News Shots

The Indian pharma industry welcomed the decision by the US government to support the temporary waiver of Trade-Related Aspects of Intellectual Property Rights (TRIPS) on Covid-19 vaccines. 

M&M to open an advanced design centre for mobility products in the U.K.

Carlyle Group plans to sell up to a 3.5% stake in SBI Life at minimum Rs 945 a share.

U.K.-based fintech company, Infinity Circle, has selected Zensar for end-to-end development of its next-gen wealth management platform.

Hero MotoCorp Q4 result beats estimates. Profit jumps 39% to Rs 865 crore on strong revenue and operating growth.

Tata Consumer Products Ltd reported a net profit of Rs 133.34 crore for the quarter ended March (Q4). It had posted a net loss of Rs 50 crore in the corresponding period last year (Q4 FY20).

Coforge Limited reported a 17.08% YoY increase in consolidated net profit to Rs 133 crore for the quarter ended March (Q4). On a quarterly basis, net profit has risen by 9.02%. 

IEX reports 90% YoY growth in volume of power traded in April.

Bajaj Healthcare launches ‘Ivejaj’ tablets for Covid-19 treatment.

Major Q4 Result Announcements Today:

  • HDFC
  • Ultratech Cement
  • Cholamandalam Investment and Finance Company
  • Dabur India
  • EIH
  • Kansai Nerolac Paints
  • Navin Fluorine International
  • Steel Strips Wheels

What to expect today?

Yesterday, NIFTY opened with a gap up and then consolidated between 14,600 and 14,700. There was an upmove towards the end which helped NIFTY to close above 14,700. Strength was given by IT, Metal and Auto. You can read all about yesterday’s movements here.

Bank Nifty, also opened with a gap up and showed no strength like that of NIFTY. It consolidated throughout the day between 32,550 and 32,900. It did not move up even when NIFTY moved up towards the close. 32,900 was tested rigorously as a resistance.

All the sectoral indices except NIFTY PSU BANK and NIFTY PHARMA closed in the green yesterday.

The European markets closed slightly in the green. The US markets traded flat but there was great strength towards the end and thus, all ended well in the green at record highs, thanks to the good jobless data.

US weekly jobless claims drop to fresh 13-month low, which is highly positive. This is being fueled by a rapidly improving public health situation and massive government financial assistance.

US jobs data will be out today and is expected to be positive.

Asian markets are all up. US Futures and European Futures are up. SGX Nifty is currently trading higher at 14,855 indicating a gap up opening in the Indian market. 

14,850-14,900 is a very important resistance. If the opening is there, we might see a down move before the range being tested again. If NIFTY moves down, 14,750-14,700 will act as a good resistance.

NIFTY has immediate resistance at 14850-14900 and the main resistance at 15,000. 

33,000, 33,200 and 33,500 are the immediate resistances to be watched out for in BANK NIFTY, with 33,000 tested rigorously day before yesterday.

The immediate supports for NIFTY is at 14,750, 14,700 and 14,600.

Bank Nifty has supports at 32,300, 32,000 and 31,500. Slipping below 32,000 can cause weakness in Bank NIFTY.

Foreign institutional investors (FIIs) net bought shares worth Rs 1222 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 632 crores in the Indian equity market. 

HDFC is announcing result today so HDFC and HDFCBANK can be focussed.

Yesterday’s up move in NIFTY was without the support of BANK NIFTY. So if Banks also move up today, NIFTY can go to higher heights.

NIFTY has been consolidating in the 14,200 to 15,000 range for a long period now. Closing near to 15,000 this week gives NIFTY a big chance to break 15,000 next week. So, today’s close is going to be decisive.

Last Friday, NIFTY fell heavily to reach back to the middle of the consolidation range.

So, there are chances of profit booking as NIFTY nears 14,900-15,000. Watch out.

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