News Shots
The government said it will dilute 15 per cent stake in Rail Vikas Nigam Ltd via an offer for sale to raise nearly Rs 750 crore.
Airtel Africa will sell 1,424 towers in Madagascar and Malawi to Helios Towers for $119 million.
Hero MotoCorp will increase prices of its motorcycles and scooters by up to Rs 2,500 from next month in order to partially offset the impact of increase in commodity costs.
South Indian Bank approved raising equity capital of Rs 240 crore through qualified institutional placement (QIP).
Tata Group’s holding in Tata Communications has increased to 58.87 per cent after the government sold stake to Tata Sons’ unit Panatone Finvest.
Saudi Aramco remains in discussion with Reliance Industries Ltd for a potential deal to buy a 20 per cent stake in its oil-to-chemical (O2C) unit.
Bank of Maharashtra has raised Rs 100 crore by issuing Basel III compliant bonds on a private placement basis.
Rossari Biotech approves issue and allotment of 30.12 lakh equity shares worth Rs 300 crore on a preferential basis.
What to expect today?
Yesterday, NIFTY consolidated between 14,700 and 14,900, testing 14,750 and 14,850 multiple times. You can read all about yesterday’s movements here.
Bank Nifty, after getting momentum from the loan moratorium case, moved up and closed above 34,000..
Banks, both private and PSU, moved up strongly yesterday.
The European markets were in the red in the beginning but then moved up towards the close. The US markets fell heavily towards the end to close nealy 1% down..
Most Asian markets are trading lower. SGX Nifty is currently trading lower at 14,722 indicating a gap down in the Indian market.
If NIFTY opens below 14,750, it has to move and sustain above 14,750 for preventing further huge down moves. NIFTY has immediate supports at 14,700, 14,650 and 14,600. Similarly, Bank NIFTY has to sustain above 34,000 to remain powerful.
14,500 is a major support for NIFTY. It has not closed below 14,500 in a long time. Similarly, Bank Nifty has a medium support at 33,300-33.400.
Moving up, NIFTY has strong resistances at 14,850 and 14,900. 14,500 to 15,000 is the range to watch out for this week.
India VIX spiked yesterday but cooled off towards close. As it is Wednesday today and we saw two consolidating days, we might see a lot of volatility today.
Foreign institutional investors (FIIs) net sold worth Rs 108 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 529 crores in the Indian equity market.
There is good put OI buildup at 14,000 followed by 14,500. Similarly, the largest call option buildup is at 15,000 followed by 15,500. Yesterday, aggressive put writing happened in the market.
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