News Shots

Invesco, the largest shareholder of ZEEL, has said that it had given a proposal in February this year for a merger of the company with another Indian media group for a valuation difference of  “at least Rs 10,000 crore”.

Tata Motors has said it will raise $1 billion (~Rs 7,500 crore) in its electric vehicle (EV) business from TPG Rise Climate at a valuation of up to USD 9.1 Billion(~Rs 68,200 crores).

A Trustee company under the name of Bajaj Finserv Mutual Fund Trustee Limited has been incorporated as a wholly owned subsidiary of the company, ahead of its own mutual funds launch.

After recent allegations, Adani Ports has decided not to handle cargo containers originating from Iran, Pakistan and Afghanistan from November 15th. 

IndusInd Bank has been authorised by the RBI to collect Direct and Indirect Taxes.

Steel Exchange India is set to consider proposals for raising of funds on October 15.

Earnings Today: 

  • Infosys
  • Mindtree
  • Wipro

What to expect today?

Yesterday, NIFTY moved up sharply after opening and tested 18,000. After consolidation throughout the day, the index broke this mark by closing time. NIFTY closed the day at its day high 17,991, up 46 points or 0.26%. You can read all about yesterday’s market movements here.

BANK NIFTY easily broke its all time high after noon, and even touched 38,600.  and took resistance only near 38,500. The index closed the day at 38,521, up 227 points or 0.59%.

NIFTY FMCG(+1.2%), NIFTY MEDIA(+1.4%) and NIFTY METAL(+1.1%) closed in the green. NIFTY PSU BANK(+3%) shot up near the closing time. NIFTY IT(-0.88%) closed in the red again.

European markets managed to gain after opening, but still closed in the red. The U.S. market closed in the red.. 

Most Asian markets are now trading in the green, with just the Japanese market flat. The European futures and the U.S. futures are trading flat currently.

SGX NIFTY is trading lower at 18,046 indicating a gap up opening in the Indian market. 

The supports for NIFTY are at 18,000, 17,940 and 17880. We can expect Nifty to take resistance once at the levels of 18,040, 18100 and 18200.

BANK NIFTY has a strong support at 38,000 and one at 38,450. Resistances are at 38600, 38800 and 39000.

NIFTY has the highest call OI buildup now at 18,000 followed by 18,200. The highest put OI buildup is at 17,800 followed by 17,900. 

If the gap-up does happen, as indicated by SGX NIFTY, then we might see some interesting movements today. Like we discussed yesterday, there could be a short covering movement from all the aggressive call sellers at 18,000 who will now be in losses. The market could jump up more if the all-time high is broken at 18,041 and sustained.

Once again both institutions turned net sellers. Foreign institutional investors (FIIs) net sold worth Rs 278.32 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 741 crores in the Indian market. 

BANK NIFTY continues to be bullish. Along with this, major IT stocks including Wipro and Infosys are announcing their results today and you can expect volatility. Do keep an eye out on SBI as well. 

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

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