Yet Another Gap Up Opening! - Share Market Today

News Shots

UltraTech Cement reported a consolidated net profit of Rs 1,310.34 crore for the quarter ended in September 2021 against Rs 1,310.06 crore in the year-ago quarter on account of a sharp rise in coal and pet coke prices.

State Bank of India has raised Rs 6,000 crore by issuing Basel III compliant bonds.

Also, RBI has imposed a Rs 1 crore penalty on State Bank of India. The penalty is due to non-compliance with directions on fraud classification and reporting.

Adani Ports and Special Economic Zone has raised Rs 1,000 crore by allotment of secured, redeemable, and non-convertible debentures (NCD) on a private placement basis.

Dixon Technologies (India), and Orbic, a U.S. based smartphone manufacturer have entered into an agreement for the manufacturing of smartphones at its manufacturing facility situated at Noida.

L&T Infotech reported a 20.8 percent increase in consolidated net profit to Rs 551.7 crore for the quarter ended September.

Route Mobile posted a 28 percent increase in its consolidated net profit to Rs 42 crore in the second quarter ended on September 30, 2021.

Sunteck Realty has signed a joint development agreement to develop a new housing project in Maharashtra on 110-acre land parcel.

Major Earnings Today:

Hindustan Unilever
Nestle India
ICICI Prudential Life Insurance
L&T Technology Services
ACC
ICICI Securities
Navin Fluorine International
DCM Shriram
Jubilant Ingrevia
Tata Steel BSL
Sonata Software
Network 18 Media & Investment

What to expect today?

Yesterday, NIFTY opened with another huge gap up around 18,440 and then consolidated between 18,440 and 18,540. The index closed 0.76% up at 18,477. You can read all about yesterday’s market movements here.

BANK NIFTY also consolidated in a range between 39,550 and 39,950. The index took resistance at 40,000 and closed 0.87% up at 39,684.

NIFTY PSU BANK(+3.9%) and NIFTY METAL(+3.8%) closed well in the green yesterday. NIFTY IT(+1.5%) also closed with gains while NIFTY PHARMA(-0.89%) moved down.

The European markets all fell continuously yesterday and closed in the red. There was a small recovery towards the end The US markets opened with a gap down and steadily moved up throughout the day, displayed strength and closed in the green. Technology stocks led the rally in the US.

The Asian markets are almost all trading in the green. U.S. Futures and European Futures are almost trading flat.

SGX NIFTY is trading higher at 18,566, indicating yet another gap-up opening in NIFTY. SGX NIFTY was trading at 18,500 at 7 am and has shot up quickly to trade above 18,550.

Major supports for NIFTY are at 18,500, 18,440 and 18,340. We can expect resistances at 18,550 and 18,600.

BANK NIFTY has supports at 39,950, 39,550 and 39,400.

The highest call OI build up in NIFTY is at 18,500, followed by 18,600. There is good put OI build up at 18,300, followed by 18,000.

BANK NIFTY has the highest call OI buildup at 40,000 and the highest put build up at 39,000.

VIX rose sharply yesterday to 17.18.

Foreign Institutional Investors net bought shares worth Rs 512 crores. Domestic Institutional Investors net sold shares worth Rs 1703 crores.

IT stocks led by INFY were the stars yesterday. HDFCBANK moved down a bit after the result. Focus can be continued on IT and BANKING stocks.

Let’s see if today’s gap up is sustained like the previous 3 days. If it is not sustained, then NIFTY can fill the gap, move down and take supports at 18,540 – 18,440. These are the price action levels I will be watching.