News Shots 

HDFC assigned loans of Rs 7,468 crore in Q3 to HDFC Bank. Loans sold in the preceding 12 months amounted to Rs 27,591 crore. Gross income from the dividend for the quarter was Rs 195 crore. The profit on the sale of investments was nil. The company has liquidity buffers of approximately Rs 55,000 crore.

Bajaj Electricals approved the closure of the manufacturing unit in Shikohabad, Uttar Pradesh due to its unsatisfactory performance.

Karnataka Bank had the core deposits grew by 1.96% in Q3 to Rs 78,424.66 crore over the preceding quarter. The gross advances grew by 1.90% quarter-on-quarter to Rs 56,655.16 crore.

Tata Power appointed Sanjeev Churiwala as the new CFO with effect from January 1.

GAIL will pay Rs 913.84 crore to the government and Rs 862.31 crore to other shareholders as the first interim dividend for the FY21-22.

Marico reported that consolidated revenue growth in Q3 was in the low teens. High inflation slowed consumption.

What to expect? 

 Yesterday, NIFTY opened with a gap-up at 17,393 and moved up with strength. 17,500 was crossed and NIFTY consolidated around the level before another up-move that took NIFTY above 17,600. NIFTY closed the day at 17,626, up 272 points or 1.57%.

BANK NIFTY opened with a gap up at 35,612. The index followed the general trend in the market and crossed 36,000 with strength. BANK NIFTY broke the bearish channel it has been trading since the heavy fall in October and closed the day at 36,422, up 940 points or 2.65%.

All the major sectoral indices moved up except NIFTY PHARMA(-0.47%) after a very good close to the week on Friday.

The US markets closed well in the green. The European markets also closed in the green. It was a holiday for FTSE.

The Asian markets are mixed. The U.S. Futures are trading flat and the European Futures are mostly in the green.

SGX NIFTY is trading at 17,673 indicating a gap-up opening. 

Major supports for NIFTY are at 17,600, 17,500, 17,400, 17,325 and 17,250. We can expect resistances at 17,650, 17,750, 17,820, 17,860 and 17,950.

BANK NIFTY has supports at 36,200, 36,000, 35,700 and 35,500. Resistances are at 36,500, 36,750, 37,000 and 37,100.

NIFTY has the largest call OI build-up at 18,000 followed by 17,900. The largest put OI build-up is at 17,300 followed by 17,500.

BANK NIFTY has the highest call OI build-up at 36,500 and the highest put OI build-up is at 35,000.

INDIA VIX is at 16.45.

Foreign Institutional Investors net bought shares worth Rs 903 crores. Domestic Institutional Investors net bought shares worth Rs 803 crores. 

The US markets have hit another all-time high with the up-move yesterday. It is the same for France as well. But the Asian markets do not look as bullish as the west. The Indian market has been moving with less reference from the global markets for a few days. But the west will definitely give confidence to the investors.

The Foreign Institutional Investors were net buyers again and the figure crossed that of DIIs this time. This is happening after a very long time and the result is NIFTY crossing 17,600. Even when the FIIs went on with their selling spree, the market did not fall as expected which shows the strength of the DIIs. If both the entities become net buyers for a few days, we can see a very good recovery in NIFTY.

NIFTY was in a downtrend for days but is now out of the bearish channel. A close above 17,600 has given the much-needed boost to the market sentiments. At the same time, 17,650 is a major level from where NIFTY took support multiple times. This level can act as resistance now before 17,820 poses a hurdle for NIFTY.

Manufacturing PMI data was released and is not up to the mark as the value has fallen to 55.5. This is still expansion, but slower in pace. If NIFTY opens with a huge gap-up, then there can be profit booking once a weak candle comes in. If it is a small gap-up, the rally may continue though there are major resistances. 

Follow us on the marketfeed app’s Live Feed section to get real-time updates from the market. All the best for the day!