Remember the loan moratorium case? It has its next hearing today. The Supreme Court will pronounce the verdict on a batch of pleas by various trade associations, including from real estate and power sectors. Bank Stocks can be watched.
Moody’s Investors Service has revised its outlook on IndusInd Bank to ‘stable’ from ‘negative’ while affirming its rating.
Bharat Petroleum Corporation (BPCL) has approved the merger of its gas subsidiary, BGRL with itself to better their corporate structure.
Maruti Suzuki India will be increasing the prices of its entire product portfolio from next month in order to offset the impact of high input costs.
Man Industries has won new contracts worth Rs 500 crore in domestic and overseas markets. Its order book with these contracts stands at Rs 1,250 crore.
Italian firm Maire Tecnimont S.p.A., has signed a MoU with Adani Enterprises.
Bharti Airtel will acquire an additional 3.3% stake in Avaada MHBuldhana that has been formed for owning and operating a captive power plant.
The Ministry of Defence has signed a contract with Mahindra & Mahindra Defence Systems for supply of 1,300 Light Specialist Vehicles(LCVs) to the Indian Army at a cost of Rs 1,056 crore.
KEC International has secured new orders worth Rs 1,429 crore across its various businesses.
What to expect today?
Yesterday, NIFTY consolidated between 14,650 and 14,750, testing these levels multiple times. You can read all about yesterday’s movements here.
Bank Nifty, which was more bearish, took support at 33,400 and closed just above 33,600.
IT, Pharma and FMCG aggressively moved up yesterday but banks, both private and PSU, dragged NIFTY down.
The 10 year US Treasury bond yield is still the talk of the town. It has stabilized at lower levels again. The European markets moved up from red to close in the green. US also moved up yesterday.
Most Asian markets opened positively, but many of them are moving down now. There has been a huge down move from 7.30 am. SGX Nifty is currently trading lower at 14,697 indicating a flat opening in the Indian market. Note that SGX NIFTY was at 14,800 at 6.30 am.
The sudden weakness in the Asian markets in the last hour can have an effect on our markets.
14,500 is a major support for NIFTY. It has not closed below 14,500 in a long time. Similarly, Bank Nifty has a medium support at 33,300.
Moving up, NIFTY has strong resistances at 14,750, 14,850 and 14,900.
14,500 to 15,000 is the range to watch out for this week.
Yesterday NIFTY couldn’t move up because Bank Nifty dragged it down. A lot of focus will be on Banking stocks today.
Interestingly, India VIX has moved up to above 20 now.
Foreign institutional investors (FIIs) net sold worth Rs 786 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 542 crores in the Indian equity market.
There is good put OI buildup at 14,500 followed by 14,000. Similarly, the largest call option buildup is at 15,500 followed by 15,000. Yesterday, aggressive call writing happened in the market.
If 14,650 is broken today, we look if NIFTY will take support at yesterday’s low, which is nearly 14,600 or else it can go down till 14,500.
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And it’s the first anniversary of fundfolio today. We started on March 23rd, 2020, when NIFTY had hit LC. It was an amazing exponentially rising journey for both us and NIFTY since then! Thank you for all the love and support you have given us. Please don’t send anniversary wishes to me. We all have been in this revolution together, I’d say “Happy Anniversary to Us”!