News Shots

ICICI Bank reported more than three-fold jump in its standalone net at Rs 4,402 crore, which is still below analyst estimates.

HCL Tech is engaging closely with clients to prioritise work, and shifting some workload from India to other geographies to ensure business continuity. HCL Tech posted a 6.1 percent decline in consolidated net profit in the March quarter to Rs 2,962 crore.

Mahindra & Mahindra Financial Services reported an 8 percent decline in its consolidated net profit at Rs 219 crore for the quarter ended March 31.

Promoters of Hathway Cable & Datacom to sell upto 20.54 crore shares or 11.61% of the total equity through an offer for sale. The floor price of Rs 21.50 per share is at a discount of 0.69% to Friday’s closing price. The OFS opens for non-retail investors today and for retail investors tomorrow.

PNC Infratech has received an appointed date for EPC project – construction of Eight Lane access controlled expressway in Gujarat for a contract value of Rs 748.00 crore – from National Highways Authority of India.

Ramco Systems has established a wholly-owned subsidiary in Japan called Ramco Software Japan.

Major Q4 Result Announcements Today:

  • HDFC Life Insurance Company
  • Tech Mahindra
  • Alok Industries
  • Castrol India
  • Delta Corp
  • SBI Cards and Payment Services
  • Snowman Logistics

What to expect today?

Friday, NIFTY was highly volatile and consolidating. It moved up to 14,450 and then moved down below 14,300 and climbed back up to close just below 14,350. You can read all about Friday’s movements here.

Bank Nifty, continued to outperform NIFTY. It managed to move up 200 points in the closing above 31,700.

Media and PSU Banks were the only sectors to close in the green on Friday.

The European and US markets moved up steadily on Friday. The Federal Reserve is meeting for 2 days from Tuesday for policy setting. This is an event to be watched out for this week.

Asian markets are mostly up. European and US Futures are also up. SGX Nifty is currently trading higher at 14,460 indicating a gap up opening in the Indian market.  

The last 3 Mondays we saw the market opening with a huge gap down. This time it is going to be different.

Do wait and confirm trends after the opening as we have been seeing violent volatile moves in the previous days. Last week we saw NIFTY falling after each gap up opening and NIFTY climbing up after each gap down opening.

With ICICI Bank’s result announcement, a lot of focus should be on banks and BANK NIFTY.

The rate at which the number of COVID cases are increasing has come down a bit. But still there is uncertainty and fear.

14,200 has been acting as a very important support for NIFTY. Last week it was breached and NIFTY took support at 14,150. Basically NIFTY is creating lower lows. So, if that is tested again, we might see fresh lows. Looking at the open interest, 14,000 should act as a strong support this week.

Similarly, if BANK NIFTY breaks 30,500, next supports are at 29,500 and 29,000.

The resistances for NIFTY are at 14,350, 14,450 and 14,500 while for Bank Nifty, they are at 32,000 and 32,350.

The largest call OI buildup is at 15,000 followed by 14,800. The largest put OI buildup is at 14,000 followed by 13,500. But the number of puts at 14,000 is higher than the number of calls at 14,800 and 15,000. This indicates the strong support at 14,000 for NIFTY.

Foreign institutional investors (FIIs) net sold shares worth Rs 1360 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 1695 crores in the Indian equity market. 

DIIs are supporting the markets and buying heavily to prevent the market from falling heavily.

This week has a lot of result announcements from big companies. Even Reliance is set to announce its result at the end of this week. If the results are positive, that will be a boost for the markets.

Likely, volatility is to continue this week as well. So, stay safe!

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