News Shots

Infosys has bought back over 5.58 crore equity shares as part of its about Rs 9,200 crore buyback offer. The shares were bought back at a volume weighted average price of Rs 1,648.53 per equity share.

An arm of Kotak Mahindra Bank announced a Rs 1,000-crore investment into a third-party logistics (3PL) business promoted by the TVS family.

Avenue Supermarts has opened a new D-Mart store at Faridabad, Haryana, which is its second one in Delhi-NCR.

India Resurgence Fund (IndiaRF), promoted by Piramal Enterprises Limited and Bain Capital Credit, announced an investment of Rs 555 crore in Thrissur Expressway Limited (TEL), a part of Hyderabad-based KMC Constructions Limited (KMC).

KNR Constructions received a Letter of Acceptance for Hyderabad Growth Corridor (HGCL) worth Rs 312.79 crore.

The insurance regulator IRDAI allowed insurers to continue selling and renewing short-term Covid specific health insurance policies till March 2022. Insurance Companies can be watched.

Allcargo Logistics has dropped plans to delist its shares after public shareholders voted against the offer to take the company private.

Shriram City Union Finance to raise up to Rs 850 crore via secured NCD issue.

What to expect today?

Yesterday, NIFTY opened at around 17,380 and fell steeply to take support at around 17,250. Then there was a sharp recovery and NIFTY closed around day high at 17,355. You can read all about yesterday’s market movements here.

BANK NIFTY was comparatively more bearish like the previous many days but broke the support at 36,500, went down till 36,300 to take support. BANK NIFTY closed 0.58% down at 36,471.

NIFTY MEDIA continued to do well along with METAL and IT. BANK NIFTY was the index that fell the most.

The European markets moved up and closed in the green. The U.S. markets have closed in the green but looking at their charts is giving a bearish feel.

Asian markets are mostly up, following the green closings in the Western markets. The European futures and the U.S. futures are now trading in the green.

SGX NIFTY is trading higher at 17,410 indicating a gap-up opening in the Indian market. 

Supports for NIFTY are at 17,300-290, 17,250 and 17,200. We can expect 17,400, 17,440 and 17,500 to act as resistances. 

The supports for BANK NIFTY are at 36,500, 36,200 and 36,000. Resistances exist at 36,800, 37,000, 37,200 and 37,500.

The highest call OI buildup in NIFTY is at 17,400 followed by 17,500. The highest put OI buildup in NIFTY is at 17,300 followed by 17,000. I still think the upwards move could be limited.

The highest call OI buildup in BANK NIFTY is interestingly at 36,500. The largest put OI buildup is also at 36,500. But the number of calls is more than the number of puts at 36,500.

Foreign institutional investors (FIIs) net bought worth Rs 1419 crores, and domestic institutional investors (DIIs) also net sold shares worth Rs 559 crores in the Indian market. 

But, as we have discussed, the US will announce inflation data tonight. If that comes out any different than expectations, that can have an impact on the market. A positive data can take the US markets up as they have been falling for a long time now.

Our inflation data came yesterday which was well within the expectations. This is positive for the markets.

IT stocks led by TCS supported the market yesterday while the heavyweights RELIANCE and HDFCBANK fell. KOTAKBANK also moved up considerably yesterday. Focus can be on the stocks today as well.

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