News Shots
India’s second-largest telecom firm Bharti Airtel reported a net profit of Rs 1,134 crore for the September 2021 quarter, and said it is witnessing strong business momentum with growth in 4G customers and increase in mobile ARPU.
Competition Commission of India (CCI) approved the acquisition of Exide Life Insurance by HDFC Life Insurance.
India’s largest drug maker Sun Pharma is looking at possible acquisitions in the US, Europe and emerging markets.
Domestic steel maker JSPL reported a nearly three-fold rise in consolidated net profit to Rs 2,584 crore during the September quarter, mainly on account of increased income.
Tata group retail firm Trent reported a consolidated net profit of Rs 79.99 crore for the second quarter ended September 2021. The company had posted a net loss of Rs 78.56 crore in the July-September quarter a year ago.
PNB Housing Finance approved a Rs 2,000 crore fundraising plan in bonds following its scrapping of Rs 4000 crore equity infusion from American buyout firm Carlyle.
In line with ongoing 5G trials in India, Vodafone Idea and Ericsson have teamed up to showcase the power of 5G to transform the healthcare sector in India.
Major Earnings Today:
- Bata India
- SBI
- Eicher Motors
- ABFRL
- Pfizer
- Gujarat State Petronet
- Uflex
- Grindwell Norton
- Gujarat Alkalies & Chemicals
What to expect today?
Yesterday, NIFTY opened with a gap-up at 17,969 and tried to break 18,000 but failed. The index started moving down and then consolidated with some sudden movements in between. NIFTY finally closed at 17,889, down 40 points or 0.23%.
BANK NIFTY opened almost flat at 39,796 and was volatile throughout the day. After taking support near 39,600, BANK NIFTY shot up and crossed 40,000. The index, unable to sustain above 40,000, closed at 39,938, up 175 points or 0.44%.
NIFTY REALTY(+3.4%) and NIFTY PSU BANK(+2.3%) performed well whereas NIFTY METAL(-0.58%) closed in the red after yesterday’s up-move.
The European markets closed in the green except FTSE. The UK index closed in the red as mining stocks took a hit from slump in iron ore prices. The US markets closed in the green.
The Asian markets are mixed, investors being cautious for the US Fed decision. Japan’s NIKKEI is closed for a holiday.
U.S. Futures and European Futures are flat except CAC 40 futures.
SGX NIFTY is trading higher at 17,951indicating a gap-up opening in NIFTY.
Major supports for NIFTY are at 17,880, 17,835, 17,800, 17,750 and 17,710. There are resistances at 17,940, 18,000, 18,040, 18,100 and 18,175.
BANK NIFTY has support at 39,750, 39,665, 39,500, 39,300 and 39,000. Resistances are 40,000, 40,175, 40,400 and 40,500.
The highest call OI build up in NIFTY is at 18,000, followed by 18,200 and the highest put OI build-up is at 17,500, followed by 17,700.
BANK NIFTY has the highest call OI build-up at 40,000 and the largest put OI build-up is at 39,500.
INDIA VIX is 17.06 now.
Foreign Institutional Investors net bought shares worth Rs 245 crores. Domestic Institutional Investors net sold shares worth Rs 6 crores. It is after a gap that the FIIs are turning net buyers.
The world is awaiting the Fed decision on tapering to be announced tonight. Though there is supply crunch everywhere, the companies have exhibited good earnings, some of them even beating the street estimates by a good margin. This has kept the global markets going up. Even if this comes to a stall after an unfavourable Fed decision, our market is not expected to react much as we have already witnessed a major fall last week.
Another major event to look out for today is SBI announcing its result. That may have an impact on NIFTY and BANKNIFTY.
17,950 is a very important level for NIFTY. Staying below 17,950 means NIFTY is in consolidation. Breaking 17,880-17,850 will be a bearish indication. Breaking 18,000-18,050 will be a bullish indication.
Similarly, 39,600-39,750 are the lower levels to watch out for in BANKNIFTY and 40,100-40,200 is the upper level.
If the gap up opening and 17,950 is sustained, the day can be bullish.
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