News Shots

  • Reliance Industries and Future Retail are in the process of finalising a share swap ratio for an all-stock deal that would result in Future Retail merging into the Mukesh Ambani firm.
  • Yes Bank FPO was subscribed 48 per cent on Day 2.
  • L&T Finance Holdings reported a 73 percent decline in its net profit for the quarter ended June. The fall is mainly because of provisions arranged to overcome the Covid-19 pandemic.
  • ICICI Prudential Life Insurance Company – FPIs raised stake in the company to 15.06% in June quarter, from 13.34% in March quarter; Government of Singapore bought 1.39% stake.
  • Tata Power is in advance stage of discussion with Gujarat’s utility GUVNL to execute a supplemental power purchase agreement (PPA) to facilitate a suitable increase in power tariff, from its Mega Coal Power Plant in Mundra, GUjarat.
  • NTPC entered into a Memorandum of Understanding (MoU) with National Investment and Infrastructure Fund (NIIF) to explore opportunities for investments in areas like renewable energy, power distribution among other areas of mutual interest in India.
  • Vodafone Idea fell 15% as Jio tied up with Google and announced 5G readiness.

What to expect today?

  • Yesterday, the market regained stability. NIFTY was trading in the range of 10,600 to 10,700. Towards the end, it crossed the resistance of 10,700 with the help of major private banks and closed above 10,700. 10,590-10,600 is proving to be a major support for NIFTY.
  • COVID-19 fear is back and US Markets are down. Asian Markets are mostly up. SGX NIFTY is currently trading at 10,774, indicating a gap up opening in the Indian Market. 
  • NIFTY is likely to trade between 10,590 and 10,850 today. There is support at 10,680 and 10,590, and resistance at 10,760 and 10,800.
  • Highest Call Open Interest at 11,000, followed by 11,200. Highest Put Open Interest at 10,500, followed by 10,600. 
  • DII’s bought heavily for Rs 1659 crores after many days. FII’s sold for Rs 1,091 crores.