News Shots

HDFC Bank to buy 4.99% stake in HDFC Ergo from Housing Development Finance Corporation for Rs 1,906.43 crore.

S&P has reaffirmed ICICI Bank’s rating at BBB- and has changed the outlook from negative to stable.

SEBI has put PNB Housing Finance‘s preferential issue on hold.

Reliance added the most active users among peers in March as it snapped two straight months of decline. Jio added 7.3 million regularly paying subscribers, Bharti Airtel Ltd added 4.8 million subscribers and Vodafone Idea Ltd lost 0.4 million subscribers.

Phillips Carbon Black commissioned an 8 MW power plant at Mundra in Gujarat.

The Committee of Creditors of Essar Power MP Ltd, has approved the resolution plan submitted by Adani Power. EPMPL owns a 1,200 MW power plant in Singrauli District, Madhya Pradesh.

NBCC (India) has awarded the work order for construction of residential towers and civic amenities at Karkardooma in New Delhi on TOD Norms, EPC mode to NCC Ltd at their quoted price of Rs 859.84 crore.

Reserve Bank of India has granted in-principle approval to Centrum Financial Services to set up a small finance bank.

Some major Q4 result announcements today:

  • Oil India
  • Bharat Dynamics
  • Info Edge (India)
  • HBL Power Systems
  • Jaiprakash Associates
  • MM Forgings
  • Pearl Global Industries
  • Pokarna
  • Rico Auto Industries
  • SP Apparels
  • TCNS Clothing Co
  • VST Tillers Tractors

What to expect today?

Friday, NIFTY fell 300 points from 15,750 to 15,450, reacting to the global markets and then displayed an unbelievable rally to close just below 15,700. You can read all about Friday’s movements here.

BANK NIFTY followed a similar pattern, first crashing down, taking beautiful support at ever important 33,900 and then moving up sharply and closing above 34,500.

NIFTY IT continues the strength, as the dollar keeps gaining value. Metals continued the fall after China announced new measures to keep commodity prices in check earlier this week. HDFC BANK was especially strong on Friday.

The European markets mostly closed 1-2% down. The US markets are down 1-1.5%.

The global markets crashed after comments from Federal Reserve official James Bullard that the U.S. central bank might raise interest rates sooner than previously expected spooked investors.

Most of the Asian markets are down by more than 1%. Japan’s NIKKEI is down by more than 3%. US and European futures are also further down!

SGX NIFTY is trading much lower at 15,540 indicating a gap down opening in the Indian market.

As we discussed last day, a major gap down opening can be followed with continuous up move when the market opens. It worked exactly like that last Thursday as well.

Today, there is weakness all around. Look into the candles and price action after the market opens. Be sure to understand the trend.

Market can be super volatile. Do not forget Friday’s violent moves towards both sides which is an actual nightmare for traders, hitting stop losses of both bulls and bears.

The immediate support for NIFTY are at 15,500 and 15,450. If 15,450-15,430 is broken, there will be more weakness in NIFTY.

Meanwhile, 15,600 and 15,700 will act as strong resistances.

34,700 and 35,000 are the important resistances to be watched out for in BANK NIFTY. 

BANK NIFTY has good support at 33,900 to 34,000. We should be cautious if that is broken.

The highest call OI buildup is at 16,000 followed by 15,800. The highest put OI buildup is at 15,000 followed by 15,500. The 15,500 put sellers can be in trouble today.

Foreign institutional investors (FIIs) net bought worth Rs 2680 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 446 crores in the Indian equity market.

Global crash, monthly expiry and Reliance AGM – we are in for a roller coaster kind of a week, starting today.

As a conservative trader, I would prefer to stay safe than capitalise on the sudden trends. I am already sitting on good booked profits this month and I don’t want to spoil that.

The plan is to get a clear trend and direction and then place trades. The supports of 15,450 in NIFTY and 33,900 in BANK NIFTY will be what I’ll be watching.

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