News Shots

Mindtree has bagged a five-year deal from The Nordex Group to help the wind turbine manufacturer simplify, modernise and transform its entire IT landscape globally.

Asset quality at non-bank lenders IIFL Finance and Indiabulls Housing Finance is “vulnerable” due to the economic contraction, global ratings agency Moody’s Investors Service said.

Muthoot Finance has launched a gold jewellery insurance scheme, for its customers in partnership with Bajaj Allianz General Insurance.

Coal India board approved enhancement of non-coking coal price by Rs 10 per tonne for regulated and non-regulated sectors across the company towards contribution to the corpus of Coal Mines Provident Fund Scheme 1948, with effect from Dec 1.

Jubilant Industries to transfer its liquor license and will not manufacture India made foreign liquor.

State-owned engineering and construction firm Ircon International said it has received a Rs 723 crore work order from the National Capital Region Transport Corporation (NCRTC).

JK Tyre will supply radial tyres to Korean automaker Kia Motors India for the compact SUV Seltos.

AU Small Finance Bank sold 35 lakh shares of Aavas Financiers worth Rs 530 crore through an open market transaction. In a regulatory filing, the bank said it has offloaded 4.46 per cent stake in Aavas Financiers, formerly known as AU Housing Finance Ltd.

Exide Industries has increased stake in its joint venture (JV) with Swiss firm Leclanche to 80.15 per cent with a further investment of Rs 33.17 crore by way of subscription to equity shares of the JV.

What to expect today?

Yesterday, NIFTY traded within the range of 12,960 and 12,820 with volatility. 12,960 is acting as a huge resistance for NIFTY. Click here for a detailed analysis of yesterday’s market and stock movements. 

Bank Nifty, though highly volatile, traded within a range of 28,850 to 29,500.

Yesterday, banking stocks, HDFC, ICICIBANK etc pulled NIFTY down. Reliance, IT and specific stocks rallied.

There was positivity in Reliance and it did move up as we discussed here. Keep looking into Reliance. If the movement continues, that will be the single largest factor that takes NIFTY above 13,000.

The consolidation within 12,750 and 13,000 is getting stronger and stronger. The stronger the consolidation, more powerful the breakout/breakdown will be.

The European markets are flat. The US markets are slightly up. Asian markets are slightly up. SGX NIFTY is trading at 12,960, which is 9 points higher, indicating a flat to gap up opening in the Indian Market.

NIFTY is likely to trade between 12,800 and 13,000. 

Highest Call Open Interest at 13,500, followed by 13,000. Highest Put Open Interest at 12,800, followed by 12,500. 

The maximum call open interest has shifted from 13,000 to 13,500 after a long time. Do you think it is an indication that 13,000 will be broken soon?

Foreign institutional investors (FIIs) net bought shares worth Rs 4,738.44 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 2,944.05 crore in the Indian equity market.

The bullishness in the market is very strong. We needed the market to cool down and consolidate/fall before moving further up, and that has happened. It has been consolidating for more than a week now. Now that the open interests have moved up, maybe we can see 13,000 soon.

Interestingly, sugar stocks have been rallying. The rally is expected to continue for more days.

You know the active trading range. If that is broken, look for trending opportunities in that direction. Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!