RBI approves license of National Asset Reconstruction Company: IBA CEO
The Reserve Bank of India (RBI) on Monday approved the license for formation of National Asset Reconstruction Company Limited. With this approval of RBI, the way has been cleared for Band Bank to come into existence. The National Asset Reconstruction Company was formed in July this year along with the registration at the office of the Registrar of Companies.
Giving information about getting this license, Sunil Mehta, CEO of Indian Banks Association has tweeted that RBI has approved National Asset Reconstruction Company on 4 October 2021. This approval has been given under section 3 of the SARFAESI Act 2002. Explain that the responsibility of formation of bad bank of Indian Banks’ Association (IBA) has been given.
strategy on nifty
Virendra Kumar of CNBC-Awaaz says that its resistance zone is visible at 17722-17757. The major resistance zone is at 17804-17846. The base zone is visible at 17617-17564 and the larger base zone at 17512-17460. After leaving 17630 yesterday, it has gone up to 17718 comfortably. Slight pressure in global markets, good institutional investors data and FIIs stay long in the call. 17757-804 Pressure Zone, there was a lot of call writing here. Strong put writing at 17400-500-600, yesterday also heavy writing at 17600. Be safe, buy every drop till 17617-564. Can also take 17700 call in fall, keep SL below second base.
strategy on nifty bank
Virendra Kumar on Nifty Bank says that its resistance zone is 37641-37778 and the bigger resistance zone is 37892-38040. The base zone is 37390-37376. The larger base zone is 37208-37160. Yesterday, 200-250 points have gone up on the basis of public sector banks. Now call-put writers dominate at 37500, both dominate. Above all moving averages, 37208-37160 is safe. Buy down to first base. Go long if it crosses 37376.
Today’s trading tips
CENTRUM BROKING LTD
BUY NMDC SL 145 TGT 154
BUY PNB SL- 39 AND TGT- 44
BUY ITC OCT FUT NR 236-235 SL- 230 TGT- 246
WhatsApp-Facebook service restored
The services of FACEBOOK, WHATS APP and INSTAGRAM have been restored. Server was stalled for about 7 hours. Facebook’s stock is down 5%.
AXA to sell stake in ICICI LOMBARD
AXA will sell about 3.5 per cent stake in ICICI LOMBARD today through a block deal. INDICATIVE PRICE is between 1497 to 1576. There can be deals worth 2620 crores.
M&M FIN: Loan disbursement picks up in Q2
According to the second quarter update, the loan disbursement speed of M&M FIN has increased by 60% year-on-year. The collection has also picked up. There has been 100% collection in the month of September.
Crude oil rises, Brent crosses $ 81
OPEC+’s decision to increase production gradually as planned by November is seeing a boil in crude oil. The price of Brent has crossed $81. Keep an eye on exploration companies like ONGC, Oil India.
Rights issue of BHARTI AIRTEL will open today
Today the rights issue of 21 thousand crores of BHARTI AIRTEL will open. Price is Rs 535. For every 14 shares you will get 1 share. The issue will close on October 21.
Global cues weak for the market
Global cues are looking weak for the market. Nikkei has slipped 3 percent in Asia and SGX NIFTY is also trading down 150 points. US markets are seeing weakness due to selling in tech stocks. Yesterday NASDAQ closed down 2 percent and DOW 325 points.