News Shots

Hero MotoCorp to extend the shutdown at its manufacturing facilities across India, global parts centre and R&D facility in Jaipur till May 16. This is the third extension of the shutdown by Hero MotoCorp.

Maruti Suzuki India has extended the maintenance shutdown till May 16, keeping in view the current pandemic situation.

HPCL has issued unsecured, non-convertible, non-cumulative, taxable debentures of Rs 10 lakh each aggregating to Rs 1,950 crore on a private placement basis to fund capital expenditure. The coupon rate has been fixed at 6.63% per annum.

InterGlobe Aviation board has decided that the company should continue to explore all options to increase its liquidity, including by way of a QIP.

IRDAI has imposed a penalty of Rs 30 lakh on SBI General lnsurance Company due to non-compliance in minimum obligations under motor third-party business.

Tata Power board to consider issuing NCDs, bonds and other debt securities on a private placement basis on May 12.

Avenue Supermarts reported sharply higher consolidated profit at Rs 414.2 crore in Q4FY21 against Rs 271.5 crore in Q4FY20, revenue rose to Rs 7,411.7 crore from Rs 6,255.9 crore YoY.

Bandhan Bank reported sharply lower profit at Rs 103 crore in Q4FY21 against Rs 517.3 crore in Q4FY20, net interest income climbed to Rs 1,757 crore from Rs 1,680 crore YoY.

IDFC First Bank reported sharply higher profit at Rs 127.81 crore in Q4FY21 against Rs 71.54 crore in Q4Y20, net interest income rose to Rs 1,960.26 crore from Rs 1,699.98 crore YoY. This has beaten all street estimates.

What to expect today?

Friday, NIFTY opened with a gap up above 14,810, moved up and took resistance at 14,850. It consolidated throughout the day to close at 14,823. You can read all about Friday’s movements here.

Bank Nifty, also opened with a gap up at 33,000 and moved up to take resistance at 33,250. It moved down strongly after that, underperforming NIFTY, to close at 32,904.

All the sectoral indices except NIFTY PSU BANK closed in the green on Friday. METALS continued to outperform.

The European markets closed slightly in the green. The US markets also closed higher even after a bad jobs data. There is positivity in the global markets.

10 lakh jobs were expected to be added in the US in April but the data shows only 2.66 lakhs have been added.

Asian markets are almost all up. US Futures and European Futures are up. SGX Nifty is currently trading higher at 15,005 indicating a gap up opening in the Indian market.

Everytime NIFTY has reached 15,000 in the last 2-3 times, profit booking has kicked in and the index has fallen. Let’s see if it can sustain this time. Support from banks are necessary to sustain and also to move further up.

15,000-15,100 is a very important resistance. Even if there is a gap up, NIFTY will either consolidate or move down before 15,100 is broken.

33,000, 33,500 and 34,000 are the immediate resistances to be watched out for in BANK NIFTY, with 33,000 tested rigorously last week. 33,000 will be taken out in the gap up today.

The immediate supports for NIFTY is at 14,900, 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.

We have a large call option buildup at 15,200 and a large put option buildup at 14,500. If NIFTY moves up today, I will be watching if more calls are written at 15,200 or if that is being shifted to 15,300 or further. That will give an idea for this week.

Foreign institutional investors (FIIs) net sold shares worth Rs 1142 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 1468 crores in the Indian equity market. 

HDFC had announced its result on Friday and it was positive. HDFC had moved up even helping NIFTY to move up. HDFCBANK underperformed last week. Watch HDFCBANK. If it moves up, NIFTY and NIFTYBANK will also move up.

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

NIFTY has not closed above 15,000 since nearly 2 months now. So today is going to be very decisive for the coming days.

There are chances of profit booking as NIFTY is above 15,000. Watch out.

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