News Shots

The merger of Bharti Infratel and Indus Towers to create a mega tower company has been completed. Vodafone Idea (VIL) has received about Rs 3,760 crore cash for its 11.15 per cent holding in Indus.

Gland Pharma, whose IPO ran from November 9 to November 11, will make its market debut today. The issue, sold in the Rs 1,490-1,500 range, was subscribed 2.06 times in the three-day bidding process with HNI and retail quotas largely remaining undersubscribed.

Firms like L&T, GMR and Welspun are among top firms that have been found eligible to participate in the RFP (Request for Proposal) stage for private participation in passenger train services over 12 clusters comprising 151 trains.

Mphasis’s subsidiary Mphasis Consulting Ltd has acquired UK-based Datalytyx for up to 13.3 million pounds (about Rs 130.4 crore).

Apollo Hospitals Group and Tata Medical and Diagnostics (TataMD) announced a collaboration to introduce ‘TataMD CHECK’ diagnostic test for Covid-19 in the country, which will provide faster results.

The RBI has imposed a penalty of Rs 10 lakh on Muthoot Finance, Ernakulam, for non-compliance with directions on maintaining loan to value ratio in gold loans and on obtaining a copy of PAN card of the borrower while granting gold loans of over Rs 5 lakh. The central bank has also imposed a penalty of Rs 5 lakh on Manappuram Finance, Thrissur, for non-compliance with directions on verification of ownership of gold jewellery.

Simplus, an Infosys company, said it has collaborated with Salesforce for a vaccine management cloud solution.

State Bank of India has signed a memorandum of understanding (MoU) with the Luxembourg Stock Exchange (LuxSe) for setting up a long-term cooperation mechanism and promoting ESG (environmental, social, and corporate governance) and green finance.

Emami has entered into the home hygiene products segment with the launch of Emasol brand. Products include disinfectant floor cleaner, toilet cleaner, sanitizer, dish wash gel and bathroom cleaner.

IL&FS Financial Services to put its corporate loan book up for sale. Company has invited bids to auction its Rs 5,000 crore corporate loan book this week.

What to expect today?

NIFTY finally fell. After a very strong first half and testing 12,950, NIFTY fell nearly 200 points to close near 12,750. Click here for a detailed analysis of yesterday’s market and stock movements. 

Bank Nifty’s fall was more severe. The support at 29,000 was also broken and closed at near 28,800.

What happened yesterday had to happen. Banks which were going up tremendously for the last 2 weeks fell steeply as part of the natural correction.

Reliance is in the news saying that all the investment deals into Reliance Retail have been completed. Let’s see if Reliance would move up and take NIFTY along with it.

I maintain my view of 13,000 being a good resistance for NIFTY and that it will be difficult for NIFTY to break 13,000.

The European markets are flat. The US markets are also nearly flat. Asian markets are mixed, but again most are flat. SGX NIFTY is trading at 12,796, which is 22 points higher, indicating a flat to gap up opening in the Indian Market.

NIFTY is likely to trade between 12,700 and 12,900. 

NIFTY has support at 12,730 and 12,700. Bank NIFTY has a good support at 28,700.

Highest Call Open Interest at 13,000, followed by 13,500. Highest Put Open Interest at 12,000, followed by 12,500.

Foreign institutional investors (FIIs) net bought shares worth Rs 1,180.61 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 2,854.94 crore in the Indian equity market.

I think NIFTY will trade and consolidate inside the range of 12,500 to 13,000 for a period before it gives further movement.

Stock specific rallies will still continue.

We have come to the end of another trading week. Make sure you end the week on a positive note. Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!