News Shots
Vodafone Idea is working on network capacity expansion in six circles through Chinese telecom gear makers.
Shareholders of NBFC Magma Fincorp approved the company’s plan to raise up to Rs 3,456 crore by issuing preference equity shares to Adar Poonawalla’s Rising Sun Holdings Ltd (RSHPL) and 2 other promoters.
Godrej Properties has launched a qualified institutional placement (QIP) issue to raise up to Rs 3,750 crore through sale of shares.
The state-run Odisha Industrial Infrastructure Development Corporation (IDCO) and Indian Oil Corporation Limited (IOCL) signed a Memorandum of Understanding (MoU) to develop a plastic park in Paradip.
Larsen & Toubro has despatched a 700 MWe steam generator for Gorakhpur Haryana Anu Vidyut Pariyojana ahead of planned date.
Power Grid Corporation has acquired Ramgarh New Transmission Limited (RNTL), which it won in bidding.
PSU Indian Bank has given approval for raising up to Rs 4,000 crore through share sale.
AU Small Finance Bank has approved the launch of QIP issue. The floor price is at 4.4% discount to Tuesday’s closing price of Rs 1,181.06 pershare.
What to expect today?
Yesterday, NIFTY opened gap up and then consolidated with huge volatility and ended positively. As expected, the consolidation was between 14,900 and 15,100 but there was strength towards the last and NIFTY closed just below 15,100.. You can read all about yesterday’s movements here.
Bank Nifty, opened with a huge gap up and that was sustained. 36,000 was not broken on the upper side. 35,600 acted as a strong support on the lower side.
Banks and Financial services companies did well yesterday. Metals fell down the most.
The global markets continue to be in a good state as US treasury bond yields are stabilising. Europe moved up strongly throughout the day. NASDAQ revived its previous losses and closed more than 3% up. Tesla moved up by 20%.
Almost all Asian markets are up. US and European Futures are down though. SGX Nifty is currently trading higher at 15,225 indicating a gap-up opening in the Indian market.
It looks like 15,100 will be jumped over today during the opening itself. Looking at how 15,100 was respected for the last 3 days, it can act as a good support going ahead.
Moving up, 15,170 and 15,260 will act as resistances. Looking down, there are supports at 15,100, 15,000, 14,900 etc.
Foreign institutional investors (FIIs) net bought worth Rs 2801 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 1250 crores in the Indian equity market.
There is good put option OI buildup at 15,000. Maximum call contracts are at 15,500 and we can see good spikes at 15,100, 15,200, 15,300 as well.
When market opens and goes around 15,200, all of these call sellers at 15,100 and 15,200 will run for cover and that can propel the market even higher.
Looking at the past many days, volatility and huge intraday falls and pullbacks are expected.
Infosys, Wipro ADRs are 3-4% up in the US. IT stocks can be watched for the day. Banking stocks can also be watched.
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