News Shots

All eyes on Wipro as it is going to announce its Q2 results and share buyback plans.

Vedanta Resources has failed to garner the required number of shares to delist Indian subsidiary Vedanta.

Mazagon Dock Shipbuilders and UTI AMC are set to make their debut on the exchanges today.

Reliance Jio has waived security fee deposit for postpaid customers who switch to its network from rival mobile service providers.

Sun Pharma is recalling 747 bottles of generic diabetes drug in the US due to the possibility of the affected lot containing cancer causing nitrosodimethylamine (NDMA) above the acceptable intake limit.

Multiplex operators are still awaiting nod from many state governments to resume operations even though the Centre has already issued guidelines with regard to reopening of cinemas and theatres.

The government is considering changing the price formula for domestic natural gas to encourage investment in the sector, ONGC Chairman Shashi Shanker has said.

Indiabulls Housing Finance has sold further portion of its stake in OakNorth Holding. The company has now raised a total of Rs 2,273 crore as fresh equity in September and October through a QIP and stake sales.

A report revealed that data of millions of patients of Dr Lal Pathlabs, including Covid-19 test results was exposed. The company has clarified that the data breach of patients was a result of misconfiguration in one of the company’s minor web applications where temporary records were stored for operational purposes. It involved less than 0.5% of the records and the issue has been resolved since.

What to expect today?

Last week NIFTY was on an absolute bull run, crossing major resistances on its way and closing above 11,900. Let’s hope the bull run continues this week as well, owing to IT, Banks and Pharma. Click here for a detailed analysis of Friday’s market and stock movements. 

Bank Nifty closed just under 24,000. It can act as a good resistance. Let’s see if that is broken today.

Global and local cues look good. There is positivity all around, majorly led by the huge economic stimulus expected in the US.

The largest concern in, since there has been a continuous uptrend for the last 2 weeks, profit booking might kick in any time. So that is something to watch out for.

11,800 should act as a support now. So, if the market moves down and if 11,800 is broken, we might see a correction in NIFTY. If NIFTY crosses and sustains above 12,000 today, we can see higher highs.

US Markets closed higher. Asian markets are mostly up. SGX NIFTY is trading at 11,995, which is 34 points higher, indicating a flat to gap up opening in the Indian Market.

NIFTY is likely to trade between 11,900 and 12,100 today. There is support at 11,920 and 11,900 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 sold shares worth Rs 39.39 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 126.61 crore

IT, Pharma and Bank stocks in focus today.

NIFTY is indeed at a very crucial position. Let’s see if it crosses 12,000 today. All the best for the day! Have a profitable start to the week!