News Shots

With the new income tax portal remaining unavailable for almost two consecutive days, the Finance Ministry has “summoned” Infosys MD and CEO Salil Parekh on Monday to explain to Finance Minister Nirmala Sitharaman the reasons for continued glitches even after over two months of launch.

Zydus Cadila’s Covid vaccine, ZyCoV-D, has received approval for Emergency Use Authorization from the Drug Controller General of India.

GAIL, India’s top gas company will foray into hydrogen generation and take the acquisition route to scale up its renewable energy portfolio as it pivots business beyond natural gas to align with energy transition being witnessed across the globe.

The state owned power company NTPC announced commercial commissioning of a 15MW capacity at the floating solar PV project in Simhadri, Andhra Pradesh.

Rajasthan Chief Minister Ashok Gehlot virtually inaugurated the trial run of Ambuja Cements Limited’s Rs 2,350 crore greenfield integrated plant in Nagaur district. The integrated plant – Marwar Cement Works – enhances the company’s clinker capacity by 3 million tonnes per annum (MTPA) and helps in improving cement sales by 5 MTPA.

Aurobindo Pharma’s Rs 420-crore deal to acquire 51 percent stake in Cronus Pharma Specialities India Pvt Ltd (Cronus) has been cancelled.

Bharat Petroleum Corporation has developed an AI-enabled chatbot, Urja – the first in the country’s oil and gas industry – to provide its customers an interface for a seamless self-service experience and faster resolution of queries/issues.

Arvind Fashions has raised Rs 439 crore from various marquee investors including promoters by issuing equity shares of the company.

Adani Total Gas has acquired 50 percent stake in a company that manufactures gas meters to aid its gas retailing business. The firm bought 50 percent in Smartmeters Technologies Pvt Ltd(SMTPL) for Rs 1 crore.

What to expect today?

Friday, NIFTY opened with a huge gap down and consolidated between 16,400 and 16,500 with huge volatility. You can read all about Friday’s market movements here.

BANK NIFTY was more bearish throughout the day as it consolidated between 34,900 and 35,300, before closing 1.46% down.

NIFTY FMCG was the only sectoral index that ended in the green, led by HINDUNILVR moving up by 5%. NiFTY METAL took a major beating lead by TATASTEEL moving down by over 8%.

The global markets started recovering on Friday. The European markets have closed 0.2-0.4% up. The US markets also recovered by moving up 1%.

Owing to the recovery in the US, all the Asian markets are in the green, with most of them trading 1% above. The European and US futures are also trading in the green.

SGX NIFTY is trading higher at 16,579 indicating a gap up opening in the Indian market. 

The immediate supports for NIFTY are at 16,500, 16,370, 16,290 and 16,150. There are strong resistances at 16,590, 16,630 and 16,700.

The 35,300-35,000 is the support for BANK NIFTY. 35,500, 35,800 and 36,000 will act as immediate resistances for the index. 

Foreign institutional investors (FIIs) net sold worth just Rs 2287 crores, and domestic institutional investors (DIIs) also net bought shares worth Rs 119 crores in the Indian equity market. 

In NIFTY, the largest put OI buildup is at 16,000 followed by 16,400. The largest call OI buildup is at 16,500 followed by 16,600. These indicate that upmove is limited this week.

In BANK NIFTY, the largest call OI buildup is at 36,000 and the largest put OI buildup is at 35,000.

So, this is a natural recovery in the markets after the global fall in the middle of last week. India is also responding to global cues.

Let’s see how the market moves after the gap up opening. There is a gap between 16,500 and 16,550 and that may be filled today.

The upper level I will be watching in NIFTY is 16,590 and the lower level is 16,500. 

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