The Amazon-Future Retail issue is getting worse and delayed as the Delhi High Court ordered status quo until the order on interim relief sought by Amazon is sorted. Future Retail said it is exploring all legal methods and make appropriate steps to pursue the scheme of arrangement.
Tata Consumer Products is acquiring 100% shares of Kottaram Agro Foods, owner of the brand Soulfull, for Rs 155.8 crores. The company reported year-on-year growth of 31.3% in net profit. Operating margins contracted 99 basis points.
Adani Enterprises has incorporated a wholly owned subsidiary named Azhiyur Vengalam Road. It will exist to do the development, maintenance and management of the project Six Laning of Azhiyur to Vengalam section of NH-17.
V-Mart Retail has approved the closure of the QIP Issue and allocation of 15.3 lakh shares at an issue price of Rs 2,450 per share.
Endurance Technologies’ new plant in Tamil Nadu has started production. The plant will manufacture aluminium die-castings and handle integration of disc brakes with control brake modulators.
PNC lnfratech’s wholly owned subsidiary, PNC Unnao Highways, has received communication from National Highways Authority of India on confirming the achievement of Financial Closure for Unnao-Lalganj highway project in Uttar Pradesh.
Major Q3 results to be announced today:
- Bharti Airtel
- Adani Green
- Adani Enterprises
- Jubilant FoodWorks
- Ramco Cement
- Apollo Tyre
What to expect today?
Yesterday, NIFTY shot up by another 250 points to close near 14,650, supported by Auto stocks, Bank stocks and Realty stocks. You can read all about yesterday’s movements here.
Bank Nifty shot up more than 1000 points, crossing 34,000 and even 34,500. It closed 3.5% above at 34,267.
NIFTY has moved 1000 points in 2 days now! (Let that sink in) Normally, it is time to expect consolidation/cooling down. But, global markets are still very positive and let’s see how that will influence our markets today.
European and US markets have all closed in green, closing more than 1% up. Asian markets are also mostly trading higher. SGX NIFTY is trading higher at 14,783, which is more than 100 points higher, indicating a gap up opening in the Indian Market.
One thing we can say is the global markets are only 1-2% up while NIFTY has already moved 6-8% up in 2 days. That is, NIFTY has already factored in the gains. In that case, NIFTY might cool down from here.
NIFTY has all time high at 14,750 which will act as a huge resistance. It might be tested/breached today. Normally when resistances are crossed with strength, it can lead to strong breakouts. Now that is a reason for NIFTY to move further up. Plus, FII’s are back in mood buying for more than Rs 6000 crores yesterday.
I also expect profit booking to kick in like it happened yesterday. Moving down, NIFTY has supports at 14,500 and 14,550.
Reliance moved strongly towards yesterday’s close. If the strength continues, that can take NIFTY to higher highs.
Highest Call Open Interest at 15,000, followed by 16,000. Highest Put Open Interest at 13,500, followed by 14,000.
Foreign institutional investors (FIIs) net bought shares worth Rs 6,181 crore, and domestic institutional investors (DIIs) net sold shares worth Rs 2,035 crore in the Indian equity market.
Today will define the trend in our market for the coming days. NIFTY will be bullish if 14,750 is crossed and sustained with strength. NIFTY will be bearish if 14,500 is broken on the lower side.
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