News Shots

The gross non-performing assets (GNPAs) ratio of banks may rise to 9.8 per cent by March 2022, under a baseline scenario, from 7.48 per cent in March 2021, according to the Financial Stability Report (FSR) released by the Reserve Bank of India. Banking stocks to remain weak?

The government said 14 companies, including Dell, Lava, Dixon, Redington etc have received approval under the Production Linked Incentive Scheme (PLI) for IT hardware.

The chairman of Bharti Airtel, Mittal said tariffs need to go up amid “tremendous stress” in the telecom sector, and Airtel will not hesitate to raise prices, but it will not do so unilaterally.

The cash-strapped telecom operator Vodafone Idea has approached the government to seek one-year moratorium on payment of spectrum instalment of over Rs 8,200 crore, due in April 2022.

The state-owned coal miner Coal India said overall coal offtake rose by 32.7 per cent to 160.4 million tonnes (MT) in the first quarter of this ongoing fiscal.

The drug firm Lupin‘s US-based arm has received approval from the US health regulator for its supplemental new drug application to expand the use of Solosec to include the treatment of trichomoniasis, a sexually transmitted disease.

What to expect today?

Yesterday, NIFTY opened with a slight gap up again and consolidated with a negative bias. Towards the end, it moved down again to close below 15,700 You can read all about yesterday’s movements here.

BANK NIFTY was more consolidating, and traded within the range of 34,650 and 34,900.

NIFTY AUTO and NIFTY PHARMA were the only sectors to close in the green yesterday. IT stocks moved down yesterday.

The European markets closed in the green, gaining 0.5-1%. The US markets also closed slightly in the green, ahead of major economic data announcements.

Asian markets are mostly training in the green. US and European futures are also slightly in the green.

SGX NIFTY is trading slightly higher at 15,738 indicating a small gap up opening in the Indian market.

We have been witnessing a near gap up opening and falling after that, for every single day in this week so far.

The immediate supports for NIFTY are at 15,700 and 15,640. 

15,800 and the all time high of 15,900 will act as strong resistances

35,000, 35,250 and 35,500 are the important resistances to be watched out for in BANK NIFTY. 

BANK NIFTY has good support at 34,650 and 34,400. 

Foreign institutional investors (FIIs) net sold worth Rs 1,245 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 880 crores in the Indian equity market. 

As I have been saying, there are not many positive or negative cues globally or locally and the markets have been consolidating with a bearish bias.

With US jobs data and inflation data coming in, along with corporate result announcements also starting soon, we can expect a good move sooner rather than later.

NIFTY has been consolidating heavily between 15,500 and 15,900. BANK NIFTY has been consolidating between 34,000 and 35,800. These levels will continue to act as support and resistance. There will be breakout or break down if these levels are broken.

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