News Shots

Macrotech Developers has launched its Rs 4,000 crore qualified institutional placement(QIP) on Monday. The floor price is set at Rs 1,184.70/share which is at a discount of 7.8% to the current market price.

Phoenix Mills and Canada Pension Plan Investment Board have entered into an agreement to develop a mixed-use office complex in Lower Parel, Mumbai.

Jindal Steel said its Steel production was up 7% YoY to 6.24 lakh tonnes on October. Steel sales were down 1% YoY to 5.93 lakh tonnes.

Escorts’ Board will meet on November 18 to consider raising funds. Also, Escorts Agri Machinery will be increasing the prices of its tractors effective November 21.

Cipla has been selected in the S&P Dow Jones Sustainability Index for the Emerging Markets for 2021.

SBI Cards and Payment Services approved allotment of Debentures worth Rs 500 crore on a private placement basis. 

After listing yesterday, PB Fintech shares worth Rs 407 crores were picked up by Capital Research and Management Company at Rs 1,192.96 per share.

What to expect today?

Yesterday, NIFTY opened with a gap-up at 18,156 and tried to break 18,200. The index started moving down after facing resistance and then consolidated to close at 18,109, up 7 points or 0.04%.

BANK NIFTY opened at 38,924 and moved up. The index took resistance near 39,000 and fell. BANK NIFTY consolidated towards the end and closed at 38,702, down 31 points or 0.08%.

NIFTY PHARMA(+1.4%) and NIFTY FMCG(+0.94%) moved up in the day. NIFTY METAL(-1.8%) and NIFTY PSU BANK(-1.4%) fell whereas other sectors consolidated.

The US markets closed flat yesterday whereas the European markets closed in the green.

The Asian markets are trading in the green. U.S. Futures and European Futures also are trading in the green.

SGX NIFTY is trading slightly higher at 18,194 indicating a gap-up opening in NIFTY. 

Major supports for NIFTY are at 18,050, 18,000, 17,940, 17,880 and 17,835. We can expect resistances at 18,175, 18,200, 18,230, 18,320 and 18,400.

BANK NIFTY has support at 38,600, 38,500, 38,350 and 38,000. Resistances are at 39,000, 39,300, 39,500, 39,750 and 40,000.

The highest call OI build-up in NIFTY is at 18,500 and 18,200 with almost equal build-up. The highest put OI build-up is at 18,000 followed by 17,900.

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

INDIA VIX is now at 15.47.

Foreign Institutional Investors net bought shares worth Rs 425 crores. Domestic Institutional Investors net bought shares worth Rs 1,525 crores. Once again, the FII and DII data show that both have turned net buyers for the second day in a row(can be affected by PB Infotech buy news). 

HDFC Bank is trying to take support at its 1560 level. Reliance is resting after its strong rally last week. Kotak Bank, Infosys and HDFC look strong.

Aggressive options writing for NIFTY at 18,200 and BANK NIFTY at 39,000 continues. As we discussed above, SGX NIFTY is already trading near the 18,200 mark. Just like we discussed yesterday, a significant move above these levels can trigger a short-covering rally in the indices.

Though there was an intraday fall of 100 points, NIFTY closing flat above 18,100 is an indication of strength. Let us see if the index can break 18,200 today inspired by positivity in the Asian markets. Towards the downside, NIFTY moving below 18,050 is an indication of loss in strength. I will be taking positions accordingly.

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