News Shots
Ircon emerged as the lowest bidder for a highway construction project in Punjab for Rs 1,107 crore. The completion period of the project is two years.
TVS Motor incorporated TVS Electric Mobility Ltd. as a wholly-owned subsidiary to undertake the electric mobility business.
Wipro announced Wipro VisionEDGE, an omni-channel advertising solution, to expand its sports, retail, transportation, and entertainment offerings.
Vedanta and its group entities have settled the retrospective tax dispute with the Indian government following the amendments to the income tax law.
ITC will hold its first-ever institutional investors and financial analysts’ day starting at 10:30 a.m.
Crisil approved the scheme of amalgamation for the merger of its wholly-owned subsidiaries, CRISIL Risk and Infrastructure Solutions and Pragmatix Services Pvt. Ltd. with the company.
Exxaro Tiles incorporated a wholly-owned subsidiary company in the name of Exxaro Ceramic Ltd.
What to expect?
Yesterday, NIFTY opened with a huge gap-up at 17,622 and consolidated for two hours. A huge fall followed and the index crossed 17,500 with momentum to finally take the support at 17,350. NIFTY closed the day at 17,368, down 143 points or 0.82%.
BANK NIFTY opened with a gap-up at 37,383 and tried to move up. The index faced resistance at 37,580 and moved in a tight range of 200 points. BANK NIFTY fell and took support at 37,000. After a retracement, the index fell again. BANK NIFTY closed at 36,925 down 180 points or 0.49%.
All the sectors closed in the red except NIFTY IT(+0.3%).
The US markets and the European markets fell yesterday. The German index DAX had moved up in the first half but closed flat.
The Asian markets are down, following the west. The U.S. Futures and the European Futures are trading slightly in the green with the exception of CAC40 futures.
SGX NIFTY is trading at 17,303 indicating a gap-down opening in NIFTY.
Major supports for NIFTY are at 17,325, 17,250, 17,200, 17,100 and 17,000. We can expect resistances at 17,400, 17,500, 17,550, 17,600 and 17,690.
BANK NIFTY has supports at 36,800, 36,500, 36,350, 36,200 and 36,000. Resistances are at 37,000, 37,200, 37,500, 37,750 and 38,000.
The highest call OI build-up in NIFTY is at 17,600, followed by 17,500 and the highest put OI build-up is at 17,000, followed by 17,400 that is ITM.
BANK NIFTY has the highest call OI build-up at 38,000, followed by 37,500 and the highest put OI build-up is at 37,000, again ITM.
INDIA VIX is at 16.6.
Foreign Institutional Investors net sold shares worth Rs 2,743 crores. Domestic Institutional Investors net bought shares worth Rs 1,351 crores.
With the first Omicron death in the UK, though the patient had other health issues, the market fell and the worries have spread to the Asian markets as well.
CPI inflation stood at 4.91% for November. This is a month high but is still better than the expectation. This is within the RBI target as well.
The markets will be rather volatile today. We saw heavy FII selling yesterday and such intraday moves can kill the traders. Make sure that you go for safe entries.
All the indicators show that the market will open with a gap-down. 17,250 is a strong support for NIFTY. If that is broken, 17,200 can offer support. I will be closely watching how the European markets open today as it can have a major impact on NIFTY today.
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