News Shots

The process to merge Tata Steel BSL with Tata Steel has been advanced. Tata Steel had won the bid to acquire debt-laden Bhushan Steel Ltd (BSL) in insolvency proceedings.

The country’s leading steelmaker JSW Steel is planning to invest another Rs 25,115 crore by 2024-25 to ramp up its capacity to 37.5 million tonne per annum.

In six months to one year, things will begin to settle down and travel will be back much stronger than ever before as history has proven on all occasions that it is a fundamental need of global citizens, Indian Hotels Company MD and CEO Puneet Chhatwal said.

Adani Group has achieved its target to set up 25 gigawatts of renewable energy capacities in India, four years ahead of the schedule, Chairman Gautam Adani said during the India Global Forum 2021. Our green energy arm is on track to be the world’s largest renewable energy company by 2030, he added. The group also plans to double its solar cell and module manufacturing capacity to 4GW and expand the domestic manufacturing ecosystem for its renewables business, including a new wind turbine manufacturing cluster in Mundra.

Indian Oil Corporation accorded stage-1 approval for implementation of Styrene Monomer Project at an estimated cost of Rs 4,495 crore, at the company’s Panipat refinery and petrochemical complex. This will be the first production unit for styrene in India with a capacity of 387,000 MTPA. The unit is expected to be commissioned by 2026-27.

Union Bank of India approved a plan to raise up to Rs 9,700 crore through a mix of both equity and debt.

The Debt-ridden telecom operator Vodafone Idea reported narrowing of its consolidated loss to Rs 7,022.8 crore compared to a loss of Rs 11,643.5 crore in the same period a year ago.

SpiceJet reported narrowing of net loss to Rs 235.3 crore for the quarter ended March 2021, and announced that it will raise up to Rs 2,500 crore to ensure long-term growth and sustainable operations.

The Indian railway firm IRFC has reported a 126 per cent jump in net income to record Rs 1,482.55 crore in the March quarter, mainly due to higher interest income from record disbursals and cheaper funds.

What to expect today?

Yesterday, NIFTY opened above 15,800 and tried to move up till 15,850 but took strong resistance and fell below 15750. You can read all about yesterday’s movements here.

BANK NIFTY was more bearish than NIFTY and as we discussed yesterday, the support at 35,000 was broken and fell heavily to close at 34,772.

NIFTY IT was the only sector to close in the green yesterday. All the other sectors showed weakness. RELIANCE moved up strongly and supported the markets.

The European markets closed in the red, losing 0.5-1%. The US markets remained mixed and flat, ahead of major economical data which will be announced in the coming days.

Asian markets are mixed, some are trading slightly in the green and some are in the red. US and European futures are absolutely flat.

SGX NIFTY is trading slightly higher at 15,760 indicating a flat to 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 15,750 and 15,700. 

Meanwhile, the all time high of 15,900 will act as strong resistance. NIFTY has been rejected 3 times from 15,900 already. The call OI build up at 15,800 suggesting that it will also act as a major resistance today.

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. 

The highest call OI buildup in NIFTY is at 15,900 followed by 15,800. The highest put OI buildup is at 15,500 followed by 15,600 and 15,700. The PCR has fallen to 0.6, indicating bearishness.

BANK NIFTY has a huge call buildup at 35,000, just like last week. It will be very interesting to observe today to see whether BANK NIFTY can cross 35,000.

Foreign institutional investors (FIIs) net sold worth Rs 1,646 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 1,520 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.

Today marks the beginning of a month and a lot of data will be out soon. Investors are keenly waiting for US jobs data and inflation data. 

India’s manufacturing PMI and auto sales data will be announced today. Do watch auto stocks.

The OI analysis is indicating that upside move is limited but there can be a down move. There is nothing else in the market suggesting a steady down move. So, it’ll make sense if the market continues to be in a consolidation mood. 

The upper side levels to watch out for today are 15,840 in NIFTY and 35,000-35,250 in BANK NIFTY. The lower level I’ll be interested in today is 15,700 in NIFTY and 34,500 in BANK NIFTY. If the lower levels are broken, I’ll be selling calls aggressively.

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