News Shots

Most Asian markets are in the red today after the U.S. announced its inflation data which showed lower than expected inflation for the month of August. Interestingly, SGX Nifty is indicating a gap-up currently.

Life Insurance Corporation(LIC) of India’s stake in LIC Housing Finance increased to 45.23% from 40.31% after preferential allotment of shares.

Shree Cement is setting up an integrated cement plant in Rajasthan with a cement capacity of up to 3.5 MTPA and cement clinker capacity of 3.8 MTPA. The plant will cost the company Rs 3,500 crore and is expected to reach completion by March 2024.

Swiss Investment firm UBS Group AG increased its stake in Power Finance Corporation(PFC) to 5.67% from 3.4% earlier, through rights issue.

CRISIL Ratings has upgraded the rating of the Long-Term Bank Facilities of Jindal Steel & Power to A+/positive from A-/stable. Has also upgraded short-term bank facilities too.

GAIL is in the process of signing a sale and purchase agreement with IL&FS to acquire a 26% equity stake currently held by IL&FS group in ONGC Tripura Power Company.

UTI Asset Management Company’s board of Directors to meet on September 20 to consider and approve general matters of the company.

In yesterday’s 40% rally of Zee Entertainment shares, many institutional buyers have come out. Rakesh Jhunjhunwala’s Rare Enterprises bought 50 lakh shares (0.52% of total) at Rs 220.44/share. BofA Securities Europe bought 48.65 lakh shares (0.51%) at Rs 236.2 per share.

Promoter Tariq Premji, son of Azim Premji, bought 9.10 lakh shares of Wipro on September 13.

Promoters of Setco Automotive have pledged a 16.25 per cent stake against a loan.

What to expect today?

Yesterday, NIFTY opened at around 17,420 and took resistance at the old-time high at 17,438. There was a fall throughout the day and NIFTY closed the day at 17,380. You can read all about yesterday’s market movements here.

BANK NIFTY once again took support at 36,500 and closed in the green with support from IndusInd Bank and Kotak Bank. The index closed at 36,613, up 0.39%.

NIFTY MEDIA exploded 14% with ZEEL going up nearly 40% yesterday. Most other indices moved sideways.

The European markets stayed volatile and moved down after the U.S. market opened. The U.S. markets have closed in the red after markets were pulled down with inflation data being reported.

Asian markets are all in the red, following the fall in the U.S. markets. Korea’s KOSPI index is slightly in the green, and others are trying to move slowly back up before our market opens. The European futures and the U.S. futures are now trading flat.

SGX NIFTY is trading higher at 17,424 indicating a slight gap-up opening in the Indian market, even while all global markets are in the red. 

Supports for NIFTY are at 17,350, 17,270 and 17,200. We can continue to expect 17,400, 17,440 and 17,500 to act as resistances. 

The supports for BANK NIFTY are at 36,500, 36,300-36,200 and 36,000. Resistances exist at 36,700-36,800, 37,000 and 37,200.

The highest call OI buildup in NIFTY continues to be at 17,400 followed by 17,500. The highest put OI buildup in NIFTY is at 17,300 followed by 17,200.

The highest call OI buildup in BANK NIFTY is interestingly at 36,500 below the current price. The largest put OI buildup is also at 36,500. This means that option sellers expect the market to close around this level on Thursday.

Foreign institutional investors (FIIs) net bought worth Rs 1,649.6 crores, and domestic institutional investors (DIIs) also net sold shares worth Rs 310.31 crores in the Indian market. 

The U.S. inflation data came out yesterday night. It came out better than expectations and the market in the U.S. opened in the green. But soon, selling came and all indices including NASDAQ closed in the red.

Heavyweights RELIANCE and HDFCBANK fell slightly, continuing their correction after a rally last week. KOTAK BANK also continued its breakout and has gained over 6% in the last 5 days. It will be interesting to see if the stock loses power today as Bank Nifty may close in the red.

Also, ITC is trying to silently breakout. As we have always maintained our stand, try to keep investing in the stock at fixed intervals with money that maybe you save from skipping that biriyani.

Can expect the Wednesday volatility in the market today. Was expecting a fall after the gap-up opening, but seeing how Asian markets are trying to recover, I am neutral on Nifty today. Take trades only after confirming the trend!

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