News Shots

The US President Donald Trump has finally signed the bill containing the $900 billion stimulus package. Last week, he had blocked the stimulus but now it has finally been approved.

Reliance Industries has agreed to buy out IMG Worldwide LLC from their sports management joint venture for Rs 52.08 crore.

Property developer DLF’s rental arm, DCCDL, has agreed to acquire the entire 52% stake of US-based Hines in a premium commercial project in Gurugram for Rs 780 crore.

Dish TV has received a notice from the government for payment of Rs 4,164.05 crore within 15 days, which includes licencing fee and interest.

Public sector Punjab National Bank has put up three stressed accounts for sale, including Birsa Institute of Technology (Trust). Total outstanding dues of the accounts are nearly Rs 34.50 crore.

Vodafone Idea(Vi) has started using 3G spectrum for 4G services in Mumbai. They claim that customers in the city will enjoy higher data speed with this.

The board of NIIT has approved a buyback proposal for up to Rs 237-crore at Rs 240 per equity share.

State-run Coal India is all set to diversify into non-coal mining areas. They also plan to make major investments in clean energy tech in 2021 after demand for the coal remained low this year. 

Mahindra Logistics, which is on a target growth path of reaching Rs 10,000-crore revenue by FY26 through inorganic and organic routes, is planning to deploy electric vehicles (EVs) for last-mile delivery.

Bajaj Auto said it expects sales of high-end motorcycles to grow faster than other bikes. The investment of Rs 650 crore in a new plant near its existing manufacturing facility in Chakan is aimed at preparing to take advantage of this potential growth.

Public sector power producer SJVN has been awarded three hydroelectric power projects totaling 501 megawatts (MW) by the Himachal Pradesh government.

Aavas Financiers has approved raising Rs 100 crore by issuing bonds on a private placement basis.

India registered a growth of 3.5% in crude steel production at 9.245 million tonne (MT) in November despite increase in steel prices, according to the World Steel Association. So, steel stocks can be watched.

Balaji Telefilms enters into collaboration with Ding Infinity to produce premium shows and films. The company will acquire a minimum of 55% stake for a cash consideration of not more than Rs 5 crore.

UltraTech Cement is considering a proposal to raise funds through the issue of 10,000 rated, listed, non-convertible, redeemable, unsecured NCDs worth Rs 10 lakh each, aggregating to Rs 1,000 crore on a private placement basis, on or after December 30, 2020.

What to expect today?

Last week was a roller coaster ride for NIFTY. It fell more than 3% on Monday and then regained by more than 1% each on Tuesday, Wednesday and Thursday. The week ended in flat with NIFTY testing its all time high at 13,775.

Bank Nifty is back to its consolidation range of 29,000 to 31,000. Just reminding that Bank Nifty has a huge resistance at 30,800.

Donald Trump passing the stimulus has brought in a lot of positivity into the market. Asian markets are trading in the green. US Futures are also up.

The US and the European markets were nearly flat. Asian markets are mostly positive. SGX NIFTY is trading higher at 13,811, which is nearly 50 points higher, indicating a gap up opening in the Indian Market. 

NIFTY may open above 13,800 with a gap up. That is jumping over 2 resistances (All time high resistance 13,775 and the resistance at 13,800) at a time. In that case, be patient and understand the trend in the market before taking any trades.

Highest Call Open Interest at 14,000, followed by 14,500. Highest Put Open Interest at 13,000, followed by 13,500.

Foreign institutional investors (FIIs) net bought shares worth Rs 1225 crore, and domestic institutional investors (DIIs) net sold shares worth Rs 1897 crore in the Indian equity market.

FIIs are back on the buying spree, but the volumes have definitely decreased. The decreased volume from FIIs can be expected this week also. DIIs are still selling with full power.

Today is the last trading week of the calendar. Volumes might decrease, but that does not necessarily mean volatility will reduce. Let’s see if 14,000 will be tested before 2020 ends, that is, in 4 days. In that case, 2020 will always remain as a historic year. The year where NIFTY almost doubled! From 7500 in March to 14,000 in December!

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