News Shots

Bajaj Finserv incorporated an asset management company called Bajaj Finserv Asset Management on October 18. It will manage various mutual fund plans.

Nestle India reported a 5.15 percent rise in net profit at Rs 617.37 crore for the third quarter ended September 2021, driven largely by a high single-digit volume and mix growth in the domestic market across brands.

ICICI Prudential Life Insurance reported nearly 47 percent jump in its net profit to Rs 445 crore for the second quarter ended September 30.

The retail arm of Reliance Industries, Retail Ventures Ltd (RRVL) has acquired a 52 percent stake in veteran fashion designer Ritu Kumar’s firm Ritika Pvt Ltd for an undisclosed amount.

The cement maker ACC reported a 23.74 percent increase in consolidated net profit to Rs 450.21 crore for the third quarter ended September 30, 2021.

Deepak Fertilizers & Petrochemicals launched a qualified institutional placement issue on October 19 and approved the floor price for the same at Rs 422.48 per equity share.

Astral has decided to enter into the business of Faucets & Sanitaryware.

ICICI Securities reported a 26 percent jump in profit after tax to Rs 351 crore in the three months ended September 2021 on account of growth in revenue and improvement in margins.

Major Earnings Today:

  • Havells India
  • Jubilant Foodworks
  • Tata Communications
  • Syngene International
  • L&T Holding Finance
  • Angel Broking
  • Just Dial
  • Supreme Petrochem
  • Tejas Networks
  • Hathway Cable & Datacom
  • Shoppers Stop

What to expect today?

Yesterday, NIFTY opened with gap up again around 18,600 and then had a highly volatile day. It fell nearly 200 points in 15 minutes, recovered it all and then fell again. The index closed 0.32% down at 18,418. You can read all about yesterday’s market movements here.

BANK NIFTY did not fall as much as NIFTY but had an equally volatile day. The index took major rejection at 40,000 and closed 0.36% down at 39,540.

NIFTY PSU BANK(-3.7%), NIFTY REALTY(-4.7%), NIFTY FMCG(-3.1%) and NIFTY METAL(-2.4%) fell sharply in the day. Only NIFTY IT(+2.2%) closed well in the green.

The European markets consolidated throughout the day and there was a small rally towards the end inspired by the US market rally. The US markets opened with a gap up and steadily moved up throughout the day, displayed strength and closed in the green. 

The Asian markets are neutral to positive following the west except China where the Central Bank held loan rates unchanged. U.S. Futures and European Futures are almost trading flat, slightly in the red.

SGX NIFTY is trading higher at 18,447, indicating a small gap-up opening in NIFTY. 

Major supports for NIFTY are at 18,400 and 18,340. We can expect resistances at 18,470, 18,550 and 18,600.

BANK NIFTY has supports at 39500, 39,400, 39,150 and 39,000. Resistances are at 39,600 and 40,000.

The highest call OI build up in NIFTY is at 19,000, followed by 18,600. There is good put OI build up at 18,300, followed by 18,000.

BANK NIFTY has the highest call OI buildup at 40,000. There is good put OI build up at 39,000 and 39,500.

VIX is now at 17.38. The market was rather volatile yesterday with NIFTY falling almost 200 points in just 15 minutes.

Foreign Institutional Investors net sold shares worth Rs 506 crores. Domestic Institutional Investors net sold shares worth Rs 2578 crores.

Bearish Engulfing pattern has been formed in the day candle of NIFTY. If the index moves lower today, it can be an indication of correction.

Yesterday’s fall can be attributed to profit booking in specific stocks like HUL, ITC, SBIN, AXIS BANK, TATA Group stocks, stocks that rallied recently etc. Large index heavyweights did not fall yesterday. I will be watching these stocks today also to see if they have stabilised or whether profit booking will continue.

The support level I will be watching out for is 18,320. If in case NIFTY breaks that, I will turn bearish. I’ll consider movements within 18,350 and 18,600 as consolidation.

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