News Shots

Bank of Baroda will conduct an e-auction of as many as 46 NPA accounts later this month to recover dues of Rs 597.41 crore.

Financial services player Religare Enterprises proposes to raise Rs 570 crore via preferential issuance of shares to a clutch of investors, including existing shareholders, to fund its business plans.

Adani Enterprises has incorporated a wholly-owned subsidiary company for manufacturing wind turbine generators – Mundra Windtech.

Power Grid Corporation has fully commissioned India’s first Voltage Source Convertor (VSC) based HVDC (high voltage direct current) electricity transmission system.

Tata Motors has incorporated a new subsidiary to provide end-to-end services of operating, repair, annual maintenance contracts (AMC) and fleet management services (FMS) for its product range, including electric vehicles.

Tata Power’s proposed purchase of 51 per cent stake each in three power utilities in Odisha has been cleared by fair trade regulator CCI.

CESL has signed a pact with the Ladakh administration to make the Union Territory carbon-neutral.

The Competition Commission has given its nod for the proposed acquisition of a stake in IT company Mphasis by BCP Topco, Waverly Pte and Platinum Owl. The proposed transaction pertains to the acquisition of up to 75 percent shareholding in Mphasis.

INOX Leisure approved the opening of QIP on June 8. The floor price of Rs 315.25 per equity share is at a discount of 5.62% to Tuesday’s closing price.

Some major Q4 result announcements today:

  • GAIL (India)
  • Bata India
  • TeamLease Services
  • Star Cement
  • Indian Metals & Ferro Alloys
  • Dhanvarsha Finvest
  • Bajaj Healthcare

What to expect today?

Yesterday, NIFTY opened with a gap up above 15,750 at its all time high but fell suddenly to below 15,700. Then there was consolidation throughout the day and NIFTY closed absolutely flat at 15,740 . You can read all about yesterday’s movements here.

BANK NIFTY was bearish and closed 1% down. It perfectly tested the support at 35,000 multiple times and closed at 35,085.

NIFTY IT continued to outperform other sectors yesterday.

The European markets closed flat. The US markets also closed very flat, ahead of the inflation data announcement on Thursday.

Asian markets are trading flat, mostly in the red. China has announced its inflation data and they have come out higher than expected. European and US futures are mixed.

SGX NIFTY is currently trading flat at 15,761 indicating a flat opening in the Indian market.

The immediate supports for NIFTY are at 15,700, 15,600, 15,550 and 15,500.

With the huge call OI buildup there, Let’s see if 15,800 can act as a resistance. 

35,200, 35,500 and 36,000 are the next important resistances to be watched out for in BANK NIFTY. 35,500 is very crucial because of the call OI buildup there since last week.

BANK NIFTY’s support at 35,000 was tested multiple times yesterday. Let’s see if that will be broken with strength today.

INDIA VIX is still in the 15 range indicating stability in the market.

NIFTY has the highest call OI buildup at 16,000 followed by 15,800 and 15,700, indicating upside move is limited this week. NIFTY has the highest put OI buildup at 15,700 followed by 15,600 and 15,500, indicating strong supports just below the current price. 

NIFTY PCR has come down from 1.2 to 1, indicating the loss of strength in the market.

BANK NIFTY has crazy amounts of call and put OI buildup at 35,500 and PCR is 0.5. BANK NIFTY was expected to consolidate between 35,000 and 36,000 mostly and it is doing that. 

But, since it tested 35,000 multiple times yesterday, let’s keep an eye to find out whether the level is broken by BANK NIFTY.

Foreign institutional investors (FIIs) net bought worth Rs 1422 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 1626 crores in the Indian equity market. 

The global markets are consolidating. It looks like we will also consolidate for some time. As was seen yesterday, whenever the market is falling, buying kicks in and supports the market, indicating strength. IT sector helped yesterday.

If banks continue their bearishness and no other sector supports, then NIFTY might see consolidation with a negative bias in the coming days.

Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!