More fall today? Can Nifty hold up the selling pressure?

Good Morning, Everyone, We saw Nifty continue to fall yesterday and have formed a bearish candle on the daily chart.


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The day was completely volatile with a bearish bias yesterday as seen below.



Sector Analysis:


The PSU banks led by SBI were up 1.54% followed by the media sector up 1%, all other sectors saw huge selling pressure with profit booking majorly in the stocks that rose the highest in the past few days, especially IRCTC.



Top Gainers:


Bharti Airtel, SBIN were among the top gainers today.


Top Losers:


Hindalco, BPCL were among the top losers for the day.


Global Markets:


Stocks closed higher on Wall Street yesterday, bringing S&P 500 to the brink of a record high as it rose half a percent. The tech-heavy Nasdaq also rose marginally to 0.1, whereas the Dow Jones Industrial Average fell 0.1 percent.


Asian shares were mixed Thursday morning following overnight gains on Wall Street. MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.07 percent lower. Japan's Nikkei index declined 0.3 percent. Chinese blue chips rose 0.18 percent higher. And South Korea’s Kospi declined marginally. Elsewhere, Australian shares rose over 0.1 percent.


Shares of China Evergrande Group slid as much as 14% on Thursday after a deal to sell a $2.6 billion stake in its property services unit fell through, in the latest blow to the developer whose massive debt woes have rattled global markets.

Evergrande said on Wednesday it had scrapped a deal to sell a 50.1% stake in Evergrande Property Services Group Ltd to Hopson Development Holdings Ltd as the smaller rival had not met the “prerequisite to make a general offer”.


Indian Market:


Today being the weekly expiry, we might see some more fall and volatility in the market. However, let's look forward to some buying opportunities today.


Trends on the SGX Nifty indicate a small gap up opening, however, it might be tough to sustain given that there are no big results coming today. However, let's look forward to results from Reliance & ICICI this weekend to get some cues on how the Nifty could move next week.


Results today


Asian Paints, JSW Steel, Biocon, 63 Moons Technologies, Agro Tech Foods, Borosil Renewables, Can Fin Homes, CG Power and Industrial Solutions, Container Corporation of India, ICICI Lombard General Insurance Company, IDBI Bank, Indian Energy Exchange, IIFL Securities, Indian Hotels, IndiaMART InterMESH, Duncan Engineering, Gateway Distriparks, Heritage Foods, Jubilant Industries, Lemon Tree Hotels, LIC Housing Finance, Bank of Maharashtra, Mphasis, Music Broadcast, Rane Engine Valve, Sasken Technologies, South Indian Bank, Sterlite Technologies, Tanla Platforms, Trident, TVS Motor Company, and VST Industries.


FII and DII data


Foreign institutional investors (FIIs) net sold shares worth Rs 1,843.09 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 1,680.73 crore in the Indian equity market on October 20


Stock Specific News:


Bharti Airtel | The company's Rs 21,000-crore-rights issue closes today.


Reliance Industries | Reliance Jio may reportedly invest in Google-backed Dunzo by participating in the hyperlocal delivery startup’s new fundraising round of $200-250 million.


Jindal Stainless (Hisar) | The company commissions phase 1 of brownfield expansion at specialty products division.


Angel Broking | The company reported a consolidated profit of Rs 134.2 crore in Q2FY22 against Rs 74.5 crore in Q2FY21 while revenue jumped to Rs 527.34 crore from Rs 309.85 crore on-year.


L&T Finance Holdings | The company's consolidated profit fell to Rs 224.03 crore in Q2FY22 from Rs 265.12 crore in Q2FY21, and revenue also fell to Rs 3,051.82 crore from Rs 3,408.10 crore on-year.


Tata Communications | The company reported a consolidated profit of Rs 425.38 crore in Q2FY22 as compared to Rs 384.48 crore in Q2FY21, whereas revenue fell to Rs 4,174 crore from Rs 4,401 crore on-year.


Havells India | The company's Q2 earnings missed estimates except for revenue.


Bandhan Bank | Bandhan Financial Holdings has offered to buy Future Group's stake and acquire a controlling interest in Future Generali India Life Insurance Company-a three-way joint venture between the Future Group, Industrial Investment Trust (IIT) and Italian insurance and asset management giant Generali. The holding company of Bandhan Bank is willing to pay a control premium to buy Future Group's 34% and another 17% stake in the insurer, as per the report.



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