News Shots

Maruti Suzuki said it expects production cuts in September of nearly 40% of normal output due to the semiconductor shortage. 

Shoppers Stop has sold its subsidiary Crossword Bookstores to the owners of Agarwal Business House, for a valuation of nearly Rs 41.6 crore. 

BHEL said it has bagged an order worth Rs 10,800 crore from Nuclear Power Corporation of India for machinery.

Batterymaker Exide Industries has said it is looking at manufacturing lithium-ion batteries, currently used in electric vehicles. The company is waiting for details of the Production-Linked Incentive scheme.

Bombay Stock Exchange(BSE) said that its mutual fund distribution platform StAR MF has processed a record 1.41 crore transactions worth Rs 36,277 crore in August, up from 1.32 crores in July.

Public infra company REC is looking to raise up to Rs 85,000 crore through the issuance of debt instruments next month.

Likhitha Infra has received an order worth Rs 145.86 crore from Indradhanush Gas Grid (IGGL) for laying and construction of steel gas pipelines and terminals.

AU Small Finance Bank has clarified the resignation of Sumit Dhir, head of internal audit, saying that he resigned due to changes in personal circumstances. The bank added they are trying to bring him back. Yesterday, the stock fell 13% following this news.

Wipro has partnered with HERE Technologies to offer location-based services to corporate customers from energy and utilities, manufacturing, transport and Logistics, telecom, and automotive industry verticals. Netherland-based HERE Technologies is owned by Nokia, BMW, Volkswagen, Daimler(Owners of Mercedes Benz), Intel and other top companies.

There was a high number of revoking of pledges by Gautam Adani in Adani Ent, Adani Ports and Adani Transmission. Promoter Infinite Trade and Investments also bought 30 lakh shares of Adani Green between August 27-30.

Stocks of Abbott India, Crompton Greaves, Dalmia Bharat, Delta Corp, The India Cements, JK Cement, Oberoi Realty, and Persistent Systems will be available in the Futures & Options segment for trading from October 1.

What to expect today?

Yesterday, NIFTY continued its dream run to cross 17,000 and then rallied another 150 points after opening flat. It was the fastest 1,000 points gain ever for the index. You can read all about yesterday’s market movements here.

BANK NIFTY was highly consolidating. The 13% fall of AU Bank kept the index flat. Bank Nifty only moved up 0.21% yesterday.

TCS and Financial companies including HDFC and Bajaj Twins once again continued their rallies. 

The European markets closed slightly in the red. The U.S. markets moved sideways and were weak.

Asian markets are mixed on Wednesday morning. Japan’s Nikkei is up more than 1.2% till now. The European futures are in the green and US futures are also in the green.

SGX NIFTY is trading slightly lower at 17,142 indicating a flat to gap-up opening in the Indian market. 

Nifty exceeded all expectations yesterday and rallied above the 17,000 mark with ease. Call writers at the 17,000 mark had to run for cover, buy Futures and pushed the market even further up. 

The call writing has shifted to strong Put Writing at 17,000 and this indicates support. The immediate supports for NIFTY are at 16,980 and 16,900. But I doubt that the 17,000 support will be tested this week.

Even though Bank Nifty was weak, the 36,000 support was not tested. This level continues to be important and can be watched today. The next support will be at 35,720. Yesterday, 36,500 acted as a strong resistance for the index. You can watch it along with 36,800 and 37,000 levels.

There is strong call writing at 36,500 and 37,000 levels. But yesterday’s weakness in the index was mostly due to AU Bank falling, let us see if it will rally back up after the clarification. The index is still more than 1,000 points away from its all-time highs made in Feb-March.

Foreign institutional investors (FIIs) net bought worth a massive Rs 3,881 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 1,872 crores in the Indian equity market. FIIs did indeed close August month with heavy buying as we discussed yesterday.

There are call buildups at 17,100 but I feel a gap-up will scare these writers. Another short cover rally might be triggered if NIFTY moves up in the morning without profit booking.

Waiting to see if Bank Nifty can turn bullish today after yesterday’s underperformance.

There is still power left in NIFTY. By the end of the year, we could see more huge movements in the market, and this is a reason to stay invested. Even if there is a small correction, I will be buying up Nifty ETFs for the long term and adding Nifty Futures. What do you think?

Retail Traders are coming together on social media for a No Trading Day today. It is to mark dissent against the new margin rules being imposed by SEBI from today. Will you be trading in the market? Let us know in the comments section down below!

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