase 3 trials of Russia’s Sputnik V vaccine for COVID-19 in India to be conducted by it are expected to be completed by the end of March depending on approvals and data validation.

State Bank of India has signed an agreement with Japan Bank for International Cooperation (JBIC) for a loan worth USD 1 billion (around Rs 7,403 crore)

Wipro to acquire Encore Theme Technologies – a specialist in providing SaaS and Cloud solutions in financial services – for up to Rs 95 crore.

Glass packaging producer HSIL will invest Rs 320 crore to set up a new speciality glass manufacturing facility in Telangana and raise production capacity of its plastic business facility.

Axis Bank reported its September quarter consolidated net profit at Rs 1,849 crore against a loss of Rs 18 crore in the last year.

Larsen & Toubro posted a 45 per cent decline in consolidated net profit to Rs 1,410.29 crore for the quarter ended September.

Hero MotoCorp reported a 9.05 per cent rise in consolidated net profit to Rs 963.82 crore for the September quarter on the back of robust sales.

RBL Bank reported a 165 per cent jump in its September quarter net to Rs 144 crore.

Titan Q2 net profits dip 38% to Rs 199 crores. Business is picking up and reaching back to normal now.

Some Major Q2 Results Announcements Today:

  • Maruti Suzuki
  • BPCL
  • InterGlobe Aviation
  • Havells India
  • IDBI Bank
  • Vodafone Idea
  • TVS Motor
  • Bank of Baroda

What to expect today?

Yesterday, NIFTY succumbed to global negativity and fell more than 200 points to below 11,700. Click here for a detailed analysis of yesterday’s market and stock movements. 

Bank Nifty, took resistance at 24,800 again and fell down till the support at 24,000.

Now that NIFTY has broken many major supports, next support to watch out for is 11,550-11,600. There is also a strong support at 11,660.

COVID cases are exponentially increasing in Europe. The number of cases per day is at an all time high. European indices have reached 5 month low. If NIFTY were to reach 5 month low, we will be 9000 again!

Also, the US Presidential Election is going to happen on November 3, Tuesday. Even that can cause violent movements in the market.

US Markets have closed down, more than 3%. Europe is down by nearly 4%. Asian markets are also down. SGX NIFTY is trading at 11,653, which is 71 points lower, indicating a gap down opening in the Indian Market. 

NIFTY is likely to trade between 11,600 and 11,800. There is support at 11,660 and 11,600 and resistance at 11,720 and 11,780.

Highest Call Open Interest at 12,000, followed by 11,900. Highest Put Open Interest at 11,500, followed by 11,000. 

Foreign institutional investors (FIIs) net sold shares worth Rs 1,130.98 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 1.48 crore.

Today is going to be eventful. So, brace yourselves. Global markets are bleeding. It is weekly and monthly expiry today as well. Trade only when you have trend confirmation. Remember, not entering a trade is the best trade. All the best for the day!