News Shots

Inox Leisure to raise funds up to Rs 300 crore through issue of securities either by way of public issue, rights issue or private placement.

Reliance Jio has entered into an agreement with Bharti Airtel for the right to use spectrum in the 800MHz band in Andhra Pradesh, Delhi and Mumbai circles. The agreement will help Jio in further expand spectrum and increase network capacity. The deal was for Rs 1,497 crore.

Tata Steel India production volumes dropped 7% in Q4 FY21 to 4.75 million tons compared to 4.73 million tons in the same period last year. Europe production volumes increased 0.37% to 2.65 mn tons compared to 2.64 mn tons in the previous year.

Axis Bank and its two subsidiaries, Axis Capital and Axis Securities, have become the co-promoters of Max Life Insurance after the completion of acquisition of 12.99% equity stake in the company.

Cholamandalam Investment & Finance partnered with Zoho, Razorpay, Zerodha, Ujjivan and Airpay to submit a new umbrella entity application. The Group, called Vishwakarma Payments Pvt Ltd, will focus on retail payments systems. 

Max Healthcare Institute has approved incorporation of a wholly owned subsidiary to provide a range of diagnostic services including pathology lab services to retail customers as well as third party Hospital Lab Management.

Wonderla Bangalore has announced the closure of water rides effective from April 7 further notice, following the government order. All land rides will be functional as normal, it added.

What to expect today?

Yesterday, NIFTY was highly volatile as it moved between 14,600 and 14,750. You can read all about yesterday’s movements here.

Bank Nifty was also highly volatile in the first half but consolidated heavily in the second half. It took a perfect resistance at 33,000 and a strong support at 32,300-32,400.

Pharma and Metal did well yesterday while Banks continued to be the sector dragging the markets down.

The European markets opened after Easter break and moved up with great strength. The US markets after moving up strongly in the last few days and reaching all time high, consolidated at the same levels.

Asian markets are mixed and almost all are trading flat. US and European Futures are also trading flat SGX Nifty is currently trading higher at 14,755 indicating a slightly positive opening in the Indian market. 

Today is going to be all about the RBI monetary policy announcement. It is expected that there will not be any changes in the policies or the interest rates. But the RBI’s comments and views on the economy and the situation of banks will be watched and that can affect the market. Do look into banking stocks and BANK NIFTY today. In case, if BANK NIFTY is breaking 32,300, then I’ll be worried that it can go further down.

NIFTY has strong resistances at 14,750, 14,800 and 14,900. NIFTY has to cross at least 14,900 to gain back upwards momentum. 

BANK NIFTY has good resistances at 33,000 and 33,150-33,300. BANK NIFTY has to sustain above 33,800 to be back into bullish momentum.

The next supports for NIFTY are at 14,650, 14,600 and 14,500 while for Bank Nifty, they are at 32,500 and 32,300.

Foreign institutional investors (FIIs) net sold worth Rs 1092 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 416 crores in the Indian equity market. 

The highest call OI build up is at 15,000 followed by 14,800. The highest put OI buildup is currently at 14,000 followed by 14,500. Heavy put buildup has happened at 14,500, 14,600 and 14,700 yesterday. Call writing has increased at 14,800 and 15,000. 

It looks like this week also NIFTY is going to expire between 14,500 and 14,900.

Today is going to be volatile. The RBI meet starts at 10 am. Be extra active and cautious in the market today.

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

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