News Shots

Infosys announced its collaboration with digital workflow company ServiceNow to provide enterprise-level service management for customers in manufacturing industries.

The private lender Kotak Mahindra Bank announced its foray into the healthcare lending space, where it will be taking exposures of up to Rs 15 crore apiece.

Zee Entertainment has signed a merger deal with Sony Pictures Networks India Private Limited

Indiabulls Housing Finance will raise USD 165 million by issuing foreign currency convertible bonds (FCCBs).

Gautam Adani to invest USD 20 billion over the next 10 years in renewable energy generation and component manufacturing and will produce the world’s cheapest green electron. Adani Green Energy.

Torrent Power firm announced that it has inked a share purchase pact to acquire 156 MW wind power projects for about Rs 790 crore from Surya Vidyut, an arm of CESC.

The Shapoorji Pallonji Group company Sterling and Wilson Solar has commissioned 66 MWp Al Husainiyah solar power plant in Jordan. The project will save around 50,000 tonne of carbon emissions annually.

The IT software player Nucleus Software said that its board will consider buyback of shares on Friday.

What to expect today?

Yesterday, NIFTY opened with a small gap up above 17,400 and moved down till 17,320, took support and then rallied sharply to close 0.95% up at 17,562. You can read all about yesteday’s market movements here.

BANK NIFTY also followed a similar pattern by opening gap up, moving down and then rallying up. It took support at 36,500. The index closed at 37,235, up 0.24%.

NIFTY REALTY, NIFTY METAL and NIFTY IT bounced back from yesterday’s fall. Only NIFTY AUTO closed in the red.

The global markets were trying to get into a recovery mode yesterday. The European markets closed nearly 1%-2% up. The U.S. markets consolidated perfectly within a range and closed flat.

Most of the Asian markets are trading slightly in the red. The European futures and the U.S. futures are now trading in the green.

SGX NIFTY is trading lower at 17,529 indicating a gap down opening in the Indian market.

Supports for NIFTY are at 17,500, 17,390, 17,360 and 17,300. 17,600, 17,640 and 17,700 can act as resistances for the index

The supports for BANK NIFTY are at 37,000, 36,800 and 36,500. Resistances exist at 37,500, 37,800 and 38,000.

Foreign institutional investors (FIIs) net bought worth Rs 1041 crores continuing their buying spree, and domestic institutional investors (DIIs) net bought shares worth Rs 2167 crores in the Indian market. 

In NIFTY, 18,000 has the highest call OI buildup, followed by 17,800 and 17,700. The highest put OI buildup is at 17,400 followed by 17,300.

38,000 has the highest call OI buildup in BANK NIFTY and 37,000 has the highest put OI buildup.

I think we have to give some time to the markets so that a clear trend can be established.

I don’t think yesterday should be considered as a perfect recovery day. I will watch how the market moves today to get a feel of what is to come.

VIX has decreased a bit to 16.52, which is still a recent high. There was high volatility in the market for the last 2 days. We can expect the same in the coming days as well, while today might be consolidating.

Tonight Fed Monetary Policy will be out. Keep an eye out for the news.

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