News Shots

Tata Consultancy Services partnered with LACChain to develop a blockchain ecosystem in Latin America and the Caribbean.

Dyadic International has partnered with Syngene International to develop the Covid-19 vaccine in India.

Adani Enterprises incorporated a wholly-owned subsidiary, Mahanadi Mines and Minerals, to own, develop and operate mines of various minerals.

Kotak Mahindra Bank to consider fundraising via issuing bonds/debt securities on May 29.

Apollo Hospitals has ramped up its capacity to vaccinate people and is focusing on keeping vaccine wastage to minimum.

Burger King India reported a consolidated net loss of Rs 25.94 crore in the latest quarter.

Bharat Petroleum Corporation reported a net profit of Rs 11,940 crore for the quarter ended March as against a net loss of Rs 1,361 crore in the year-ago quarter. The company’s board approved a final dividend of Rs 58 per share.

Berger Paints reported more than doubling of consolidated net profit to Rs 208.60 crore for the fourth quarter, on account of higher revenue from operations. 

V-Guard Industries reported doubling of its consolidated net profit to Rs 68.38 crore for the fourth quarter.

Manappuram Finance reported a 17.6 per cent rise in its consolidated net profit at Rs 468.35 crore in the three months ended March 2021.

Some major Q4 result announcements today:

  • Sun Pharma
  • Eicher Motors
  • Cadila Healthcare
  • Page Industries
  • Dixon Technologies
  • Alkyl Amines
  • Phoenix Mills
  • UCO Bank
  • Aegis Logistics
  • HEG
  • Metropolis
  • Fine Organic
  • Wockhardt

What to expect today?

Yesterday, NIFTY opened with a gap up and moved down suddenly to test 15,200. Then NIFTY kept moving up throughout the day to test 15,320 and closed just above 15,300. IT stocks led by INFY powered the rally yesterday. You can read all about yesterday’s movements here.

BANK NIFTY moved much less than NIFTY. BANK NIFTY tested 34,450 just after opening but then moved up and consolidated to close 0.06% up at 34,684.

NIFTY IT rallied up 1.76% helping NIFTY to move up. METALS had a bad day again, moving down by 1.86%.

The European markets closed flat with a slight negative bias. The US markets tried to move up but fell towards the close to end flat. NASDAQ closed 0.59% up.

Asian markets are mostly down, led by Japan, Hong Kong and Taiwan. European and US futures are flat to negative. SGX NIFTY is currently trading higher at 15,330 indicating a flat to positive opening in the Indian market. 

SGX NIFTY has been very volatile after opening at 6.30 am at 15,366. It moved down to 15,295, then moved up to 15,360 and now has again moved down to reach 15,330.

The immediate supports for NIFTY are at 15,200, 15,150, 15,100 and 15,050.

15,340, 15,400 and 15,430 are important resistances for NIFTY. 

35,000-35,200 is an important resistance to be watched out for in BANK NIFTY, above which it can show more strength. 

BANK NIFTY has support at 34,400 and 34,100.

There is a huge put option buildup at 15,200 indicating that it will act as a good support today. The largest call option buildup is at 15,500, followed by 15,400.

There was a good put option buildup at 15,200 yesterday. There was large put buildup and net call unwinding indicating bullishness.

Also, BANK NIFTY added MASSIVE call option buildup at 35,000 again indicating consolidation below 35,000. If BANK NIFTY does not cross 35,000, it will be difficult for NIFTY to move up considerably.

Foreign institutional investors (FIIs) net bought worth Rs 241 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 438 crores in the Indian equity market. 

VIX has reached back above 20 and we can expect some volatility today owing to monthly expiry.

As I said on The Stock Market Show yesterday, do watch index heavy weights like Reliance, HDFC Bank etc as the markets have been moving up without their support for the last few days. 

There is general positivity in the market. So, if these stocks also move up, we can see all time high in NIFTY very soon.

The expectation was NIFTY to expire between 15,100 and 15,300 earlier. Now the market is positioned to expire between 15,200 and 15,400. But as said above, expect volatility.

The main negativity for today is the negative Asian markets and US/European futures. So, I will keenly watch the European opening and its influence on our markets today.

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