News Shots

Kotak Mahindra Bank and PVR launched a co-branded debit card, claiming to be the first ones to offer such a product in the movie and entertainment genre.

Coal India allocated 72.1 percent higher quantity of coal at 17.34 million tonnes under the special forward e-auction scheme to the power sector during the April-September period.

The IT firm Coforge has filed papers with the US Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) of American Depositary Shares representing its equity shares.

Ashok Leyland’s EV arm Switch Mobility has bagged a contract for the supply and operation of 300 electric buses for Bengaluru Metropolitan Transport Corporation (BMTC).

The recently listed housing finance company Home First Finance Company is planning to raise up to Rs 99 crore by issuing bonds on a private placement basis.

Tourism Finance Corporation of India will consider the issuance of Non-Convertible Debentures to be issued on a private placement basis.

What to expect today?

Yesterday, NIFTY opened with a gap-up at 18,132 and started falling. The index bounced back from 18,020 and almost made it to day-high before falling more than 100 points. NIFTY had a volatile day with bears taking over, closing at 17,999, down 110 points or 0.61%.

BANK NIFTY opened flat at 38,716 and looked bearish. Consolidation with negative bias was seen in the first half and the index fell towards the end, closing the day at 38,307, down 395 points or 1.02%.

NIFTY PSU BANK(-2.1%), NIFTY BANK(-1.1%) and NIFTY PHARMA(-1.3%) fell in the day whereas NIFTY AUTO(+2.5%) and NIFTY IT(+0.49%) moved up.

The US markets moved up yesterday though Dow Jones made a fall towards the end to close just in the green. European markets closed in the green except FTSE.

The Asian markets are mixed. The U.S. Futures are flat and the European Futures are in the green except DAX futures.

SGX NIFTY is trading lower at 17,933 indicating a gap-down opening in NIFTY. 

Major supports for NIFTY are at 17,940, 17,880, 17,835 and 17,800. We can expect resistances at 18,050, 18,100, 18,175 and 18,230. 

BANK NIFTY has support at 38,100, 38,000 and 37,750. Resistances are at 38,350, 38,500 and 38,600.

The highest call OI build up in NIFTY is at 18,200 and the highest put OI build up is at 17,800.

BANK NIFTY has the highest call OI buildup at 39,000 followed by 38,500. The highest put OI build up is at 37,000 followed by 38,000.

INDIA VIX is now at 15.2.

Foreign Institutional Investors net sold shares worth Rs 561 crores. Domestic Institutional Investors net bought shares worth Rs 577 crores. 

The major global firms like CLSA and Morgan Stanley expressed the view that the Indian market will move up as RBI’s lower interest rate will favour the economy even if the government scales back pandemic support. At the same time, NIFTY moving below 18,000 is not a good sign for the short term. 

I will be closely watching 17,880 on the downside to confirm bearishness for the day. There is hope for recovery as 17,800 is a strong support. 37,900-38,000 is the support to be watched out for in BANK NIFTY.

There was major weakness in NIFTY towards the close yesterday. If there is a large gap down opening, time should be given to NIFTY to establish a trend. There are chances for recovery. If NIFTY is unable to hold 17,950, we can confirm a lack of strength in the market.

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