News Shots

UTI Asset Management Company and Mazagon Dock Shipbuilders are set to launch their Initial Public Offerings (IPOs) next week. Both issues will open for subscription on September 29 and will close on October 1.

Mahindra & Mahindra has increased its stake in Sampo Rosenlew to 74.97 percent from 49.14 percent. Sampo Rosenlew is Finnish manufacturer of combine and forest harvesters.

Tata Consumer Products is weighing a non-binding bid for the vending machine business of Coffee Day Enterprises, which is seeking a valuation of about Rs 2,000 crore for the vending machine business.

RITES has bagged a Rs 206 crore contract to construct four road over bridges in Andhra Pradesh from Indian Railways.

The US arm of Sun Pharma has recalled one lot of Riomet ER oral suspension in the US market, due to the presence of a probable human carcinogen above the acceptable daily intake limit.

IRB Infrastructure Developers said its special purpose vehicle (SPV) will start toll collection on Yedeshi Aurangabad highway in Maharashtra post completion of the project. The company said the highway stretch on NH 211 has received a completion certificate.

Tata Consultancy Services will be building the technology infrastructure for US and Canada-based women’s fashion retail chain, ‘Maurices’.

IDFC First Bank and a few other investors would be looking to lower their ownership in Suryoday Small Finance Bank, which is in the final laps of making an application for its initial public offer (IPO).

Raymond will raise Rs 100 crore through NCDs on a private placement basis.

Power Grid Corporation of India has got shareholders’ approval to raise up to Rs 10,000 crore via bonds on a private placement basis in 2021-22.

Panacea Biotec has successfully completed Phase I/II clinical study to evaluate the safety and immunogenicity of its DengiAlI vaccine.

Mindspace Business Parks REIT has committed to transition to 100 per cent electric mobility by 2030.

The Competition Commission has approved Adani Group’s proposed acquisition of controlling stake in Mumbai airport from GVK Airport Developers under the green channel route.

Marico has divested its entire stake in the fitness app Revolutionary Fitness (Revofit)

What to expect today?

Bears ruled the market yesterday. NIFTY closed nearly 3% down and even went below 10,800 at a point! As I wrote yesterday, you could’ve shorted to your heart’s delight for easy profits. Click here for a detailed analysis of yesterday’s market and stock movements. 

NIFTY has 200 DMA at 10,770 range. That can act as a support. Bank Nifty has crossed many major supports and is in free fall now. It is down 2000 points within a week!!

Now we can hear a lot of reasons being cited for the fall. US political tensions, no progress in US stimulus, no COVID vaccine updates etc are among the reasons.

Global markets are doing better. US Markets are slightly up. Asian markets are mostly up. SGX NIFTY is currently trading at 10,914, which is 69 points higher, indicating a gap up opening in the Indian Market. 

NIFTY is likely to trade between 10,770 and 11,000 today. There is support at 10,850 and 10,800 and resistance at 10,950 and 11,000.

Highest Call Open Interest at 11,000, followed by 11,200. Highest Put Open Interest at 10,800, followed by 10,500. 

Foreign institutional investors (FIIs) net sold shares worth Rs 1,885.69 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 188.64 crore

10,770 – 11,000 should act as a consolidation range for NIFTY. Breakout or breakdown from this level will be important.

There were reasons for the fall. And yes, the reasons are still there. But the market should start moving up sooner or later. Global markets doing well is a very positive sign. Last time NIFTY fell to 10,800 levels, it shot up and reached 11,500 within 4-5 trading days. I am not expecting such a quick bounce back this time but it has to happen. All the best for today!