News Shots
Bank, financial, auto, real estate stocks (Rate-sensitive stocks) will be in focus in light of the Reserve Bank of India’s Monetary Policy Committee (MPC) decision due at 10 am
Infosys to acquire Blue Acorn iCi for upto 125 million USD.
The capital starved Lakshmi Vilas Bank gets a relief as Clix Capital is actively showing interest to invest/merge.
A consortium of London based Kalrock Capital and UAE-businessman Murari Lal Jalan plans to infuse close to Rs 1,000 crore in the defunct Jet Airways over the next five years and also willing to give a collateral, according to its proposed resolution plan
Adani Enterprises has raised Rs 125 crore through allotment of non-convertible debentures (NCDs) on a private placement basis.
State-owned NTPC has incorporated a subsidiary for its renewable energy business.
Indian electronics manufacturer Dixon Technologies will begin operations in its 11th manufacturing facility – its third dedicated plant for assembling mobile phones – in Noida by January next year entailing an investment of Rs 75 crore.
Cloud software solutions provider Majesco’s board has approved a buyback plan of up to Rs 631.26 crore. The buyback will be done through the tender offer route, the company said.
JK Cement has successfully commissioned 0.7 MTPA grey cement grinding capacity at Gujarat plant and also commenced commercial despatches from Oct. 8
Solar Industries received order worth Rs 447 crore for supply of bulk explosives and initiating systems from the Telangana government.
What to expect today?
Yesterday was interesting as NIFTY crossed 11,800 and tested 11,900, thereby reaching a new post COVID high! Interestingly, NIFTY formed a doji star candle pattern, indicating indecisiveness in the market. Click here for a detailed analysis of yesterday’s market and stock movements.
As it is a doji star candlestick in NIFTY and that too after a strong up rally, anything can happen in the market. There is indecisiveness in the market with a bearish inclination. Also, profit booking can also kick in strongly at any time.
Bank Nifty is trading comfortably over 23,000 now. It can act as a good support going forward.
11,800 should act as a support now. It got validated yesterday. So, if the market moves down today, and if 11,800 is broken, we might see a correction in NIFTY.
11,900 acted as a good resistance yesterday. So, if NIFTY moves above 11,900 today, we can see higher highs.
US Markets closed higher. Asian markets are mostly up. SGX NIFTY is trading at 11,873, which is 25 points higher, indicating a flat to gap up opening in the Indian Market.
NIFTY is likely to trade between 11,800 and 11,950 today. There is support at 11,870 and 11,850 and resistance at 11,900 and 11,950.
Highest Call Open Interest at 12,500, followed by 12,000. Highest Put Open Interest at 11,000, followed by 11,500.
Foreign institutional investors (FIIs) net bought shares worth Rs 978.37 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 19.85 crore. It is after a long time that both are ending as net buyers.
IT, Auto and Bank stocks in focus today.
NIFTY is indeed at a very crucial position. Let’s see if it breaks 11,900 or 11,800. All the best for the day! Have a profitable end to the week!