News Shots

Infosys will make an additional investment of USD 0.45 million in TidalScale Inc, taking its total investment in the software-defined-server technology startup to USD 3.45 million

Adani Enterprises wholly-owned subsidiary Adani Road Transport will acquire a 49 per cent stake in Maharashtra Border Check Post Network Ltd, with an option to acquire additional stake subject to regulatory approval.

Lupin has received tentative nod from the US health regulator to market its generic Brivaracetam tablets used for the treatment of partial-onset seizures.

Suven Life Sciences announced Phase 3 clinical trial of SUVN-502 (Masupirdine), a 5-HT6 antagonist for treatment of agitation and aggression in Alzheimer’s type dementias’.

Olectra Greentech received the Letter of Award from Gujarat State Road Transport Corporation (GSRTC) for 50 units of 9-metre electric buses.

What to expect today?

Yesterday, NIFTY opened with a small gap up and tried to move below 16,500 but failed. It moved up till 16,590 before closing at 16,563. You can read all about yesterday’s market movements here.

BANK NIFTY was not as bullish at all and moved down slowly throughout the day in a range bound manner. It took support at 36,000 and resistance at 36,250 and closed at 36,094.

NIFTY METAL had a great day as TATASTEEL moved up by more than 3%. Almost all other sectors consolidated.

The European markets have closed in the red, following the negativity in the Asian markets yesterday. The US markets also opened with a gap down and moved down but later displayed a stellar V shaped recovery to close at all time highs in the green!

Most of the Asian markets are still in the red. The US and European futures are also in the red.

SGX NIFTY is trading flat at 16,554 indicating a flat opening in the Indian market. 

The immediate supports for NIFTY are at 16,450 and 16,380-360, with more strong supports at 16,290 and 16,150. Going ahead, 16,000 is likely to act as a key support for NIFTY. The all time highs are acting as a good resistance now.

The 35,800 zone is an important support for BANK NIFTY. The next support is at 35,500.

36,200-36,350 will act as an immediate resistance for the index. 36,500-600 is also an important resistance to be watched out for in BANK NIFTY. 

Foreign institutional investors (FIIs) net sold worth just Rs 1088 crores, and domestic institutional investors (DIIs) also net bought shares worth Rs 506 crores in the Indian equity market. 

The heavy put writing continues, taking the PCR up to 1.6, indicating bullishness.

In NIFTY, the largest call OI buildups are at 16,800, 17,000 and 16,600 while the largest put OI buildup is at 16,400 followed by 16,500.

In BANK NIFTY, the largest put OI buildup is at 36,000 and largest call OI buildup is at 36,500..

HDFCBANK is at a crucial resistance zone of 1520-1540. Do watch the stock closely.

If HDFCBANK breaks out, BANK NIFTY will break out and thus NIFTY may also move up.

The Taliban’s takeover of Afghanistan is definitely in the back of the mind of investors all around the globe. Any bad news can have large implications on the market.

NIFTY breaking 16,600 and BANKNIFTY breaking 36,350 are bullish signals. NIFTY breaking 16,450 and BANKNIFTY breaking 35,800 are bearish signals.

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