News Shots

Reliance Industries’ JioPhone Next will go on sale starting November 4 at a price of Rs 6,499, the company said. 

Adani Enterprises has acquired a significant minority stake in Flipkart-owned Cleartrip, a ticket and hotel booking platform.

Dr. Reddy’s has launched Ephedrine Sulfate Injection, used to treat bronchial asthma in the U.S. Market.

Intellect Design Arena to set up an Alternative Investment Fund for Rs 100 crore to continue its change from a product company to a fintech platform-based company. 

NCLT Mumbai bench has approved the amalgamation of Bamnipal Steel Ltd and Tata Steel BSL Ltd with Tata Steel.

Indo Amines is set to consider a share split in November 12 meeting.

Indian Oil outperformed expectations in Q2 results with revenue up 14.1% QoQ to Rs 1,35,417.76 crore, and net profit up 7% at Rs 6,360.05 crore compared to last quarter.

Similarly, BPCL’s revenues jumped up 15% to Rs 81,536.67 crore and net profit is up 79.4% at Rs 2,694.1 crore compared to last quarter, beating estimates.

Vedanta’s revenue moved up 7% QoQ to Rs 30,401 crore and net profit jumped 9.3% to Rs 4,615 crore, beating expectations.

UPL’s revenue moved up 18% YoY to Rs 10,567 crore while net profit was up 37% to Rs 634 crore, beating estimates.

Shree Cement revenues are down 7.1% QoQ at Rs 3,205.87 crore with net profit down 25% at Rs 577.7 crore, slightly outperforming estimates.

Steel Authority of India’s Revenue moved up 59% to Rs 26,828.01 crore and net profit was up 8.94 times to Rs 4,338.75 crore, with margins increasing exponentially.

Major Earnings Today:

  • HDFC
  • Tata Motors,
  • Aditya Birla Capital,
  • Bajaj Consumer Care
  • Carborundum Universal
  • Chambal Fertilisers
  • Graphite India
  • Lux Industries
  • Man Infraconstruction
  • Nilkamal
  • Phoenix Mills
  • Poly Medicure
  • Relaxo Footwears
  • Shipping Corporation of India
  • Sequent
  • Sun Pharma Advanced Research Company
  • Star Cement
  • Venky’s (India)
  • Whirlpool

What to expect today?

On Friday, NIFTY opened with a small gap-down and continued the fall. The index took support near 17,600 and recovered by breaking day-high and then started falling again after taking resistance, unable to cross 17,900. NIFTY took support once again at day-low and closed at 17,672, down 186 points or 1.04%.

BANK NIFTY also opened the day with a small gap-down and fell. The index formed long wicks and took support above 38,400 and resistance at 39,780 after recovery. BANK NIFTY fell later and closed 39,150, down 393 points or 1%.

Other sectors closed in the green, except NIFTY IT(-1.45%). NIFTY PHARMA(+0.72%) and NIFTY MEDIA(+0.63%) could beat the bears to an extent.

The European markets closed slightly in the red except CAC40. The US markets started with a gap-down after unsatisfactory results from the tech giants but recovered with the help of Microsoft and even closed in the green.

The Asian markets are mixed with China and Hong Kong down after manufacturing PMI dropped, showing economic weakness and Japan’s NIKKEI up by more than 2% after the election outcome increased expectations for more fiscal stimulus. 

U.S. Futures and European Futures are trading in the green.

SGX NIFTY is trading slightly higher at 17,780 indicating a gap-up opening in NIFTY. 

Major supports for NIFTY are at 17,550, 17,450, 17,375 and 17,310. There are resistances at 17,710, 17,750, 17,800 and 17,835, 17,880, 17,940 and 18,000.

BANK NIFTY has support at 39,000, 38,900, 38,780, 38,600 and 38,500 . Resistances are 39,300, 39,500, 39,750 and 40,000.

The highest call OI build up in NIFTY is at 18,000 and the highest put OI build-up is equally at 17,000, followed by 17500.

BANK NIFTY has the highest call OI build-up at 41,000 and there is significant build-up at 40,000. The highest put OI build-up is at 39,000. 

INDIA VIX is now 17.43, falling even on Friday in a highly volatile market.

Foreign Institutional Investors net sold shares worth Rs 5,142 crores, a heavy number to close the month. Domestic Institutional Investors net bought shares worth Rs 4,342 crores.

More than Rs 25,000 crore worth of equities were sold by Foreign Institutional Investors in the last month, leading to a 1,000 point decline for Nifty from the all-time-high.

The US Fed meeting is scheduled for 2nd November and the decision on tapering will be crucial for the market. With this, NIFTY is currently showing technical weakness and emotional cautiousness with few buyers at the lows this time. Today’s gap-up opening will be important to see if the market can close in green.

There is also economic indicators from India coming out this week, including auto sales data for October starting today.

Any move above 17,950 will indicate bullishness and if NIFTY sustains above 18,043 we can say that there could be more upside to all-time highs. If moving lower, the current support at 17,610 will need to be watched along with a crucial support zone around 17,400. I will be giving more respect to the bears this week unless there is a significant up-move by Wednesday.

Expect heavy volatility till 10:30 AM, as the market finds its true levels.

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