News Shots

India is “very serious about issues of sovereignty” and the country is  prepared for “all contingencies” to ensure that it is maintained, Union minister Rajnath Singh told Parliament in what was seen as a strong warning to China amid repeated transgressions at the Line of Actual Control. The border issue with China has been reignited in the Parliament yesterday, which is not good news for the market!

IRB Infrastructure has entered into a pact with NHAI for executing a stretch of Vadodara-Mumbai Expressway in Gujarat at a cost of Rs 1,755 crore. The project falls under Bharatmala Pariyojna Phase 1

Lakshmi Vilas Bank has completed mutual due diligence on merger with Clix Capital Deal and both the parties are in discussions on the next steps.

DTH service provider Dish TV has started shifting production of its set-top boxes (STBs) to India, with plans to produce 50 per cent in the country by the first quarter of 2021

Sterlite Technologies has teamed up with Bharti Airtel to build an optical fibre network for the telco across 10 telecom circles. The modern optical network will enable Airtel to deliver enhanced customer experience through scalability, reduced latency, and improved bandwidth

Aurobindo Pharma has announced collaboration with the Biotechnology Industry Research Assistance Council (BIRAC), set up by the Department of Biotechnology for the development of COVID-19 vaccine.

Exide Industries is focusing on innovations for emerging applications like hybrid and electric vehicles, a company official said on Tuesday. A lithium-ion JV has been formed and is well placed with an assembly line having a capacity of 1.5 GWh.

Siti Networks has approved the acquisition of 51 percent equity stake in E-Net Entertainment, through its wholly-owned subsidiary Siti Broadband Services.

Spice Jet reported a net loss of Rs 600.5 crore for the first quarter ended June 30. It had posted a net profit of Rs 262.8 crore in the corresponding period of the previous financial year.

US-based Essential Utilities has selected Infosys as a strategic partner to drive its digital transformation.

What to expect today?

Yesterday, exactly as we expected, the market moved up covering the day before yesterday’s fall. NIFTY closed strongly at nearly 11,520. Click here for a detailed analysis of yesterday’s market and stock movements. 

So the market has realised that the SEBI regulation on multi cap funds is a non event and is adjusting accordingly.

When all global and local cues looked, Rajnath Singh came up with the above mentioned strong statement on the border issues with China. This can trigger major sell offs, if not today, later.

Bank Nifty is trying to recover. 22,700-22,800 is a resistance. If that is broken, we may get a rally. Auto, Pharma, IT has been doing really well. It’s time Bank Nifty also starts moving. When Banks start moving, that will alone take NIFTY up considerably.

US Markets are up. European and Asian markets are also all up. But, SGX NIFTY is currently trading at 11,494, which is 37.5 points lower, indicating a flat to gap down opening in the Indian Market. (SGX NIFTY in red even after all Asian stock markets in green – Rajnath Singh effect?)

NIFTY is likely to trade between 11,450 and 11,600 today. There is support at 11,500 and 11,450 and resistance at 11,530 and 11,560. 11,560 is a strong resistance for NIFTY.

Highest Call Open Interest at 12,000, followed by 11,500. Highest Put Open Interest at 11,000, followed by 11,200. 

Foreign institutional investors (FIIs) net bought shares worth Rs 1,170.89 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 895.63 crore in the Indian equity market

Last Friday, when good news regarding the India-China border issue came out, the market did not react positively to it. Hoping the same reaction to the bad news now.

If the gap down opening is considerable, kindly watch to get a conformation of the day’s trend before taking trades. Wish you all a profitable day!