News Shots

Bharti Airtel’s credit outlook has been changed from stable to positive by Moody’s Investor Service.

Zomato’s South African subsidiary has initiated the process of deregistration, as the company tries to shut down loss-making operations.

The RBI has approved the appointment of Banavar Prabhakar to be part-time Chairman of Ujjivan Small Finance Bank for a period of 3 years.

Balaji Amines has restarted production in the DMF chemical plant after it was shut down on October 6 due to a ‘minor incident’.

The Department of Telecommunications (DoT) is likely to tell the Supreme Court that the government will return Bank Guarantees (BG) of telcos even for unfinished cases. Will benefit Vodafone Idea the most.

BPCL will soon float a tender for a 20 MW electrolyser to build the country’s largest green hydrogen plant as it aims to achieve net-zero emissions for its operations by 2040.

HFCL, India’s telecom gear maker, said yesterday that all promoter group shares pledged with various lenders have been released. Promoters jointly hold a 41.89 per cent stake in the company.

Two entities, including the promoter, on Tuesday, acquired a 3.7 per cent stake in Vedanta Ltd through open market transactions.

Schaeffler India will invest over Rs 300 crore in the next four years to set up a manufacturing facility in Hosur, Tamil Nadu. The merger of Zee Entertainment Enterprises (ZEE) and Sony Pictures is on track and in the final stages, Punit Goenka MD & CEO said yesterday.

What to expect today?

Yesterday, NIFTY opened with a gap-down at 17,315 and moved down with institutional selling. But support was taken at 17,216 and the index bounced by more than 300 points though there were some selling in between. NIFTY closed at 17,503, up 87 points or 0.50%.

BANK NIFTY opened with a gap-down at 36,862 and after taking support at the previous day low, moved up. The index faced multiple resistances near 37,250 but it was broken and BANK NIFTY touched 37,450 before it came down to close at 37,273, up 144 points or 0.39%.

All the sectors closed well in the green with NIFTY METAL(+3.3%) ending the day as the top-performing sector.

The US markets closed in the green after a weak start, with the exception of NASDAQ that fell by another 0.5% yesterday. The European markets opened with a huge gap-down and closed deep in the red except FTSE that made an excellent recovery to close in the green.

The Asian markets are mostly trading in the red now. The U.S. Futures and the European Futures also are in the red.

SGX NIFTY is trading at 17,574 indicating a gap-up opening in NIFTY. 

Major supports for NIFTY are at 17,450, 17,375, 17,325, 17,215 and 17,050. We can expect resistances at 17,550, 17,650, 17690, 17,800 and 17,835.

BANK NIFTY has supports at 37,000, 36,650, 36,500 and 36,250. Resistances are at 37,350, 37,500 and 37,750.

The highest call OI build-up in NIFTY is at 18,000 followed by 17,800 and the highest put OI build-up is at 17,000 followed by 17,500.

BANK NIFTY has the highest call-OI build-up at 38,000 and the largest put OI build-up is at 36,500.

INDIA VIX has increased further, touching 18.

Foreign Institutional Investors net sold shares worth Rs 4,477 crores. Domestic Institutional Investors net bought shares worth Rs 1,412 crores. 

Though the market has made a recovery of 300 points from intraday low yesterday, it is disappointing for the bulls that the FIIs continued to sell. This is not a good indication. They have sold nearly Rs 18,000 crore this month.

Biden’s decision to release crude oil shows the magnitude of inflation. Reports said that the waiting period for containers in several ports has hit a record high and this highlights the supply crisis the world is going through. But crude oil prices still went up yesterday. Considering these, the global cues are not in favour either. 

But looking at the charts, it is just consolidation for global markets near all-time highs. A positive trigger can help the markets move up further. But the Asian markets especially our market are lagging behind with NIFTY more than 5% away from the all-time high.

It would be hard for NIFTY to recover from the fall without the help of institutional buying. But yesterday’s rally gives some hope. NIFTY also has strong support near the 17,200 mark which is currently being respected.

We can expect volatility as any other Wednesday, especially ahead of the monthly expiry tomorrow. I will watch 17,200 on the downside and 17,700 on the upside for a clear direction this expiry. 

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