News Shots

Amid an existential crisis facing the firm over Rs 50,000 crore unpaid dues towards the government, billionaire Kumar Mangalam Birla on Wednesday stepped down as the chairman of Vodafone Idea.

Titan Company reported a consolidated profit of Rs 18 crore for the June quarter, helped by higher income. The company had reported a net loss of Rs 297 crore in the corresponding period of the preceding fiscal.

Zomato has incorporated a wholly-owned subsidiary in the name of Zomato Payments Pvt Ltd. The incorporation has been done to carry the business of providing payment aggregator services and payment gateway services under the Reserve Bank of India (RBI) rules and regulations.

Greenply Industries announced its foray into medium density fibreboards business and said it will set up a plant in Gujarat’s Vadodara with capital expenditure (capex) of Rs 548 crore for the purpose.

Reliance Industries to double its PET recycling capacity by setting up a recycled polyester staple fiber manufacturing facility in Andhra Pradesh.

Indian Oil Corporation has awarded an Engineering, Procurement, Construction and Commissioning contract of Rs 357.46 crore to Ion Exchange (India) to design and install effluent treatment plant on turnkey basis.

Shriram Transport Finance Company allotted 1000 secured NCDs of face value of Rs 10 lakh each, aggregating to Rs 100 crore on private placement basis.

Major Q1 result announcements today:

  • Adani Transmission
  • Cipla
  • GAIL (India)
  • Gujarat Gas
  • Honeywell Automation
  • Adani Power
  • REC
  • Aditya Capital
  • Ipca Labs
  • Tata Chemicals
  • Escorts
  • Indiabulls Housing Finance
  • Birla Corp

What to expect today?

The rally continued yesterday as NIFTY opened with a gap up and closed much higher at 16,258. You can read all about yesterday’s movements here.

BANK NIFTY outperformed by moving up 2.33%! It crossed strong resistances at 35,800 and 36,000 and closed at 36,028.

It was mostly BANKS and FINANCIAL SERVICES stocks which performed well yesterday. Most of the other sectors moved down.

The European markets moved up and closed slightly in the green. The US markets mostly closed in the red,  0.4 to 0.9% down, as the US jobs data came out lower than expected.

The Asian markets are mixed, not trading much lower or higher, mostly consolidating. European and US futures are trading slightly higher.

SGX NIFTY is trading flat at 16,267 indicating a flat opening in the Indian market.

The immediate supports for NIFTY is at 16,200, 16,140 and 16,100.

NIFTY took 16,290-300 as a resistance yesterday.

36,500-600 is an important resistance to be watched out for in BANK NIFTY. 

BANK NIFTY has good support at 35,800.

Foreign institutional investors (FIIs) net bought worth Rs 2828 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 441 crores in the Indian equity market. 

The highest call OI buildup is at 16,300 and followed by 16,400. The highest put OI buildup is at 16,000 followed by 15,900 and 16,200.

OI buildup is interesting in BANK NIFTY. Straddles at 36,000, highest call OI buildup at 37,000 and highest put OI buildup at 35,000!

Last time SBI announced the results, the next day also it continued the rally. So keep an eye out for SBI and banks. 

The upper level to watch out today in BANK NIFTY is 36,500-600 and the lower levels are 36,000 and 35,800.

The similar levels in NIFTY are 16,300 on the higher side and 16,200 on the lower side. Depending on which is broken, I will place trades accordingly.

There is a chance of profit booking as usual. Yesterday also, if not for banks, the market would have fallen! So, stay cautious also as it is a weekly expiry day.

Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!