News Shots

The world market seems to be shaking off the horrors of FinCEN file leaks. US Markets have ended in green. To know the actual reason for the recent crash in the stock market – FinCEN file leaks – Click Here.

American Private Equity Investor KKR & Co will invest Rs 5,500 crore in Reliance Retail in exchange for a 1.28 percent stake, the second deal stitched up by the Reliance Industries Ltd (RIL) unit in as many weeks.

Reliance Jio Infocomm (Jio) has rolled out postpaid tariff plans to onboard high revenue customers who till now were on Bharti Airtel and Vodafone Idea (VIL)’s postpaid plan. Separately, Bloomberg reported that RIL has asked local suppliers to ramp up production capacity in India so they can make as many as 200 million smartphones over the next two years.

State Bank of India is planning to monetise its flagship digital banking platform YONO by allowing smaller lenders such as small finance banks and regional rural banks to use it.

TCS has deployed AI-powered software to enable a safe return to work for its employees

Shapoorji Pallonji (SP) Group said  it is time to separate from Tata Group, and added it was crucial that an early resolution is reached to arrive at a fair and equitable solution, reflecting the value of the underlying tangible and intangible assets.

Tata Power has signed a power purchase agreement with Apollo Gleneagles Hospitals, Kolkata to commission a solar carport in the city. With 335Kwp capacity, the project is expected to generate approximately 4.26 lakh units annually.

Indian Oil Corporation  has approved the implementation of the Petrochemical and Lube Integration Project at Indian Oil’s Gujarat Refinery at an estimated cost of Rs 17,825 crore.

SEBI has imposed a penalty of Rs 1 crore on ICRA and CARE Ratings each in the IL&FS debt rating case.

Power Finance Corporation (PFC) dismissed speculations about the launch of follow on public offer (FPO) to raise funds in near future.

Hindustan Zinc has approved raising up to Rs 4,000 crore through debentures.

Logistics services provider Blue Dart announced a 9.6 per cent hike in its average shipment price from January next year to offset higher costs.

Max Ventures Investment Holdings sold 20,80,000 shares of Max Financial Services at Rs 600.07 per share. It held 28.15 per cent stake in the company at the end of June.

What to expect today?

NIFTY breaking 11,200 and Bank NIfty almost breaking 21,000 could easily summarise how bearish the market has become! NIFTY tried to move up back above 11,200 but couldn’t succeed. Click here for a detailed analysis of yesterday’s market and stock movements. 

11,000 is the next support for NIFTY. Bank Nifty is already at a strong support of 20,900-21,000. These are the levels to watch now. Hopefully, the market should consolidate now rather than falling further.

What happened in the last few days offers us a learning opportunity. A single event (FinCEN leaks) caused sell offs in some stocks and the banking sector. That created panic among market participants which led to panic selling among all stocks and thus, the market has fallen heavily, all across the globe.

Reliance, with the new investment and postpaid plan, may move up today. It’ll be interesting to see if Ambani & Co can help NIFTY again!

I won’t be a bull unless NIFTY starts comfortably trading above 11,200.

A great positive sign is that the US Markets are up. Asian markets are mixed. SGX NIFTY is currently trading at 11,157, which is 2.5 points lower, indicating a flat opening in the Indian Market. 

NIFTY is likely to trade between 11,100 and 11,300 today. There is support at 11,130 and 11,100 and resistance at 11,180 and 11,200. 11,200 is a strong resistance for NIFTY.

Highest Call Open Interest at 11,500, followed by 11,600. Highest Put Open Interest at 11,000, followed by 11,200.

Foreign institutional investors (FIIs) net sold shares worth Rs 2,072.76 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 878.91 crore. It is interesting to see that DIIs have kicked in to buy during bad times.

Reminding again, a falling market offers great short selling opportunities. Anyone could have shorted any stock to make amazing returns during the first hour yesterday. So keep emotions at home and trade with focus. All the best for today!