News Shots

Moderna has announced that their COVID vaccine is 94% effective. Global markets have moved slightly up after the news. SGX NIFTY even crossed 12,900.

The government on Monday received ‘multiple’ bids for buying out its stake in India’s second-biggest fuel retailer BPCL but billionaire Mukesh Ambani’s Reliance Industries as well as supermajors Saudi Aramco, BP and Total did not make a bid.

Larsen & Toubro has emerged as the lowest bidder for a Rs 3,200 crore project to build a road bridge over the Brahmaputra river.

Reliance Industries‘ retail arm has picked up 96 per cent stake in online furniture retailer Urban Ladder for over Rs 182 crore.

Realty firm Prestige Estates Projects‘ sales bookings rose 9 per cent year-on-year to Rs 1,123.3 crore during September quarter on better demand for its residential properties despite the COVID-19 pandemic.

Wipro has partnered with SNP SE to help SNP’s customers worldwide to migrate to SAP S/4HANA.

PVR launched a new single screen cinema in Lucknow, and opened three new screens in Faridabad.

HDFC AMC appointed Navneet Munot as its MD and CEO.

The much-delayed Kochi-Mangalore natural gas pipeline project is finally ready for commissioning any day from now as the national energy major Gail India has completed the final 540-metre treacherous stretch across the Chandragiri river in northern Kerala.

Tata Steel reported its consolidated net profit declined about 50 per cent to Rs 1,665.07 crore in the September 2020 quarter.

Battery and flashlights maker Eveready Industries reported over three-fold jump in consolidated net profit to Rs 57.22 crore.

What to expect today?

NIFTY was consolidating last Thursday and Friday. During the Muhurat trading session on Saturday, NIFTY opened above 12,800 but couldn’t sustain it for long. Click here for a detailed analysis of Friday’s market and stock movements. 

Bank Nifty also, after multiple continuous green candles, moved down and closed in the negative on Friday and Saturday.

Apparently, the COVID 19 vaccine “effectiveness” has not become a non-event. After Moderna announced 94% effectiveness for its vaccine, US and Europe markets are slightly up. Even SGX NIFTY was up. But interestingly, Asian markets aren’t so excited about the Moderna news.

Looking at the Asian markets, even if NIFTY opens with a gap up, it is highly likely that NIFTY consolidates.

There has to be a major consolidation or minor correction before NIFTY moving up again. Otherwise, we will have to witness a huge fall later.

13,000 has very high Open Interest and should act as a strong resistance. It will be difficult for NIFTY to break 13,000.

The worry here is Reliance. NIFTY is nearing 12,900 without the help of RIL. If Reliance gives some good movements in the days to come, then NIFTY may cross 13,000.

The European and the US markets are up. Asian markets are also iup slightly. SGX NIFTY is trading at 12,886, which is 55 points higher, indicating a gap up opening in the Indian Market. 

NIFTY is likely to trade between 12,760 and 13,000.

Highest Call Open Interest at 13,000, followed by 13,500. Highest Put Open Interest at 12,000, followed by 11,500. 

Foreign institutional investors (FIIs) net sold shares worth Rs 78.53 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 20.27 crore in the Indian equity market on November 14.

I personally do not want to see NIFTY crossing 13,000 soon. That will be 1500 points in 2 weeks. Such kind of movement is never good. So let’s hope NIFTY takes a rest before moving wildly again. Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!