News Shots

  • Rain Industries and LT Foods have announced a good result with a jump in profits. HeidelbergCement has also announced a marginally good result
  • Pidilite Industries completed acquisition of 70% equity shares of Tenax India Stone Products
  • Abu Dhabi state fund Mubadala Investment Company is in talks to invest about $1 billion in Reliance Jio, according to reports #thisisgettingoutofhands #supercrazy
  • The government removed restrictions on the export of paracetamol APIs (active pharmaceutical ingredients). This should be a boost to the pharma sector
  • Google in plans of acquiring 5% of Vodafone Idea. This would be a major lifeline for the falling telco.
  • ITC has partnered with Amway to explore the direct selling route for its “B Natural” range of fruit juices

What to expect today?

  • US-China tensions are only increasing with time. This is a major concern for markets all over the globe.
  • US and Asian markets mostly closed in the red yesterday. SGX NIFTY is also trading lower, indicating a weak opening for the Indian markets.
  • Yesterday, NIFTY tested and crossed the resistance of 9430 and closed near 9500. It was another easy day in the market yesterday to take directional calls on Indices.
  • Major short covering has happened in BANK NIFTY and bank stocks have reached back to sane levels. These were easy trade opportunities, had you been following this daily.
  • NIFTY likely to trade between 9350 and 9500 today. There is a support at 9380 and a resistance at 9550. A break out in both the sides could cause major moves.
  • Closing above 9500 can be a very positive sign for the market, as we are also expecting lifting of the lockdown in June
  • Maximum Call Open Interest at 9500 and maximum Put Open Interest at 9000. Both of these remain unchanged. But interestingly second most Call Open Interest is at 9600 and maximum Put Open Interest at 9400, indicating the market becoming optimistic