News Shots
HDFC reported a 31.7 per cent growth in net income at Rs 3,780.5 crore for the September quarter from Rs 2,870 crore a year ago.
Tata Motors reported a widening of consolidated net loss to Rs 4,415.54 crore for the second quarter ended September 30, due to higher expenses and lower sales of its British arm JLR following semiconductor shortage. The company had posted a consolidated net loss of Rs 307.26 crore in the same period last fiscal.
Hero MotoCorp reported a 32 percent dip in total sales to 5,47,970 units for October. The company had sold 8,06,848 units in the corresponding month of the previous year.
The construction player NCC has bagged a new order worth Rs 442 crore in October. The project pertains to mining division and was received from a state government agency.
The disinvestment-bound firm Shipping Corporation of India reported a 71.26 percent jump in its consolidated net profit to Rs 243 crore for the second quarter ended on September 30, 2021.
Aditya Birla Capital reported its highest ever quarterly profit of Rs 377 crore on a consolidated basis in July-September 2021 on the back of strong growth across its business verticals.
The auto industry-focused IT firm KPIT Technologies reported more than doubling of its September quarter net profit at Rs 65.1 crore.
Major Earnings Today:
- Bharti Airtel
- Sun Pharmaceutical Industries
- Dabur India
- Godrej Properties
- P&G Hygiene and Healthcare
- Hindustan Petroleum
- Jindal Steel and Power
- Trent
- Union Bank of India
- Bank of India
- Radico Khaitan
- Gillette India
- BASF
What to expect today?
Yesterday, NIFTY opened with a huge gap-up at 17,788 and after initial volatile moves, took support at 17,700 and started moving up. The index crossed the day-high with strength and closed at 17,930, up 258 points or 1.46%.
BANK NIFTY opened with a gap-up at 39,446. Though the index faced resistance at 39,500 in the morning, the level was crossed with strength and BANK NIFTY continued the up-move to close the day at 39,763, up 648 points or 0.66%.
All the sectors closed in the green with NIFTY REALTY and NIFTY METALS displaying strong pull back.
The European markets closed well in the green. The US markets closed in the green with Tesla making a very good up-move.
The Asian markets are mixed with Hong Kong’s HANG SENG trading well in the green after an index of Chinese stocks traded in the US made a leap and Japan’s NIKKEI trading in the red after a very good up-move yesterday.
U.S. Futures and European Futures are trading in the red except CAC 40 futures.
SGX NIFTY is trading higher at 18,014 indicating a gap-up opening in NIFTY.
Major supports for NIFTY are at 17,880, 17,835, 17,800, 17,750 and 17,710. There are resistances at 17,940, 18,000, 18,040, 18,100 and 18,175.
BANK NIFTY has support at 39,750, 39,500, 39,300 and 39,000. Resistances are 40,000, 40,175, 40,400 and 40,500.
The highest call OI build up in NIFTY is at 18,000, followed by 18,200 and the highest put OI build-up is at 17,800, followed by 17,700.
BANK NIFTY has the highest call OI build-up at 41,000 and there is significant build-up at 40,000. There is large put OI build-up at 39,500 and 39,000.
INDIA VIX is 17.24, staying almost the same.
Foreign Institutional Investors net sold shares worth Rs 202 crores, a heavy number to close the month. Domestic Institutional Investors net bought shares worth Rs 116 crores.
With a strong Manufacturing PMI figure, satisfactory GST collection and good auto sales data, NIFTY could close above 17,900 yesterday indicating strength. However, 18,000 will be a major level.
Though NIFTY has already moved out of the channel in the daily chart, the index is still trading in the channel formed in the weekly chart and is currently making a Bullish Harami pattern, giving hope for the bulls.
If the pull back is not strong enough, we will see a range bound market for the week with 17,600 as the lower level and 18,000 as the upper level. Seeing the strength displayed yesterday, there is less chance for the market to go till 17,600 in two days, from expiry point of view.
The US Fed meeting which will be held tonight and tomorrow will decide on interest rates. It is expected that the Fed will announce the start of tapering of its $120 billion in monthly bond purchases.
It looks like the institutional activity has cooled down after days of vigorous selling in the Indian market. I will be watching 18,000-18,050 on the upside to see if the up-move continues. At the same time, it will be hard for NIFTY to sail across 18,200 considering the previous week’s fall.
If there is a huge gap up opening and NIFTY falls after opening, the support to watch out for is 17,940. If the support is broken, you can have a bearish view for the day.
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