News Shots

IDFC Financial Holding Company writes to IDFC First Bank informing it on value unlocking plans. IDFC’s board has approved the sale of IDFC AMC

Union Bank of India has cut the home loan rate to 6.4% for the festive season. New rate is to be effective from October 27. It comes as the bank is seeing rising demand from customers.

Axis Bank reported net profit up 86% YoY at Rs 3,133.32 crore , and NII up 8% at Rs 7,900 crore beating estimates.

Cipla reported as expected earnings with revenue up 0.28% from last quarter at Rs 5,519.8 crore and net profit down 0.47% QoQ at Rs 711.4 crore.

Bajaj Finance reported net profit is up 53.4% compared to last year at Rs 1,481 crore. NII or Net Interest Income is up 28% at Rs 5,335 crore with an improvement in asset quality seen.

Power Grid said that the high voltage direct current (HVDC) power transmission links connecting three states of Chhattisgarh, Tamil Nadu and Kerala have started commercial operation.

Indian Energy Exchange will seek shareholders’ approval to issue bonus shares through postal ballot notice.

Major Earnings Today:

  • Adani Ports
  • Larsen & Toubro
  • Maruti Suzuki India
  • Bajaj Auto
  • Titan
  • ITC
  • IndusInd Bank
  • Adani Enterprises
  • SBI Life 
  • Indian Overseas Bank
  • Punjab National Bank
  • Lupin
  • United Breweries
  • United Spirits
  • Balaji Amines
  • Cummins India,
  • Happiest Minds
  • Tata Chemicals
  • Torrent Power
  • Dalmia Bharat
  • Deepak Nitrite

What to expect today?

Yesterday, NIFTY opened with a small gap-up at 18,260 and then started moving up. The index faced stiff resistance and fell heavily to take support at 18,100. NIFTY then bounced back with the help of Kotak bank, followed by profit booking and finally a very good up move towards the end sponsored by Reliance, Bajaj Finance and ITC. The index closed 143 points up, or 0.79% at 18,268.

BANK NIFTY started the day in a similar pattern but lacked strength to cross day-high later. The index took resistance near 41,350 and support near 40,800. BANK NIFTY closed the day at 41,238, up 46 points or 0.11%.

All sectors closed in the green. NIFTY AUTO(+2%),  NIFTY METAL(+2.66%) NIFTY REALTY (+3.62%)and NIFTY MEDIA(+2.60%) performed well whereas other sectors consolidated.

The European markets closed well in the green. The U.S. markets opened with a gap-up and moved further to create a new all-time high. But profit-booking kicked in and the indices saw a heavy fall to close slightly in the green.

The Asian markets are trading in the red. U.S. Futures and European Futures are trading slightly in the red except CAC40.

SGX NIFTY is trading slightly higher at 18,281 indicating a flat to the small gap-up opening in NIFTY. 

Major supports for NIFTY are at 18,250, 18100, 18,040 and 18,000. We can expect resistances at 18,320, 18,400 and 18,500.

BANK NIFTY has support at 41,000, 40,700 and 40,500. Resistances are at 41,500 and 41,830.

The highest call OI buildup in NIFTY is at 18,500 and the highest put OI build-up is at 18,200.

BANK NIFTY has the highest call OI buildup at 42,000. The highest put OI build-up is at 41,000.

INDIA VIX is now at 16.75.

Foreign Institutional Investors net sold shares worth Rs 2,369 crores. Domestic Institutional Investors net bought shares worth Rs 1,368 crores.

We saw heavy buying in the market towards the close powered by Reliance, Bajaj Finance and ITC. This had given enough power to NIFTY to even move above 18,300 and back above a trendline we have been drawing in the 1-hour charts. Axis Bank and Bajaj Finance had good results announced yesterday. Let us see how the market reacts at opening time. 

Also, major companies including ITC, L&T, Indusind Bank, Titan, Maruti Suzuki and Bajaj Auto will announce their quarterly results today. NIFTY has re-entered the channel we discussed earlier. I will watch 18,320 on the upside and 18,100 on the downside for major moves in NIFTY. 

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