News Shots
Kotak Mahindra Bank has completed the acquisition of a nearly 10 per cent stake in KFin Technologies for around Rs 310 crore.
Power Grid Corporation of India has approved investment proposals worth around 552 crore.
The country’s largest carmaker Maruti Suzuki India witnessed a 26 percent drop in production last month, owing to the shortage of semiconductor chips. The auto major reported total production of 1,34,779 units in October compared to 1,82,490 units in October 2020.
Zomato reported widening of its consolidated net loss to Rs 434.9 crore for the quarter ended September 30, 2021, mainly on account of investments in the growth of its food delivery business.
DLF will develop six new retail properties across major cities comprising 2.3 million square feet area as part of its expansion plan.
The State-owned petroleum player Oil India reported more than doubling of its September 2021 quarter net profit, on back of a surge in oil and gas prices. The net profit stood at Rs 504.46 crore, or Rs 4.65 a share, in July-September 2021 compared with Rs 238.95 crore, or Rs 2.20 per share, a year ago.
The French glass and construction material maker Saint Gobain has acquired a minority stake in home interiors and renovation platform Livspace. Details about the investment were not disclosed.
The chemicals maker Anupam Rasayan posted a 37 percent jump in consolidated net profit at Rs 36 crore for September quarter 2021-22 on the back of strong revenue.
The State-owned firm CESL has signed an agreement with Marriott International to develop electric vehicle charging units and related infrastructure.
The commercial vehicle player VST Tillers Tractors will invest a further USD 1.6 million (over Rs 10 crore) in California-based start-up Zimeno Inc which is into the development of electric autonomous tractors.
Major Earnings Today:
- Tata Steel
- Godrej Consumer Products
- Piramal Enterprises
- Balkrishna Industries
- Astral
- Hindustan Aeronautics
- Procter & Gamble Hygiene & Healthcare
- Paige Industries
- NMDC
- Power Finance Corporation
- NHPC
- Zee Entertainment
What to expect today?
Yesterday, NIFTY opened with a gap-down at 17,965 and started moving up slowly in a channel. 1:30 PM breakout took NIFTY to the level of 18050, where resistance was taken. The index closed at 18,017, down 27 points or 0.15%.
BANK NIFTY opened with a gap-down at 39,220 and traded in a range-bound market until it gave a breakout. Profit booking kicked in soon and the index closed at 39,023, down 346 points or 0.88%.
The major sectors consolidated yesterday except NIFTY PSU BANK(-2.3%), NIFTY METAL(-1.7%) and NIFTY REALTY(-1.3%) which fell heavily.
The US markets fell heavily yesterday following the release of inflation data, which is the worst since November 1990. The European markets closed with a positive bias with FTSE ending the day well in the green.
The Asian markets are mixed. U.S. Futures and European Futures are trading in the green except CAC 40 futures.
SGX NIFTY is trading lower at 17,970 indicating a gap-down opening in the Indian market.
Major supports for NIFTY are at 17,940, 17,880, 17,835, 17,800 and 17,750. We can expect resistances at 18,000, 18,050, 18,100, 18,175 and 18,230.
BANK NIFTY has support at 39,000, 38,900, 38,780, 38,500 and 38,420.. Resistances are at 39,300, 39,500, 39,750 and 40,000.
The highest call OI build up in NIFTY is at 18,200 and the highest put OI build-up is at 17,900, with equal OI at 17,800.
BANK NIFTY has the highest call OI buildup at 40,000, followed by 39,500. The highest put OI build-up is at 38,500 and there is straddle built at 39,000.
INDIA VIX is at 16.3 now.
Foreign Institutional Investors net sold shares worth Rs 470 crores. Domestic Institutional Investors net bought shares worth Rs 767 crores.
The US inflation data was a blow to the market. CPI accelerated by 6.2% in the last 12 months and this is the worst in three decades. NASDAQ is down by more than 1.6%.
IT stocks will be in focus today to see whether the stocks will follow NASDAQ or provide support to the market.
Like the recent expiries, the first hour will be volatile today as well. It is better to wait to understand the trend before entering fresh positions.
17,880, if not 17,940 would support the market from further fall. Once 17,880 is broken, I will sell call options aggressively. I will watch 18,050 on the upside.
As I said on The Stock Market Show yesterday, expiries have been crazily volatile off late. So, I’ll be trading very conservatively. I want you all to do the same.
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