News Shots

Zee Entertainment’s largest investor Invesco once again called for an extraordinary general meeting (EGM) to discuss the ouster of three directors showing that the tussle for control continues.

Jindal Steel and Power aims to start mining at Kasia iron ore block within a month, after announcing on Thursday it won the block, which has total reserves of 278 million tonnes (MT).

State-owned power company NTPC has won solar projects worth 1.9 GW. With this, NTPC now has over 6.3 GW capacity won through such biddings.

Pharma company Biocon said the US health regulator issued six observations after the inspection of the manufacturing facility of its Malaysian subsidiary.

According to a top official of Vodafone Idea, the government has given an option to telcos to pay back AGR dues with equity but saying they have no plans of acquiring any telecom company. 

Competition Commission imposed penalties totalling over Rs 873 crores on multiple companies including United Breweries, Carlsberg India and others for cartelisation in the sale and supply of beer.

TVS Motors said it will launch multiple electric two and three-wheelers with power output ranging from 5 to 25 kilowatts to become a leader of EVs in the country.

HDFC Bank said it aims to double its rural reach to two lakh villages and will hire 2,500 people in the next six months to help with this goal.

Balkrishna Industries to raise Rs 1,000 crore via long term finance instruments.

What to expect today?

On Friday, NIFTY opened with a big gap-up and created an all-time high near 17,930. Eventual profit booking made the index close up just 30 points at 17,853.  You can read all about yesterday’s market movements here.

BANK NIFTY also opened with a gap but took resistance at its all-time high. The index closed at 37,830, up 60 points.

NIFTY REALTY(+1.5%) moved up slightly while NIFTY METAL(-2.10%) and Nifty FMCG(-1.10%) saw a fall. Friday was generally a day of profit booking.

The consolidation and profit booking that we saw in our markets yesterday was seen in the global markets as well. The European closed in the red. The U.S. markets closed flat. 

Today morning, almost all of the Asian markets are trading in the green. The European futures and the U.S. futures are also trading more than 0.5% in the green.

SGX NIFTY is trading higher at 17,962 indicating a gap-up opening in the Indian market.

Supports for NIFTY are at 17,900, 17,820 and 17,740. 18,000 and 18,100 can act as resistances for the index.

The supports for BANK NIFTY are at 37,680, 37,500, 37,000 and 36,800. Resistances exist at 38,000, 38,112(all-time high) and then at 38,500(Open Interest Based).

Foreign institutional investors (FIIs) net bought worth Rs 442.49 crores continuing their buying spree, and domestic institutional investors (DIIs) net sold shares worth Rs 515.85 crores in the Indian market. 

This week is the monthly expiry and Open Interest analysis along with current Nifty levels is very interesting. There is a large call OI buildup of more than 1 lakh contracts at 18,000, indicating that level can act as a strong resistance. But if Nifty crosses that level today with power, we may see put contracts strongly being added at this level.

A short-covering rally can be expected if such happens, and the next level to look out for would be 18,100 and 18,200.

The continuing bullishness of the global markets are giving us strength as well. The Evergrande issue is temporarily under control with the Chinese Govt pumping in money. But I am interested to see if the U.S. and European markets will cross their all-time highs or take resistance there.

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