News Shots
Manufacturing PMI in India fell to its lowest in three months (in November), which reflects a slower increase in sales and production. PMI has declined from 58.9 in October to 56.3 in November.
Dr. Reddy’s Laboratories Ltd. and Russian Direct Investment Fund have commenced adaptive phase 2/3 clinical trials for Sputnik V vaccine in India after receiving the necessary clearance from the Central Drugs Laboratory, Kasauli, India.
Burger King IPO opens today. Read this article to know more about the IPO and make an intelligent investment decision.
Coal India reported a 3.4 per cent rise in production at 51.7 million tonnes (MT) in November, compared to November last year.
Vodafone Idea has raised the price of select postpaid plans by Rs 50.
Yes Bank plans to double both its assets as well as liabilities in the retail and SME (small and medium enterprises) segment in the next two years in an attempt to derisk its book and reduce costs as it seeks to grow.
Indian drugmaker Wockhardt has entered into an agreement with the UK government to supply Covid-19 vaccine.
In order to provide guests with the flexibility of indulging in services as per their individual preferences, ITC Hotels has launched the ‘100% Back’ offer.
Adani Logistics sold 11,56, 147 shares of Snowman Logistics at Rs 56.73 per share. It held 26 per cent stake in the company at the end of September.
Godrej Industries – ICRA has assigned A1+ rating to the company’s issue of Commercial Paper Programme of up to Rs 1,500 crore.
Reliance Power defaults on interest payments due on term loans from Axis Bank, Yes Bank and IDBI Bank. The company has total financial indebtedness of Rs 1,360 crore.
Following is the Auto Sales data from November. The YoY increase definitely is a positive indicator for the economy. The MoM decrease is because of the pent up demand that we saw in October.
Apart from these, Hero Motocorp’s sales is 14.4% up and Tata Motors is up 21%.
What to expect today?
Yesterday, NIFTY was on an unbelievable bull run and closed just above 13,100. It was a perfect uptrending day where NIFTY created the classic higher highs and higher lows. The Moderna vaccine brought in a lot of positivity into the market. Click here for a detailed analysis of Friday’s market and stock movements.
Bank Nifty traded in the range from 29,400 to 29,900. We know 30,000 is a strong resistance for Bank Nifty. Now that 13,000 has been breached in NIFTY, let’s hpe Bank Nifty to break 30,000.
The US and European markets closed more than 1% up. But, currently US Futures are down. Asian markets are mixed. SGX NIFTY is trading at 13,165, which is 20 points higher, indicating a flat opening in the Indian Market.
NIFTY is likely to trade between 13,000 and 13,200. There are resistances at 13,130, 13,150 and 13,200. There are supports at 13,050 and 13,000.
Given the SGX NIFTY levels, NIFTY might open up and even test 13,150 or even 13,200. But, I expect NIFTY to cool off and move down after that. Let’s see.
Highest Call Open Interest at 13,500, followed by 13,100. Highest Put Open Interest at 13,000, followed by 12,900.
The strong put OI built up at 13,000 suggests that 13,000 can act as a strong support.
Foreign institutional investors (FIIs) net bought shares worth Rs 3,200 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 1,000 crore in the Indian equity market.
The strong FII inflow was expected to cool down after the MSCI rebalancing but they continue strongly.
So, we had discussed Reliance breaking out yesterday and that happened exactly like that. If Reliance continues the momentum, then NIFTY will see new fresh highs.
Also, Bank Nifty went up yesterday despite heavy weights HDFC Bank and Kotak Bank going down. Keep a close watch on Bank Nifty.
With the auto sales data out, I’m sure you’ll watch auto stocks. But as we discussed on yesterday’s show, do watch auto ancillaries as well.
All eyes on NIFTY to see whether it will break 13,200! Usually Wednesdays are highly volatile. Let’s see what happens today. Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!
