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Where will Nifty consolidate? Yet another record high today?

Good Morning, Everyone, The Nifty closed at an all-time high yesterday with support from Reliance, SBI & ITC.

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Global Markets:

The Dow Jones Industrial Average fell 62.22 points, or 0.18%, to 34,752.17, the S&P 500 lost 6.65 points, or 0.15%, to 4,474.05 and the Nasdaq Composite added 20.30 points, or 0.13%, to 15,181.83.

The economic rebound in the US has been dented in Q3due to the spread of the Delta variant of Coronavirus.

The Nikkei 225 in Japan climbed 0.38% while the Topix index traded fractionally higher. South Korea’s Kospi shed 0.22%.

Indian Market:

Trends on the SGX Nifty indicate a big gap up opening at close to 17700, which is really big after the last 2 days of bull run, & I am expecting some profit booking to kick in.

17500 will act as major support now, which 17600 is a minor support. If we see a fall below 17600, we might see more profit booking, else Nifty will consolidate. Let's wait and watch.

I am not planning to enter new trades after such a great week. Will probably book some profit, if some opportunity strikes.

Watch the aviation sector stocks today as domestic air passenger traffic surged 33.8 percent month-on-month in August, the Directorate General of Civil Aviation (DGCA) said on September 16. The total passenger load in August stood at 67.01 lakh compared to 50.07 lakh in July and 31.13 lakh in June.

The passenger traffic in August 2021 also more than doubled when compared to the same month in the past year, the aviation sector regulator said. In August last year, the number of passengers carried by domestic airlines stood at 28.32 lakhs.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 1,621.88 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 795.13 crore in the Indian equity market on September 16

Stock Specific News:

Antony Waste Handling Cell | Cambridge (Mauritius) sold 2,34,926 equity shares in the company at Rs 415.11 per share on the NSE, the bulk deals data showed.

Easy Trip Planners | WHV-EAM International Small Cap Equity Fund acquired 9,11,688 equity shares in the company at Rs 606.84 per share on the NSE, the bulk deals data showed.

IIFL Finance | CDC Group Plc sold 50 lakh equity shares in the company at Rs 295.47 per share on the NSE and 1 crore shares at Rs 294.52 per share on the NSE, the bulk deals data showed.

Sudarshan Chemical Industries | Promoter Anuj Narayandas Rathi Karta - Anuj Narayandas Rathi HUF sold a 0.82 percent stake in the company via open market transaction.

Indiabulls Housing Finance | The company approved the floor price for the issue of foreign currency convertible bonds (FCCB) at Rs 231.48 per FCCB and the opening of the issue on September 16.

Infosys | Frost Bank selected Infosys as a strategic partner to launch a new mortgage loan product offering.

Ami Organics | As per the latest shareholding pattern post IPO, the promoter holds a 41.05 percent stake and the remaining is held by public shareholders including Plutus Wealth Management LLP (1.44 percent), Malabar India Fund (2 percent), and SBI MF (1.12 percent).

Hero MotoCorp | The company will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from September 20, 2021, which will offset the impact of steadily increasing commodity prices.

Indian Oil Corporation | There has reportedly been a minor accident at the company’s Barauni refinery. The furnace blow-up caused minor injuries to people working in the vicinity. The cause of the accident is now under technical investigation but the company said the planned shutdown of the Barauni refinery has been on since August 20, 2021, as per reports.

TVS Motor Company | The company has obtained a majority stake in the GO AG through its Singapore subsidiary TVS Motor (Singapore).

Banks | Finance Minister Nirmala Sitharaman on Thursday announced that the Cabinet has cleared the formation of a 'bad bank'. The government will guarantee up to Rs 30,600 crore for security receipts issued by the National Asset Reconstruction Company (NARCL). The NARCL will buy bad loans from banks under a 15:85 structure where it will offer 15 percent of the net asset value in cash and issue security receipts for the rest.

Biocon | Biocon Biologics, a subsidiary of Biocon, on Thursday said it will offer around 15 percent stake to Serum Institute Life Sciences at a post-money valuation of about $4.9 billion.


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