News Shots

Pfizer has announced 95% efficiency and has demanded immediate emergency approval for their vaccine.

TCS shareholders have approved up to Rs 16,000 crore share buyback plan. Last month, TCS’ board of directors had approved a proposal to buy back up to 5,33,33,333 equity shares of the company.

Hero MotoCorp sold more than 14 lakh units of motorcycles and scooters in retail sales during the festive season.

GPT Infraprojects received order of Rs 168.2 crore for repair of Hooghly bridge from the state government of West Bengal.

Future Lifestyle Fashions – Crisil Ratings has downgraded NCDs to CRISIL D (Default) from CRISIL B, with outlook remaining on ratings watch with negative implications.

Mining conglomerate Vedanta has put in a preliminary expression of interest (EoI) for buying the government’s stake in Bharat Petroleum Corp Ltd (BPCL), for which a major foreign player too is said to be in the race.

Wipro has fixed December 11 as the record date for its up to Rs 9,500 crore share buyback programme.

Domestic air passenger volume fell 57.21 per cent to 52.71 lakh in October over the year ago period. However, passenger load factor (PLF) showed some recovery in October due to increase in demand after easing of lockdown restrictions and onset of festive season, DGCA said.

Larsen & Toubro has bagged one of its major orders from Tata Steel to supply 46 units of mining equipment. The scope of order for L&T’s construction and mining equipment business includes supply of equipment and full maintenance contract for 60,000 hours of equipment operation.

Sun Pharma promoter Shanghvi Finance created a pledge of 41 lakh shares on Nov 12.

What to expect today?

NIFTY was consolidating and falling yesterday till noon, exactly as per our discussion. But then it took support near 12,800 and went back up to 12,940 with the help of the Auto and Bank sectors. Click here for a detailed analysis of yesterday’s market and stock movements. 

Bank Nifty, continuing the bullishness, is near 30,000 now. This should act as a good resistance for Bank Nifty.

Though the expectation from NIFTY is to consolidate or correct, it keeps going up. We can see sector and stock specific rallies helping NIFTY move up. As we had analysed earlier, all the underperforming stocks till now will rally. For example, like the rally we saw in M&M and Tata Motors yesterday.

Also, Reliance is still trading under 2000. A quick up move in Reliance can also influence NIFTY a lot.

13,000 has very high Open Interest and should act as a strong resistance. It will be difficult for NIFTY to break 13,000.

The European markets are a bit up. The US markets closed with a sharp fall, closing at the day’s low. Asian markets are mostly in the red. SGX NIFTY is trading at 12,880, which is 114 points lower, indicating a gap down opening in the Indian Market. 

NIFTY is likely to trade between 12,760 and 13,000. 

12,800 and 12,760 are acting as good supports now. If they are broken, we might see a large down movement/correction in NIFTY.

Highest Call Open Interest at 13,000, followed by 13,500. Highest Put Open Interest at 12,000, followed by 12,500.

Foreign institutional investors (FIIs) net bought shares worth Rs 3,071.93 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 2,789.85 crore in the Indian equity market.

Foreign institutional investors have been buying in huge amounts for many days in a row now. Many records have even been broken. Reports say that FII’s will start to book profit and sell soon as NIFTY has nearly touched the resistance of 13,000 and Bank Nifty has nearly touched the resistance of 30,000.

Banks are continuing to do well. Even SBI is more than 10% up within a week! Pharma and IT are weak.

With Hero Motocorp announcing great numbers, we can probably expect good movement in the Auto sector again, specifically 2 wheeler stocks.

I was worried when SGX NIFTY crossed 13,000 yesterday night. But the way the US market has closed and the Asian markets opened have brought it down. NIFTY should remain under 13,000. Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!