News Shots

Pfizer has applied for emergency use authorization of COVID-19 vaccine in India. Pfizer International has already secured such clearance from the UK and Bahrain. Interestingly, they have also presented solutions for managing the cold supply chain and storage that the vaccine requires, which was a point of concern.

The latest development is that The Serum Institute of India (SII) has applied for emergency use authorization for the Oxford-AstraZeneca COVID-19 vaccine in India. SII is the first indigenous company to apply to the Drugs Controller General of India (DCGI) seeking authorization for the corona virus vaccine in the country. Being an Indian company, they expect to get preference over Pfizer if the performance of the vaccine is unmatched.

A Rs 1,800 crores fraud has been reported in SBI. CBI has booked the Managing Director of Jay Polychem for the fraud.

Mukesh Ambani’s Reliance Industries subsidiary, Reliance Digital Platform & Project Services will possibly have to spend up to Rs 4,975 crores to buy out Anil Ambani owned Reliance Infratel. This is as per a bankruptcy court’s order on Thursday.

Max Life Insurance CEO and MD Prashant Tripathy is expecting the approval for Axis Bank’s proposed stake increase to 19% in the insurer within the next three months. 

Promoter Tata Sons has hiked its stake in Tata Chemicals, again. It has bought more than 25.71 lakh shares at Rs 471.88/share. Last week, it had bought 18.07 lakh shares and held a 29.39% stake in Tata Chem at the end of September.

Tata Power has received a Letter of Intent (LoI) for Odisha’s WESCO and SOUTHCO SOUTHCO power distribution utilities (discoms). 

As the stock rally continued last week, Steel Authority of India (SAIL) has registered a 7% increase in the production of crude steel in November. The production stood at 1.417 million tonne against last November’s 1.328 million tonnes.

ONGC’s overseas investment arm, ONGC Videsh Ltd, has made a “significant” oil discovery in an onshore block in Colombia.

Tata Consumer Products’ Australia-based step-down subsidiary has reported that it is selling MAP Coffee Business to Buccheri Group for Rs 6.74 crore.

Recently gone public Likhita Infrastructure has bagged an order of Rs 112.88 crore from a joint venture company of IOC, HPCL and BPCL for laying pipelines in the Gujarat region, as part of Kandla-Gorakhpur Pipeline Project.

Bharat Dynamics manufactured Akash Missiles has been successfully test-fired by the Indian Airforce.

What to expect today?

Last week, NIFTY traded in the range of 13,000 to 13,258. 13,200 was breached strongly on Friday when PM Modi announced that a vaccine may come out soon in India and all the states are getting prepared to make sure that it reaches everyone. Click here for a detailed analysis of Friday’s market and stock movements. 

Bank Nifty, still more than 1500 points away from its pre COVID levels, couldn’t move up as much as NIFTY as HDFC Bank fell on Thursday after RBI asked them to stop issuing new credit cards and to stop all online services. 

Still, Bank Nifty has closed just above 30,000. 30,200 is a long term resistance. It seems that Bank Nifty is planning to breach that this time.

Reliance was the Top Loser on Friday. HDFC Bank was the Top Loser on Thursday. NIFTY and Bank Nifty are at such highs even after these 2 heavy weights pulling them down. When these start to move up, we can see a larger rally in the market.

We saw many stock specific rallies last week, and are expected to continue this week also. If you are reading on the mobile app, do comment down if you caught any rallies based on what we discussed here 🙂

The US markets closed at record highs. Europe is also up. Asian markets are mixed. SGX NIFTY is trading at 13,267, which is 50 points lower, indicating a flat opening in the Indian Market.

NIFTY is likely to trade between 13,200 and 13,350. 

Highest Call Open Interest at 13,500, followed by 13,300. Highest Put Open Interest at 13,200, followed by 13,100.

The strong call OI built up at 13,300 indicates a resistance there.

Foreign institutional investors (FIIs) net bought shares worth Rs 2,969 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 1,971 crore in the Indian equity market.

Banks may be closely watched, including PSU banks. NIFTY Metal may also continue the rally with SAIL reporting great figures.

Meanwhile, a mystery has been reported in the US. More than $7 billion was pulled from the $172 billion Vanguard S&P 500 ETF (VOO) on a single day last week. This is nearly 4% of the total Asset Under Management. The mystery is, who would have pulled so much money all in one go from the Index Fund? And why would they have done it? Is something really bad incoming?

My view for this week is NIFTY to trade within 13,000 to 13,500. The December expiry option chain says maximum call option OI at 13,000 and maximum put option OI at 12,000. Is a major correction coming soon? Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!