News Shots

Reliance Industries is in talks to invest between $200 million and $250 million in InMobi’s lock screen content platform Glance.

Lenders led by State Bank of India (SBI) are set to log recoveries of Rs 37,400 crore this week, as Piramal Capital and Housing Finance’s (PCHF) acquisition of Dewan Housing Finance (DHFL) should be completed this month itself.

Maruti Suzuki has told its component suppliers to be ready for the production of 160,000-180,000 cars and SUVs in October, as the nation’s largest passenger vehicle maker is making arrangements to secure supply of chipsets through multiple channels.

Record-high liquefied natural gas (LNG) prices will hurt the sector in the long run, slow industries’ switch to natural gas, and delay India’s plan of launching LNG-powered trucks, GAIL chairman Manoj Jain has said.

Adani Enterprises subsidiary Adani Airport Holdings will acquire a majority stake in April Moon Retail (AMRPL) for a strategic partnership to operate duty-free outlets at airports.

State-owned REC has got shareholders’ approval to raise up to Rs 85,000 crore through issuance of non-convertible bonds or debentures.

State-owned Power Grid Corporation of India Ltd (PGCIL) has received shareholders’ approval to raise up to Rs 6,000 crore through bonds or debentures on a private placement basis.

HDFC Bank has raised Rs 5,000 crore by issuing bonds on a private placement basis.

HDFC will raise up to Rs 6,000 crore by issuing bonds on a private placement basis to augment its long-term resources.

What to expect today?

Yesterday, NIFTY displayed absolute range-bound consolidation with intraday volatility. It took support at 17,800 and resistance at 17,950. You can read all about yesterday’s market movements here.

BANK NIFTY also followed a similar pattern but was bullish at the open. The index closed 0.9% up at 38,171.

NIFTY REALTY(+2.99%) and NIFTY AUTO(+3.22%) gave a breakout in the day along with NIFTY MEDIA(+1.63%). NIFTY IT(-2.88%) saw profit booking.

The global markets also consolidated yesterday. The European markets had a negative bias even as all of them closed in the green. The U.S. markets closed mixed.

Most of the Asian markets are trading in the red after Goldman cuts China GDP growth forecast on energy supply crunch. The European futures and the U.S. futures are trading flat and mixed.

SGX NIFTY is trading slightly higher at 17,885 indicating a flat to gap up opening in the Indian market.

Supports for NIFTY are at 17,800, 17,740 and 17,650. 17,900, 17,950 and 18,000 can act as resistances for the index.

The supports for BANK NIFTY are at 38,000, 37,500, 37,000 and 36,800. Resistances exist at 38,350.

Foreign institutional investors (FIIs) net sold worth Rs 594 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 1397 crores in the Indian market. 

While the markets consolidated yesterday, call writers were busy writing calls at 18,000 and 17,900 in NIFTY. Also, the largest put OI buildup in NIFTY is at 17,800 followed by 17,700 and the below strikes.

BANK NIFTY has an interesting buildup this time. 39,000 has the highest call OI buildup. 37,000 has the highest put OI buildup. 38,000 has the highest straddles.

VIX is at 17 now indicating large, wild candles can form anytime in the market. Volatility can be expected in the coming days as well.

The levels to watch out for are 17,800 and 17,950. Whichever is broken, we can expect a larger move on that side.

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