News Shots
GMR Airports Netherlands, a step-down subsidiary of GMR Airports Limited signed the shareholders’ agreement and share subscription agreement with Angkasa Pura II for the development and operation of Kualanamu International Airport in Medan, Indonesia.
Promoters of Dish TV filed a petition seeking SEBI to refrain Yes Bank from voting in Dish TV’s AGM.
Religare Broking Limited, a wholly-owned subsidiary of Religare Enterprises has been assigned with a credit rating CARE A3 for its short term bank facilities of up to Rs. 350 crore.
Lupin gets U.S. FDA approval for its ANDA for Sevelamer Carbonate for oral suspension.
One97 Communications, the parent company of Paytm, consolidates offline payments vertical and lending business, under the leadership of Bhavesh Gupta, currently Chief Executive Officer of Lending. Over 25 employees were recently promoted to Senior Vice President and Vice President positions, taking the senior management team count to over 150.
What to expect?
On Friday, NIFTY opened with a gap-up at 17,156. As soon as the market opened, heavy selling kicked in and NIFTY fell up to 16,910 to recover some points. The index faced resistance again at 16,990 but moved up later. Profit booking towards the end made NIFTY close at 17,003, down 69 points or 0.4%.
BANK NIFTY opened the day with a gap-up at 35,328 and fell. After consolidating around 34,750, BANK NIFTY broke out but resistance at 35,000 pushed the index down and BANK NIFTY closed at 34,857, down 334 points or 0.95%.
All the sectoral indices closed in the red except NIFTY IT (+0.98%).
The US markets and the European markets remained closed on Friday for Christmas.
The Asian markets are mixed. The Hong Kong market is closed today. The U.S. Futures and the European Futures also are mixed, trading flat. Dow Jones futures are slightly trading in the green now.
SGX NIFTY is trading at 16,966 indicating a gap-down opening in NIFTY.
Major supports for NIFTY are at 17,000, 16,900, 16,820 and 16,770. We can expect resistances at 17,100, 17,200, 17,250 and 17,325.
BANK NIFTY has supports at 34,800, 34,600, 34,400 and 34,000. Resistances are at 35,230, 35,330, 35,530, 35,700 and 36,000.
NIFTY has the largest call OI build-up at 17,500 followed by 17,200 and the largest put OI build-up at 16,500 followed by 17,000.
BANK NIFTY has the highest call OI build-up at 36,000 and the highest put OI build-up is at 34,000.
INDIA VIX is at 16.15.
Foreign Institutional Investors net sold shares worth Rs 715 crores. Domestic Institutional Investors also net sold shares worth Rs 43 crores.
As many of the global markets were on holidays, there was not much cue to derive sentiments from other markets during the market hours. Even today, the Hong Kong market remains closed. All other global cues are muted including Dow Jones futures. But SGX Nifty trading lower will lead to NIFTY opening below 17,000.
The close above 17,000 had given confidence on Friday. Let us see if NIFTY will be able to cross 17,000 once again after opening. There is a very good put OI build-up at 17,000 and this can provide support.
Domestic Institutional Investors ended up being net sellers on Friday though the quantity is less. Volume will be low in the market as we are nearing the end of the year. This also means intraday volatility.
BANK NIFTY is once again below 35,000 after almost touching 35,500 last week. The index has been underperforming for a while. If BANK NIFTY crosses 35,000 and give the support needed, NIFTY can close with strength. I will be closely watching 16,900 on the downside and 17,100 on the upside.
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