News Shots

Adani Power has made a Rs 2,600-crore offer to acquire Essar Power MP under the Insolvency and Bankruptcy Code (IBC) rules.

Adani Ports to issue up to 1 crore equity shares of face value of Rs 2 each to Windy Lakeside Investments. The allotment will be done at a price of Rs 800 per share, which is a 6.7% premium to Friday’s closing price.

Aarti Specialty Chemicals (ASCL), a wholly-owned subsidiary of Aarti Drugs gets an approval accorded under the Production Linked Incentive Scheme for the Pharma sector.

Just Dial has signed an advertising agreement with Star India for advertising as Co-presenting Sponsor for the Indian Premier League.

Negotiations between Blackstone Group and Carlyle for the biggest technology takeover in India have hit a bump as Mphasis share price continues to soar.

PVR plans to invest Rs 150 crore to open up to 40 screens across the country in the next fiscal.

Sayaji Hotels has inked agreements for seven new properties across various states, including Gujarat and Rajasthan.

NTPC has restored power supply to Sikkim after the state’s assurance of paying the outstanding amount of Rs 89-crore in a time-bound manner.

Cipla has voluntarily liquidated a wholly-owned step-down subsidiary. This liquidation was a part of internal reorganisation and it will not affect performance or revenue of the company.

ICICI Lombard General Insurance has approved an interim dividend of Rs 4 per share for the current fiscal in the midst of a pandemic year.

What to expect today?

On Friday, NIFTY opened gap down as expected and then consolidated. 15,000 was tested multiple times and finally was broken. NIFTY closed at 14,938 You can read all about Friday’s movements here.

Bank Nifty was more bearish, going below 35,000 at one point of time. But the support was taken and the index closed above 35,200.

All major indices closed in the red on Friday.

There is a sudden positivity in the global markets all of a sudden. Jobs data came out very positive in the US. The US stimulus package was passed by the Senate and sent it over to the House for final approval. Export-Import data from China was also reported to be very good. US Markets ended very strongly on Friday.

Almost all Asian markets are trading in the green. SGX Nifty is currently trading higher at 15,011 indicating a gap-up opening in the Indian markets.

It is good that the market opens above the strong support at 15,000. As I have said in the past, NIFTY has to sustain 15,000 to be in the bullish state. 

Moving up, 15,070, 15,170 and 15,260 will act as resistances. Looking down, there are supports at 14,900, 14,800, 14,750, 14,630 etc

Both FIIs and DIIs were net sellers in the market. Foreign institutional investors (FIIs) net sold worth Rs 2014 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 1191 crore in the Indian equity market. 

There are put option OIs at 14,000, 15,000 and 14,500. Maximum call contracts are at 15,500 and 16,000.

PSU Banks, led by SBI, have been falling strongly in the last few days. They, along with other Banks, can be watched closely.

With the positivity going around, it looks like the market is in a mood to move up. But in the last 2 weeks we have seen FIIs selling heavily at peaks. So, we can expect that this week also. That is, given India VIX is still above 25, we can still expect huge volatility with a positive bias in the market.

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