News Shots

One97 Communications, the parent company of PayTM, will get listed on the market today. The largest-ever IPO in India is expected to open with a gap-down at listing time.

Sapphire Foods, the operator of KFC, Pizza Hut and Taco Bells in India, Sri Lanka and the Maldives will also list in the market today. A small gain at a listing time is expected from the IPO price.

Vedanta said it is considering a completely different corporate structure, by splitting up and listing its businesses separately to unlock shareholder value.

Infosys has announced a multi-year marketing partnership with MSG Sports who owns multiple sports teams including basketball, ice hockey and e-sports in the U.S.

Tata Motors is looking to start vehicle scrappage centres under a franchise model, starting from April next year.

JSW Steel has been included in the S&P Dow Jones Sustainability Index (DJSI) 2021 for the Emerging Markets, being the third steel company on the list.

PNB Housing Finance has withdrawn its appeal in the matter related to the Rs 4,000 crore Carlyle deal, which is now cancelled.

Zomato’s UK subsidiary has been dissolved effective from November 16, as the company tries to consolidate its businesses and cut short losses.

What to expect today?

Yesterday, NIFTY opened with a gap-down at 17,944. After taking support at 17,900, the index moved up to cross 18,000 but profit booking kicked in and NIFTY fell by nearly 100 points. NIFTY closed at 17,899, down 100 points or 0.56%.

BANK NIFTY followed a similar pattern, opening the day with a gap-down at 38,125 and moving up to take resistance near 38,450. The index fell, though with an effort to move up in between, and closed at 38,042, down 265 points or 0.69%.

NIFTY REALTY(-1.6%) and NIFTY PHARMA(-1.3%) fell on the day whereas NIFTY AUTO(+0.7%) closed in the green. The other sectors consolidated.

The US markets closed in the red yesterday. European markets consolidated except FTSE that went down.

The Asian markets fell with Hong Kong’s HANG SENG trading deep in the red. The U.S. Futures are flat to positive and the European Futures are trading flat.

SGX NIFTY is trading at 17,878 indicating a small gap-down opening in NIFTY. 

Major supports for NIFTY are at 17,880, 17,835, 17,800 and 17,750. We can expect resistances at  17,940, 18,000, 18,050 and 18,100.

BANK NIFTY has supports at 38,000, 37,750, 37,500, 37,350 and 37,000. Resistances are at 38,350, 38,500, 38,600, 38,780, 38,900 and 40,000.

The highest call OI build up in NIFTY is at 18,200 and the highest put OI build-up is at 17,800.

BANK NIFTY has the highest call OI buildup at 39,000. The highest put OI build-up is at 38,000, with an indication from the options data that there will be consolidation around this zone.

INDIA VIX has dropped to 14.98.

Both FIIs and DIIs were net sellers yesterday. Foreign Institutional Investors net sold shares worth Rs 344 crores. Domestic Institutional Investors net sold shares worth Rs 61 crores. 

FIIs are continuing their sell-off, though the scale has been brought down. 17,800-17,830 is a demand zone that I will closely watch to adjust my positions. Close above 17,950 is crucial for NIFTY to prove strength for next week.

Though NIFTY moved down significantly in the last two days, VIX has dropped below 15, which is an indicator of stability. This gives hope for the bulls who trust the level of 17,800.

Today is the weekly index Futures and Options expiry and also the last trading day of the week. Get ready for a volatile expiry as PM Modi will join the conference with chiefs of PSU Banks today to discuss credit growth. This may cause some moves if anything significant is announced. I expect NIFTY to trade between 17,800 and 18,000 today and if NIFTY crosses these levels, I will aggressively sell options accordingly.

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