News Shots

  • Divis Lab and SBI Life will be included as new members in NIFTY50 from Sep 25. They will be replacing Bharti Infratel and Zee Entertainment Limited
  • Axiata Group Berhad has sold its residual stake in Vodafone Idea and exited India’s telecom sector, having taken a substantial hit on its investments after a high-profile entry more than a decade ago.
  • The dedicated bankruptcy court has decided to appoint an interim resolution professional (IRP) in a case filed by lender State Bank of India (SBI) against Anil Ambani.
  • Hindalco Industries one of the country’s largest private aluminium players has entered into a memorandum of understanding (MoU) with UltraTech Cement to deliver 1.2 million tonne of bauxite residue, red mud in industry parlance, annually to UltraTech’s 14 plants across seven states.
  • Wipro has set up a blockchain-based gas trading platform for Uniper Global Commodities SE.
  • GAIL sees its gas demand returning to pre-COVID-19 levels by the end of the current quarter as the expansion of the city gas network will offset shrinking consumption.
  • Indian Overseas Bank posted a net profit of Rs 121 crore for June quarter 2020 mainly due to fall in bad loans.
  • Major Results Announcement Today:
    • Indiabulls Housing Finance
    • Rossari Biotech
    • Punjab National Bank
    • Union Bank of India
    • Coffee Day Enterprises

What to expect today?

  • Yesterday, we saw the market reacting to the US Fed’s negative take on the COVID 19 situation. The market opened gap down and then moved slightly up/consolidated as expected. Hope you got the Steel Sector trading idea yesterday. I am planning to be more active on the Telegram broadcast soon. Click here for a detailed analysis of yesterday’s market and stock movements.
  • But what we see today is why I say the stock market is a crazy place. Yesterday, we saw most of the markets bleeding heavily due to negative global sentiments. Today, the whole world seems to have forgotten it. US Markets have hit all time high again. Asian markets are hugely positive!
  • US Markets closed higher. Asian markets are absolutely positive. SGX NIFTY is currently trading 86 points higher, indicating a gap up opening in the Indian Market.
  • Since there will be a gap up opening, be cautious and wait for trend confirmation, just like you did yesterday.
  • NIFTY is likely to trade between 11,340 and 11,450 today. There is support at 11,370 and 11,340 and resistance at 11,400 and 11,450.
  • Highest Call Open Interest at 11,500, followed by 12,000. Highest Put Open Interest at 11,000, followed by 11,200. 
  • Foreign institutional investors (FIIs) sold shares worth Rs 268.46 crore and domestic institutional investors (DIIs) sold shares worth Rs 672.23 crore in the Indian equity market. FIIs ended as sellers after so many days.
  • Banks had fallen heavily yesterday. There can be a major recovery in them today or in the coming days.
  • Pharma and the Insurance sector can do good with the positive sentiment of Divis Lab and SBI Life breaking into NIFTY
  • Reliance has re-established 2100 as an important support. Watch for breakdown or trend reversal.