News Shots

HDFC Bank reported a 15.8 per cent rise in its consolidated net profit to Rs 8,434 crore for the January-March quarter. This is below the street estimates of 24%.

Macrotech Developers, which recently raised Rs 2,500 crore through its IPO, will list its shares on stock exchanges today.

Sun Pharma and Alembic Pharmaceuticals are recalling different products in the US, the world’s largest market for medicines.

ICICI Lombard general insurance company reported 23 per cent rise in net profit at Rs 346 crore for March quarter 2020-21.

Mindtree consolidated net profit rose by 53.9 per cent to Rs 317.3 crore in the March quarter on the back of strong operational efficiency, and expressed confidence in logging double-digit growth in FY22.

Glenmark Pharmaceuticals wholly-owned arm Glenmark Life Sciences has filed preliminary papers for an initial public offer with market regulator SEBI.

Adani Green Energy has bagged a 150 MWac solar energy project capacity from Torrent Power.

Tata Steel is supplying up to 300 tonnes of medical oxygen on a daily basis to various state governments and hospitals for treatment of Covid-19 patients.

The Government of Ghana, Millicom International Cellular S.A. and Bharti Airtel have executed the definitive agreement for the transfer of ‘AirtelTigo’ to the Government of Ghana on a going concern basis.

Coal India incorporated two wholly-owned subsidiaries, viz. CIL Solar PV for manufacturing of solar value chain and CIL Navikarniya Urja for renewable energy.

NTPC to issue unsecured non-convertible bonds of Rs 3,996 crore on April 20 through a private placement at a coupon of 6.87% per annum.

What to expect today?

Friday, NIFTY was volatile and trading range bound between 14,600 and 14,700. Strong resistance was felt at 14,700. You can read all about Friday’s movements here.

Bank Nifty, continued to underperform NIFTY, took resistance at 32,300 and fell towards the end to close below 32,000. 

Pharma, IT and Auto did well on Friday. This is similar to the time when the market fell during the first COVID crash. Pharma and IT were the first sectors to recover strongly or do well.

Both the European and US markets moved up steadily and closed firmly in the green and all time highs.

Asian markets are also mostly in the green. European Futures are substantially up while US futures show weakness. 

Our markets, due to negative local cues, are not tracking global markets. SGX Nifty is currently trading much lower at 14,457 indicating a gap down opening in the Indian market.

A lot of focus will be on HDFC Bank as it has announced its result. Since it has very high weightage on both NIFTY and BANK NIFTY, the trend in HDFC Bank is going to be crucial. One thing to note here is, both NIFTY and BANK NIFTY closed in the red last week while HDFC Bank closed in the green.

The next supports for NIFTY are at 14,400, 14,350, 14,300 and 14,250 while for Bank Nifty, they are at 31,650, 31,350 and 31,000.

The next resistances for NIFTY are at 14,650, 14,750 and 14,800 while for Bank Nifty, they are at 32,000 and 32,350.

Foreign institutional investors (FIIs) net bought worth Rs 437 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 657 crores in the Indian equity market. 

The COVID situation is getting very fearful. The number of cases per day has crossed 2.6 lakhs. 

The markets showed strength in the way it closed last week. NIFTY recovered form 14,250 to 14,700. FIIs and DIIs turned net buyers also. Also, more puts were written than calls in NIFTY.

The largest call option buildup in NIFTY is at 15,000 followed by 15,500. The largest put option buildup in NIFTY is at 14,000 followed by 13,500 and 14,500. It looks like all those 14,500 puts will be in danger today morning itself.

NIFTY has been trading in the range of 14,250 to 15,000 for a very long time now. The range is getting smaller with every passing week, which can lead to a break down/break out.

NIFTY can fall heavily if the support at 14,200-14,250 is breached.

There is bearishness due to COVID worry but if there is a slightest of positive news like more vaccines or cases going down, our markets will shoot up strongly.

Like I said last week, as there is uncertainty in the market, there will be huge volatility and the week can be tricky. Please trade with caution, not letting the volatility hit your stop loss.

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