News Shots
The Government has appointed Mr Dinesh Kumar Khara as the Chairman of State Bank of India. He was the Managing Director of SBI for 3 years, prior to this role. He was instrumental in merging 5 associate state banks with SBI. He had joined SBI in 1984 as a probationary officer.
Abu Dhabi’s sovereign fund to invest Rs 5,512 crores in Reliance Retail for 1.2% stake.
RBI to announce Monetary Policy on October 9.
Dixon Tech’s arm Padget Electronics has been chosen as domestic mobile phone manufacturing partner in the production linked scheme. The company had applied for two slots and won one. Optiemus Infracom was also allotted a slot under the afore-mention scheme.
TCS to announce its Q2 results today. The market is expecting a 8-15 per cent sequential rise in September quarter profit.
Mahanagar Gas has revised down the retail prices of CNG and PNG with immediate effect. While the price CNG is cut by Rs 1.05 per kg, the same on PNG is down by Rs 0.70 per standard cubic meter in and around Mumbai.
LIC Housing Finance has disbursed Rs 2,115 crore worth of subsidies to its customers under the credit-linked subsidy scheme (CLSS) as part of PM Awas Yojana since its inception in 2017
Blue Dart will offer a complete supply chain solution for the life sciences and clinical trials sector and cold chain services, to ensure seamless transport of shipments like vaccines.
Future Group’s consumer goods firm Future Consumer has defaulted on payment of principal redemption and interest on loans from banks and other financial institutions.
KNR Constructions has received the appointed date from NHAI for a Rs 9,200 crore highway project in Tamil Nadu. Appointed date is the official date for a road developer to start work.
Enforcement Directorate has arrested Cox & Kings Group CFO Anil Khandewal and company’s internal auditors in a money laundering case.
What to expect today?
NIFTY is looking absolutely strong. NIFTY crossed the resistance of 11,560 and 11,600 yesterday and tested 11,680. In fact NIFTY has moved up 900 points in just 7 trading sessions! Click here for a detailed analysis of yesterday’s market and stock movements.
As we said yesterday, Bank Nifty went up and was the best performing sector yesterday.
Now that 11,600 is broken by NIFTY, the next target is 11,800 where a strong resistance is present.
Interestingly, Reliance hasn’t given a large movement in recent times despite so much funding that came into Reliance Retail. Still NIFTY has managed to move 900 points up. That indicates the strength in NIFTY. Also, if Reliance starts to move up strongly, we may even see NIFTY reaching 12,000 soon.
Though Donald Trump is back in the White House, he is yet to be fully recovered. Any bad news from him will cause troubles in the market.
US Markets are down, owing to the stimulus being delayed to November. Asian markets are mostly up. SGX NIFTY is trading at 11,698, which is 23 points higher, indicating a gap up opening in the Indian Market.
NIFTY is likely to trade between 11,600 and 11,800 today. There is support at 11,680 and 11,650 and resistance at 11,700 and 11,750.
Highest Call Open Interest at 12,000, followed by 12,500. Highest Put Open Interest at 10,500, followed by 11,000.
Foreign institutional investors (FIIs) net bought shares worth Rs 1,101.76 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 934.84 crore
The Q2 results season is kicking off today with TCS. IT stocks can be watched today.
NIFTY is indeed at a very crucial position. Let’s see if it can break 11,800 strongly and sustain above it. All the best for the day!