News Shots

AstraZeneca has said that its vaccine should be effective against the new strain of COVID.

The Indian Government is likely to approve Oxford/AstraZeneca’s vaccine for emergency use by next week. Its local manufacturer, Serum Institute, had submitted additional data to authorities, according to sources.

Bajaj Auto is investing Rs 650 crore in setting up a new manufacturing plant in Maharashtra. It is expected to begin production by 2023.

Wipro and Metro AG have entered into a strategic digital and IT partnership deal. The deal is valued at ~Rs 5,100 crore ($700 million) for the first 5 years.

Daimler(Parent company of Mercedes-Benz) and Infosys have entered into a long-term strategic partnership for IT infrastructure transformation.

The subsidiary of Aster DM Healthcare, Aster Caribbean Holdings, has entered into an agreement with the Cayman Islands Government to further a healthcare project in the Cayman Islands to be known as the Aster Cayman Medcity for the provision of healthcare services.

Zensar Technologies has tied up with UK insurance company NFU Mutual for forming a new strategic technology and digital relationship to support multiple technologies for the insurer.

The Maharashtra Pollution Control Board(PCB) has ordered Fine Organics to halt operations at its Thane factory for alleged violation of multiple Water and Air Pollution Acts.

SBI Cards and Payment Services has approved the allotment of 4,500 unsecured NCDs to raise Rs 450 crore. The coupon rate has been fixed at 6% per annum.

IFB Agro Industries has said that its alcohol business is under threat, as it is being targeted by certain excise officials with illegal demands for bribes. The company has requested the Chief Minister and also the Finance, Commerce and Industry Minister of the West Bengal to look into the matter.

SsangYong Motor Company, subsidiary of Mahindra & Mahindra, has intimated the Korean Stock Exchange that it failed to repay a loan amount of 40 billion KRW (~Rs 268 crore) to JP Morgan.

What to expect today?

Yesterday was highly volatile, as expected. NIFTY moved by 200 points towards both the sides! You can read all about yesterday’s movements here.

Bank Nifty performed worse. It broke its previous day’s low and went down till 29,000. A good support was taken at 29,000.

Trump signaled he may not sign the $900 billion bipartisan relief package just a day after Congress passed it. He is asking Congress to amend the pandemic aid legislation.

The US markets fell after the stimulus let down. Only NASDAQ ended the day with gains. The European markets are recovering. Asian markets were mostly down, but slowly recovering now. SGX NIFTY is trading lower at 13,430, which is nearly 40 points lower, indicating a flat to gap down opening in the Indian Market. 

There is volatility and uncertainty in the market. I think we have to watch the market and identify the trend to understand where it would go. Trades should be taken only after you get a confirmation about the trend.

Huge OI shifts have happened and it suggests resistance at 13,500 and support at 13,000. Do watch out for 13,500 being tested today.

Highest Call Open Interest at 14,000, followed by 13,800. Highest Put Open Interest at 13,000, followed by 13,500. The number of call option contracts are way too higher than the put option contracts, thereby indicating the bearishness in the market.

Foreign institutional investors (FIIs) net bought shares worth Rs 1153 crore, and domestic institutional investors (DIIs) net sold shares worth Rs 662 crore in the Indian equity market.

I will plan to go long if NIFTY breaks 13,500 and go short if NIFTY breaks 13,400. Let’s see which level gets breached today. EXPECT VOLATILITY TODAY! IT Sector in focus today. Stay away from the market if you are not confident.

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