News Shots

The Finance Ministry has issued guidelines for implementation of interest waiver on loan. Housing loan, education loan, credit card dues, auto loans, MSME loans, consumer durable loans and consumption loans having sanctioned limits and outstanding amount of not exceeding Rs 2 crores shall be eligible for the scheme.

ICICI Bank shuts down operations in Sri Lanka.

Mr Aditya Puri, CEO & MD of HDFC Bank, is stepping down from his position today after 25 glorious years of service.

Tata Motors is actively looking for a partner for passenger vehicle division.

Mumbai Police shifts salary accounts of 40,000 staff from Axis Bank to HDFC Bank.

There were reports yesterday night saying that Kotak Mahindra Bank is planning to acquire IndusInd Bank. But later IndusInd Bank officially clarified that such reports are “untrue, baseless and malicious”.

Bajaj Auto is witnessing a strong revival in various export markets, including Africa and Latin America, as they were not hit as hard by the Covid-19 pandemic and subsequent lockdowns as the domestic market.

JK Cement inaugurated its new grey cement grinding unit at Balasinor in Gujarat’s Mahisagar district with a manufacturing capacity of 0.7 million tonnes per annum (mtpa). The plant, spread over an area of eight hectares, has been set up at a total project cost of Rs 200 crore.

FMCG major Nestle India announced its plans to invest Rs 2,600 crore over the next three to four years to augment its manufacturing capacity in the country, terming the move as “vindication of confidence and trust” the company has in its India journey.

Tech Mahindra to acquire complete stakes in New Zealand-based Tenzing Group and Australian IT firm Momenton for a cumulative amount of around Rs 293 crore.

Tata Motors has secured an order from the Andhra Pradesh Civil Supplies Corporation for supply of 6,413 Tata Ace Gold vehicles.

Yes Bank reported a net profit of Rs 129.37 crore, helped by a decrease in operational expenses and widening of margins on a much lower loan book. YES Bank had posted a net loss of Rs 600 crore in the corresponding quarter of previous fiscal.

ICICI Lombard General Insurance reported a 35 per cent growth in September quarter net profit at Rs 415.74 crore, despite the losses due to natural calamities and mounting claims from the COVID-19 pandemic.

Some Major Q2 Results Announcements Today:

  • Kotak Mahindra Bank
  • SBI Life Insurance
  • Max Ventures
  • Finolex Industries
  • Angel Broking
  • Torrent Pharma

What to expect today?

Last week NIFTY consolidated between 11,770 and 12,030. Friday was extreme consolidation within 60-70 points. Click here for a detailed analysis of Friday’s market and stock movements. 

Bank Nifty, though consolidating, is showing good bullishness.

NIFTY has established 12,000 as a strong resistance and 11,800 as a strong support. These are the levels to watch out for in the coming days.

Looking at the global and local cues, chances are high that NIFTY will break 12,000 and move up very soon. NIFTY has tested 12,020 2 times now. So crossing 12,000 is not enough. 12,020 and 12,050 have to be crossed for NIFTY to breakout.

Reliance has been falling heavily. A short covering rally is just around the corner. 

US Markets have closed in the green. Europe is also higher. Asian markets are mixed. SGX NIFTY is trading at 11,931, which is 3.5 points lower, indicating a flat opening in the Indian Market. 

NIFTY is likely to trade between 11,850 and 12,050. There is support at 11,920, 11,880 and 11,850 and resistance at 11,950 and 12,000.

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

Foreign institutional investors (FIIs) net bought shares worth Rs 906.93 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 891.86 crore. It’s a very positive sign that FIIs keep on buying in the market.

As there are lots of results to be announced this week, we can expect many stock and sector specific movements. This can be a very good week if played intelligently. All the best for the day and the week!