News Shots

The Reserve Bank of India has levied a fine of Rs 10 crore on HDFC Bank for irregularities in the bank’s auto loan portfolio.

Mahindra & Mahindra to spend Rs 12,000 crore in the next three years to launch new products across commercial and passenger vehicle segments, including electric vehicles.

Aiming to strengthen its presence in the Mumbai Metropolitan Region and Pune, the realty firm Macrotech Developers has formed two joint ventures to build projects with sales value of Rs 1,500 crore and is looking for more such partnerships to grow business.

Kotak Mahindra Bank has approved a proposal to raise up to Rs 5,000 crore by issuing debt securities.

Bharti Airtel has upgraded its mobile network in North East by adding 10 Mhz spectrum in the 2300 Mhz band for offering the “best experience” to its customers.

Central Bank of India has allotted over 280 crore shares to the government on preferential basis at an issue price of Rs 17.11 per share for Rs 4,800 crore capital infusion in the bank.

The retail mall developer Phoenix Mills and Canada Pension Plan Investment Board (CPP Investments) have agreed to form a joint venture to develop a regional retail centre in Alipore, Kolkata.

Some major Q4 result announcements today:

  • Aurobindo Pharma
  • Honeywell Automation
  • Shilpa Medicare
  • Jamna Auto Industries
  • Rupa & Company
  • Marksans Pharma
  • Kolte Patil Developers
  • Chemcon Speciality Chemicals

What to expect today?

Friday, NIFTY opened with a gap up and consolidated perfectly between 15,400 and 15,470 to close at 15,435. Friday was spectacular as Reliance shot up 6% but even then NIFTY could close only 0.64% up. You can read all about Friday’s movements here.

BANK NIFTY was clearly more bearish than NIFTY. BANK NIFTY kept moving down from the open at around 35,400 to test the support at 35,000. There was an up move after that and BANK NIFTY closed at 35,141.

RELIANCE had a great day yesterday. NIFTY PHARMA was the only sector to move strongly, as it fell 1.18%.

The European markets closed in the green. The US markets closed flat and volatile. Please note that the European and the US markets have a holiday today.

Asian markets are mostly down. European and US futures are flat. SGX NIFTY is currently trading flat at 15,435 indicating a flat opening in the Indian market. 

The immediate supports for NIFTY are at 15,360, 15,320 and 15,270.

15,500 can act as a resistance and above that NIFTY is in unchartered territories. 

35,500 is an important resistance to be watched out for in BANK NIFTY, above which can continue its strength. 

BANK NIFTY has support at 35,000, 34,400-500 and 34,100.

There are more put contracts in NIFTY than call contracts indicating strength in the market. The PCR of NIFTY is 1.1.

But interestingly, looking at the strikes near the spot price, 15,500 has more calls than the number of puts at 15,300, 15,200 etc.

The PCR of BANK NIFTY is 0.7 indicating bearishness in the index. Maybe this can be because of the bearishness in HDFCBANK. Otherwise, BANK NIFTY has been moving up really strongly. It is important to watch if BANK NIFTY can sustain 35,000 today. Please watch it carefully.

Also, 2,100 is a very good level for RELIANCE. I will be watching if RELIANCE can sustain 2,100.

Foreign institutional investors (FIIs) net bought worth Rs 913 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 1275 crores in the Indian equity market. 

It was interesting to see that both FIIs and DIIs bought at the top, which indeed is a positive sign.

Another important thing that has happened is INDIA VIX reaching 17.4, which is the year’s low! So, let’s expect very less volatility.

It is the start of a new month from Tuesday so we can expect many important data this week. So, stay tuned.

Also, Q4 GDP data will be out today. 0.9% is the expected value.

Today’s movement will set the course for the market for this week. I feel the markets are looking positive but the upside will be limited this week. We may find good consolidation.

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