News Shots
Torrent Pharma will launch Molnupiravir under the brand name Molnutor after getting DCGI approval.
Cipla also will launch Molnupiravir under the brand name Cipmolnu to treat mild to moderate covid-19 after receiving DCGI approval.
Shriram Transport Finance will consider raising of funds by way of issue of redeemable non-convertible debt securities including bonds in onshore/offshore market on private placement basis during January.
Vakrangee tied up with Nayara Energy Ltd. for setting up Vakrangee Kendra outlets at its Nayara retail fuel outlets.
Raymond incorporated new unit ‘Ten X Realty’ for its real estate business and has invested around Rs 150 crore in it.
Mahindra & Mahindra had its subsidiary, Mahindra Engineering and Chemical Products Ltd. agreed to sell its entire stake aggregating 49% in Mahindra Tsubaki Conveyor Systems Pvt. Ltd.
What to expect?
Yesterday, NIFTY opened with a gap-up at 17,186 and tested 17,200 multiple times. The index broke out and faced resistance at 17,250. Bears attempted to bring the index down but NIFTY managed to close the day at 17,233, up 147 points or 0.86%.
BANK NIFTY opened the day with a gap-up at 35,315 and looked weak. Support was taken near 35,000. The index was unable to cross 35,300 and closed the day at 35,184, up 126 points or 0.36%.
All the major sectoral indices closed in the green.
The US markets were mixed yesterday with Dow Jones closing in green whereas NASDAQ and S&P 500 closed in the red though it was just a consolidation day for the latter. The European markets moved up except FTSE that closed flat for another day.
The Asian markets are trading lower. The U.S. Futures are slightly in the red and the European Futures moved up except DAX futures.
SGX NIFTY is trading at 17,207 indicating a flat to gap-down opening in NIFTY.
Major supports for NIFTY are at 17,200, 17,100, 17,000, 16,900, 16,830 and 16,770. We can expect resistances at 17,250, 17,325, 17,400, 17,530, 17,600 and 17,630.
BANK NIFTY has supports at 35,000, 34,800, 34,600, 34,400 and 34,000. Resistances are at 35,230, 35,330, 35,530, 35,700 and 36,000.
NIFTY has the largest call OI build-up at 17,500 and the largest put OI build-up at 17,000. Call OI was created at 17,200 yesterday.
BANK NIFTY has the highest call OI build-up at 36,000 and the highest put OI build-up is at 35,000.
INDIA VIX is at 16.48.
Foreign Institutional Investors became net buyers after a very long time. They net bought shares worth Rs 207 crores. Domestic Institutional Investors net bought shares worth Rs 568 crores.
The cues from the US markets are still positive though every index did not close in the green. But there has been a sell-off in the tech stocks. This also had repercussions in the Asian markets which are trading in the red now.
17,300 is the next hurdle for NIFTY. Profit booking can kick in as the index approaches the level. But FIIs have turned net buyers after so many days of selling. This makes the day interesting.
BANK NIFTY does not show the momentum that NIFTY exhibits. This gives less confidence to the bulls. IT performed well yesterday creating new highs.
It is better to enter positions after seeing whether NIFTY moves below 17,200. The level can act as a strong support and once support is taken, there is high chance for a good up-move in NIFTY. We can watch 17,250 in this case for confirmation. If 17,200 is broken, NIFTY will be more volatile, trying to fill the gap up to 17,100.
Follow us on the marketfeed app’s Live Feed section to get real-time updates from the market. All the best for the day!