News Shots

Vodafone Idea approved a plan to raise up to Rs 25,000 crore through a combination of equity and debt instruments to keep the company afloat. The Company is to make some strategic announcement at 11.45 am. Meanwhile, Vodafone Group has again clarified that they have no interest in investing in Vodafone Idea.

In a bid to optimise its costs, the State Bank of India has planned a voluntary retirement scheme (VRS) under which about 30,190 employees are eligible.

IndusInd Bank raises Rs 3,288 crores via preferential issue of shares

Solar Engineering firm Sterling and Wilson Solar announced that it has bagged orders worth AUD 300 million (Rs 1,600 crore) for two large solar projects in Australia.

Tata Steel’s production level has now recovered to 100 per cent as the company sees a revival in domestic demand in the current quarter led by a good monsoon and rural economy

Hinduja Global Solutions has registered a 21.7 per cent rise in consolidated net profit at Rs 49.2 crore for the quarter ended June 2020

NLC India reported a 21 per cent rise in consolidated profit to Rs 343.48 crore for the quarter ended June 30.

South Indian Bank to raise up to Rs 1,250 crore through a mix of equity and debt instruments.

Dilip Buildcon declared L-1 bidder for a new HAM project worth Rs 1,905 crore.

What to expect today?

Last week was a wake up call to all the bulls. Markets moved down due to local cues on Monday, consolidated till Thursday, further fell on Friday owing to Global Cues. Click here for a detailed analysis of last week’s market and stock movements. 

Friday was again highly volatile for the US market. Though the markets went down heavily, they regained before the markets closed.

Last time we saw a similar fall due to profit booking, the market regained easily and moved up. Similarly, if we get confirmation of the market moving up, this can be a great opportunity to buy stocks in dip. But this time there is a bearish sentiment revolving around the market. NIFTY can fall further if 11,250 is broken.

US Markets are down. Asian markets are mostly down. SGX NIFTY is currently trading at 11,336, which is 25 points lower, indicating a flat to gap down opening in the Indian Market.

NIFTY is likely to trade between 11,250 and 11,450 today. There is support at 11,330 and 11,250 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. The shift from 12,000 to 11,500 is a sign of caution!

Foreign institutional investors (FIIs) net sold shares worth Rs 1,888.78 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 456.88 crore in the Indian equity market on Friday. This is also a negative sign that both FIIs and DIIs are selling heavily

Nifty Bank has crossed many major supports. Banks are looking very weak.

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