News Shots

Protesting farmers have given a ‘Bharat Bandh’ call today, intensifying their ongoing movement against the three farm laws, among other things. The nationwide strike  begins at 11 am and ends at 3 pm. Banking and transport services may remain affected during the nationwide strike while emergency services will not be touched.

Another major COVID vaccine update – After Pfizer and the Serum Institute of India (SII), Hyderabad-based Bharat Biotech has applied to the Drugs Controller General of India (DCGI) for emergency use authorisation of its COVID-19 vaccine, Covaxin.

The Drug Controller General of India (DCGI) is likely to make a decision on Pfizer Inc, Serum Institute of India and Bharat Biotech’s applications for emergency approval for their respective COVID-19 vaccines in the coming TWO WEEKS, sources told CNBC-TV18.

The floor price of Canara Bank’s qualified institutional placement (QIP) has been set at Rs 103.50 per share. It plans to raise up to Rs 2,000 crore. The current market price is Rs 117.4.

Government-owned construction firm National Buildings Construction Corporation(NBCC) has bagged a contract worth Rs 325 crore last month, according to filings.

A memorandum of understanding (MoU) has been signed between state-run power producer SJVNL and Indian Renewable Energy Development Agency (IREDA) for multiple green energy projects.

A deal has been signed between energy PSU NTPC and Bhopal-based Indian Institute of Forest Management (IIFM). They plan on implementing the Narmada Landscape Restoration Project in Madhya Pradesh.

Malavika Hegde has been appointed as the CEO of Coffee Day Enterprises. She is the wife of the company’s late founder V G Siddhartha.

Murari Lal Jalan and London’s Kalrock Capital, the group which won the bid to revive Jet Airways, have said that they plan to start operating the airline by summer next year. You can read more about the mystery man, Murari Lal Jalan, here.

Finolex Cables is expecting at least an extra Rs 500 crore revenue within next financial year, from its recently-launched consumer-facing electrical accessories business. They are currently the largest electrical and telecom cables maker, and are expecting total revenue to move past Rs 3,500 crore.

Hindustan Construction Company has defaulted on a loan payment of Rs 1,836.11 crore. The total amount of outstanding loans of the company from banks/financial institutions/other lenders is Rs 3,742.46 crore.

Cupid has received a purchase order from Uttar Pradesh Medical Supplies Corporation for supply of Covid-19 Antigen Based Rapid Test Kits worth Rs 8.27 crore. Want us to do an analysis of this company? Let us know in the comments down below.

What to expect today?

Yesterday, NIFTY was on an uptrend following all the positive vaccine news and moved up from 13,250 to 13,350. Click here for a detailed analysis of Friday’s market and stock movements. 

Bank Nifty, has crossed the resistance at 30,200 and closed above it. Let’s see if we can see a major breakout in Bank Nifty now.

NIFTY and Bank Nifty are at such highs even after the 2 heavyweights RELIANCE and HDFCBANK pulling them down. When these start to move up, we can see a larger rally in the market.

The US and European markets are closed. NASDAQ is up. Asian markets are mixed. SGX NIFTY is trading at 13,408, which is 50 points higher, indicating a flat to gap up opening in the Indian Market. 

If NIFTY is opening with a huge gap up opening, I feel it will move down from there.

NIFTY is likely to trade between 13,250 and 13,450.

Highest Call Open Interest at 13,500, followed by 13,600. Highest Put Open Interest at 13,200, followed by 13,000.

The strong call OI built up at 13,500 indicates a resistance there. It is interesting to note the OI shift from 13,300 to 13,600. This indicates bullishness in the market.

Foreign institutional investors (FIIs) net bought shares worth Rs 3,792 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 2,767 crore in the Indian equity market.

There seems to be no end to FIIs pumping money into our markets. What sorcery is this?!

PSU Banks are on a dream run of their own. Realty, Metals and Cements took a much needed rest yesterday.

As I always say, such kinds of rallies in the market frightens me. NIFTY is creating all time highs every single day. Moving up 100 points every single day. An unbelievable, unrealistic rally. This can’t sustain. I think a correction will happen and when that happens, it will be severe!

Also, the Government has said that it needs 2 weeks to approve the vaccine. I am not sure if that news has reached all the participants. In that case, can’t the market take rest, cool down, consolidate or even correct for 2 weeks? Will we see that?

My view for this week is NIFTY to trade within 13,000 to 13,500. But there has been an OI shift to 13,600. Let’s see what happens. Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!