News Shots

The promoter entities of Hathway Cable and Datacom plans to sell about 19% stake in the company, 33.79 crore shares at floor price of Rs 25.25/share in the market.

Realty firm Mahindra Lifespace Developers has acquired 10.3 acres of land in Mumbai Metropolitan Region (MMR). The company will also develop a new residential project in Kalyan.

SpiceJet promoter Ajay Singh has teamed up with Ras Al Khaimah Investment Authority and Ankur Bhatia, promoter of Delhi-based Bird Group, to bid for a 100% stake in Air India.

Power Grid has acquired Bikaner-II Bhiwadi Transco Ltd (BBTL) which to implement a power transmission project.

GAIL and Confidence Petroleum India Limited (CPIL) signed an agreement for setting up 100 CNG Stations in Bengaluru. CPIL will set up and operate 100 CNG stations & associated facilities of GAIL Gas.

State-owned technology firm ITI along with domestic start-up Thalamus Irwine will together bid for health projects, including the National Digital Health Mission, to deploy AI-enabled solutions for digital health record systems.

HG Infra Engineering has been declared as L-1 bidder by Highways Authority for development of six Lane Aluru-Jakkuva section of NH-130-CD Road. The company’s bid project cost is Rs 1,060 crore.

CreditAccess Grameen board has approved the allotment of 500 secured NCDs of face value of Rs 10 lakh each, for a total of up to Rs 50 crore on private placement basis.

Sterlite Technologies board has approved the allotment of 2,900 secured NCDs of face value of Rs 10 lakh each, for a total up to Rs 290 crore. The coupon rate has been fixed at 8.25% per annum for a tenure of 10 years.

What to expect today?

Yesterday, NIFTY fell from 14,570 and crossed the important supports of 14,500, 14,360 and closed just above 14,300. You can read all about yesterday’s movements here.

Bank Nifty was not so bearish as it took support at 32,500. Important supports of 33,000, 32,850 etc were broken in the day. Bank Nifty managed to close above 33,000.

Only the Metal sector closed in the green yesterday. Only 6 out of the 50 NIFTY stocks could close in the green. Such was the bearishness.

Joe Biden might announce a 3 trillion USD package as part of his speech on Wednesday. This has helped lift the sentiments of the market.

The European markets moved down steeply in the day but recovered towards the close. The US markets opened with a huge gap down but then moved up from there. DOW JONES moved 600 points up intraday!

Asian markets are trading in the green after the way the US markets bounced back. US Futures are also up. SGX Nifty is currently trading higher at 14,571 indicating a gap up opening in the Indian market.

There was clear weakness in the market. Bank NIFTY breaking 33,000 and NIFTY breaking 14,500 are HUGE. FIIs selling heavily is also a concern.

But as we know below 14,500 is a demand zone for NIFTY. So today is going to be decisive. If NIFTY can close above any major level above 14,500, that is a good non-bearish indication. I will be closely watching the markets.

NIFTY has strong resistances at 14,600, 14,650, 14,700 and 14,750. NIFTY has to cross at least 14,700 to gain back upwards momentum.

The next supports for NIFTY are at 14,360 and 14,230 while for Bank Nifty, they are at 32,850 and 32,500.

India VIX spiked yesterday when the market fell.

Foreign institutional investors (FIIs) net sold worth Rs 3383 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 2267 crores in the Indian equity market. 

There is good put OI buildup at 14,000 followed by 14,500. Similarly, the largest call option buildup is at 15,000 followed by 16,000.

Like the good news from the US, if we can get more positive cues, then NIFTY can create a bottom and then move up from here. Today is going to be decisive!

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