News Shots
Vedanta approved an interim dividend of Rs 13.5 per share, amounting to Rs 5,019 crore. The record date for payment of the dividend is 18th December.
Tega Industries shares will be listed today.
PowerGrid Corporation will consider an interim dividend on 15th December.
Greenlam Industries is planning for a stock split.
Jubilant Industries temporarily closed down manufacturing activities at its plant located in Sahibabad, Uttar Pradesh, upon directions of the Commission for Air Quality Management in NCR.
Dr Reddy’s Labs received approval from the U.S. Food and Drug Administration for ANDA 207577 (VeraRing).
Alembic Pharmaceuticals announced Seed Round Investment in Rigimmune.
What to expect?
On Friday, NIFTY opened with a gap-down at 17,483 and moved up initially to face resistance at the previous day’s high. The index fell and bounced back from 17,400. NIFTY faced resistance again at day-high and closed flat at 17,511, down 6 points or 0.03%.
BANK NIFTY opened with a gap-up at 37,128. There was volatility in the first candles and the index moved in a range of 300 points. BANK NIFTY bounced back from 36,800 and closed flat at 37,105, up 23 points or 0.06%.
NIFTY MEDIA(+2.5%) moved up again whereas most other sectors consolidated.
The US markets moved up on Friday. The European markets closed in the red.
The Asian markets are trading well in the green. The U.S. Futures and the European Futures also are up.
SGX NIFTY is trading at 17,664 indicating a gap-up opening in NIFTY.
Major supports for NIFTY are at 17,500, 17,450, 17,400, 17,325 and 17,250. We can expect resistances at 17,550, 17,600, 17,690, 17,750 and 17,800.
BANK NIFTY has supports at 37,000, 36,850, 36,500, 36,350 and 36,200.. Resistances are at 37,250, 37,500, 37,750, 38,000 and 38,100.
The highest call OI build-up in NIFTY is at 18,000, followed by 17,500 and the highest put OI build-up is at 17,400, followed by 17,200.
BANK NIFTY has the highest call OI build-up at 38,000 and the highest put OI build-up is at 36,000.
INDIA VIX is at 16.1 now indicating relative stability in the market.
Foreign Institutional Investors net sold shares worth Rs 1,092 crores. Domestic Institutional Investors net bought shares worth Rs 387 crores.
US inflation data released on Friday was unsatisfactory, making the biggest jump since 1982. However, the US markets did not react and closed in the green. The global markets will react to the Fed meeting decision on tapering that will be announced on Wednesday.
Though the FIIs continue to sell, they have become less active now as we are nearing the end of the calendar year. If there is enough support from the DIIs, our market can close the week above the major resistance at 17,600.
Industrial output data released on Friday showed that there is a growth of 3.2% in October. India’s CPI inflation data will be released today after the market hours. But there is no expectation of an impact on the market.
With positivity in the global markets and regaining strength in our market, we can expect 17,200 to be a major support for the coming days. I will wait for a close above 17,600 for strength and if that happens, I’ll shift my upper zone to around 18,000.
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