News Shots

Reliance Industries has received Rs 7,500 crore from US private equity firm Silver Lake Partners, which has picked up 1.75 per cent stake in its retail arm. Also, more Venture Capital Firms like General Atlantic and TPG are in talks with Reliance to invest 1 billion USD each.

Telecom regulator Trai has decided to drop proceedings against Vodafone Idea in priority plan matter after the telco withdrew contentious claims on faster speed and modified its offering. Also, Vodafone India won a case against Indian Government worth Rs 20,000 crores related to income tax.

Supreme Court to hear the interest on interest case today.

Escorts says the joint venture with Japanese tractor manufacturer Kubota Corporation has begun commercial production of Kubota Tractors from September 25.

NTPC Ltd has successfully synchronised a 660-MW thermal power plant in Bihar with the grid, which would help the commercial generation of electricity from it.

Bharat Petroleum Corporation Limited (BPCL) has been forced to pay for its defaulting partner Videocon Industries after it had relied on a rarely used model to acquire stake in five oil blocks in Brazil

JSW Energy’s solar arm JSW Solar received a Letter of Award for total blended wind capacity of 810 MW from Solar Energy Corporation to set up 2,500 MW ISTS-connected blended wind power projects.

Sun Pharma is looking to expand its specialty business across different regions like Greater China and Japan after having established presence in the US market, as per the company’s Annual Report for 2019-20.

REC said its shareholders have approved a proposal to raise the overall borrowing limit to Rs 4.5 lakh crore from the existing Rs 3.5 lakh crore.

Dr Reddy’s Laboratories has launched Dimethyl Fumarate delayed-release capsules, used to treat multiple sclerosis (MS), in the US market.

The country’s second-largest paint maker Berger Paints said that despite the pandemic its capital expenditure for this fiscal year remains unaffected and will be the same as last year. The major investment will be in its upcoming Sandila plant near Lucknow of around Rs 260 crore and the plant is expected to be operational from 2022 onwards.

Tanla Solutions CMD Uday Reddy at the company’s AGM said that its Blockchain Platform, Trubloq, went commercially live on September 1. He also said that an enterprise grade platform, for which the company has been granted a patent, has passed the Alpha and Beta phases and is ready for launch in October. The company has taken a strategic decision to invest, build & position itself as a platforms company.

Premier Explosives has received arms license from the Arms License Issuance Authority department to manufacture all types of warheads and fuses. The license enables the company to enter into new businesses.

Indoco Remedies launched Favipiravir tablets used in the treatment of Covid-19.

LIC increased its stake in Grasim Industries to 11.86% from 9.83% earlier.

What to expect today?

Our market tried to regain its losses on Friday. NIFTY took support at 10,800, where 200 DMA is present and closed strongly above 11,000. Click here for a detailed analysis of Friday’s market and stock movements. 

As the interest on interest case is taken up today at the Supreme Court, banks need to be in focus. Bank Nifty is already at amazingly low levels, having broken many major supports. A rally in Bank Nifty is around the corner.

Global markets are doing better again. US Markets were up by nearly 2% on Friday. Asian markets are mostly up. SGX NIFTY is currently trading at 11,077, which is 37.5 points higher, indicating a gap up opening in the Indian Market. 

SGX Nifty trading higher, even after such a positive Friday, is an indication of how strongly the market is pulling back. But traders need to be cautious. After gap up opening, the market might consolidate or correct. Kindly trade only once you get confirmation about the trend.

NIFTY is likely to trade between 11,000 and 11,200 today. There is support at 11,070 and 11,030 and resistance at 11,100 and 11,130.

10,750-10,800 has been established as a support for NIFTY. Bears will take over only after that level is broken. Speaking about moving up, 11,200-11,300 will act as a strong resistance range.

Highest Call Open Interest at 11,500, followed by 11,000. Highest Put Open Interest at 10,500, followed by 11,000. 

Foreign institutional investors (FIIs) net sold shares worth Rs 2,080.21 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 2,070.63 crore in the Indian equity market on September 25

10,770 – 11,300 should act as a consolidation range for NIFTY. Breakout or breakdown from this level will be important.

As I wrote on Friday, the last time NIFTY fell to 10,800 levels, it shot up and reached 11,500 within 4-5 trading days. Similarly, the market is trying to move up again. But this time there are various factors globally and locally that are pinning down the market. Keep a watch on banks, pharma, and IT today. The market will be closed on the coming Friday – so plan your week accordingly. All the best!