News Shots
Reliance Industries subsidiary Jio Platforms announced an investment of $15 million in Two Platforms Inc. for a 25% equity stake on a fully diluted basis.
Cipla entered into Share Subscription and Shareholder’s Agreement and Power Purchase agreement to acquire up to 32.49% stake on a fully diluted basis in AMP Energy Green Eleven, for setting up a captive solar power project in Maharashtra.
IndusInd Bank has filed an insolvency petition against Zee Entertainment Enterprises claiming a default of Rs 83.08 crore.
Godrej Properties decided to cancel the proposed deal of Rs 400 crore to buy around 10% stake in DB Realty and invest Rs 300 crore for slum redevelopment, following feedback from its stakeholders and minority shareholders.
FDC will consider the proposal for buyback of fully paid-up equity shares of the Company through the Tender Offer route on Feb. 9.
PVR signed an agreement with M3M India to set up an 8-screen multiplex at 65th Avenue, the recently delivered largest luxurious retail project in South Gurugram by M3M India.
What to expect?
NIFTY opened the day with a small gap-up at 17,594 and consolidated with a negative bias on Friday. 17,550 acted as a good level and NIFTY took support at 17,460 to cross 17,500. NIFTY closed the day at 17,516, down 44 points or 0.25%.
BANK NIFTY opened flat at 39,060 and tried to move up. But the previous day trendline acted as a strong resistance and the index started falling. 39,000 was breached and BANK NIFTY closed the day at 39,789, down 221 points or 0.57%.
NIFTY METAL moved higher by 1.2%.
The US markets closed in the green except for Dow Jones which closed flat. The European markets closed fell on Friday.
The Asian markets are mixed now. The U.S. Futures and the European futures are trading in the red.
SGX NIFTY is trading at 17,422 indicating a gap-down opening.
NIFTY has supports at 17,500, 17,435, 17,380, 17,280 and 17,250. We can expect resistances at 17,610, 17,675, 17,740, 17,790 and 17,850.
BANK NIFTY has supports at 38,600, 38,500, 38,400, 38,100, 38,000 and 37,750. Resistances are at 38,900, 39,000, 39,150, 39,400, 39,500, 39,780 and 40,000.
NIFTY has the highest call OI build-up at 17,800 followed by 18,000. The highest put OI build-up is at 17,500 followed by 17,000.
BANK NIFTY has the highest call OI build-up at 40,000 followed by 39,000 and the highest put OI build-up at 38,000 followed by 38,500. There is good Put OI build-up at ITM 39,000 as well.
INDIA VIX is at 18.9.
Foreign Institutional Investors net sold shares worth Rs 2268 crores. Domestic Institutional Investors net bought shares worth Rs 622 crores.
Despite the positive news that OPEC+ has agreed to increase the production in March, crude oil is at a high. I will be watching the oil prices along with the rising bond yields. It has spiked to 1.9% for the first time since December 2019.
Though the Asian markets are mixed, weightage has to be given to bearishness. This is because the markets which are in the green have opened today after a long vacation. China and Taiwan had not opened last week. NIKKEI is trading in the red. KOSPI and HANG SENG also are in the red.
SBI came out with good results posting a 62% rise in profits YoY and that is better than the street estimates. The stock saw a sell-off on Friday and there are high chances that SBI move up today. Let us closely watch the stock today.
The RBI monetary policy committee meeting has been postponed as an act of honour to India’s nightingale, Lata Mangeshkar. The interest rate decision will be on Thursday.
Looking at the open interest data, there is a high call OI build-up at 17,800 and we may see consolidation in the region 17,200-17,800 this week. I will be watching 39,280 in BANK NIFTY and 17,680 in NIFTY for a major move on the upside.
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