News Shots

BPCL is setting up a 50,000 metric tonne per annum super absorbent polymer plant at the Kochi Refinery, the technology for which was developed in-house.

Infosys announced a collaboration with Archrock, Inc., a leading provider of natural gas compression services in the U.S, to integrate digital technologies and mobile tools for its field service technicians.

The RBI imposed a penalty aggregating to Rs 6 crore on Bank of India and Punjab National Bank for contravention of norms, including one related to “Frauds – Classification and Reporting”. A penalty of Rs 4 crore has been imposed on Bank of India and Rs 2 crore on Punjab National Bank.

Indiabulls Housing Finance and IIFL Finance have entered the co-lending partnership with Central Bank of India.

The government has capped the service charge levied by hospitals for Covid-19 vaccine to Rs 150 per jab. This is likely to affect Hospital stocks such as Max Heatlhcare, Appollo Hospitals, Fortis Hospitals, Narayana Hrudayalaya, who are charging up to Rs 300 per jab as service charge.

SBI invests in digital payments startup Cashfree.

Jindal Steel & Power steel production increased 31% to 13.71 lakh tonnes in April-May 2021 as compared to 10.44 lakh tonnes in the same period last year.

Shriram Transport Finance Company approved raising of funds by issuance of equity shares and warrants to Shriram Capital, promoter of the company, on a preferential basis

NBFC Religare Enterprises would consider raising funds in a meeting today.

The state run general insurer The New India Assurance Company reported a 90.6 percent jump in net profit at Rs 241 crore for the last quarter of the fiscal ended March 2021.

Tyre maker MRF reported a 51 percent decline in its consolidated net profit to Rs 332 crore for the fourth quarter of the fiscal ended on March 31, 2021.

Some major Q4 result announcements today:

  • Petronet LNG
  • Max Financial Services
  • Suven Pharmaceuticals
  • Prestige Estates Projects
  • Galaxy Surfactants
  • Engineers India
  • Ion Exchange
  • Hester Biosciences
  • Bajaj Hindusthan Sugars
  • Wonderla Holidays

What to expect today?

Yesterday, NIFTY opened with a gap up above 15,700. NIFTY tried to go below 15,700 but there was strength in the market and NIFTY moved up till 15,775 and closed at 15,751. You can read all about yesterday’s movements here.

BANK NIFTY purely consolidated 50 points above and below 35,500. BANK NIFTY closed at 35,443.

RELIANCE moved up 1.68% helping NIFTY move up. NIFTY IT outperformed other sectors yesterday.

The European markets closed flat, with a slight positive bias. The US markets generally closed flat. NASDAQ surprisingly moved up strongly towards the close.

Asian markets are trading very flat, mostly in the red. European and US futures are mixed.

SGX NIFTY is currently trading flat at 15,760 indicating a flat opening in the Indian market. SGX NIFTY was at 15,820 at 7.40 am. There has been a considerable fall in SGX NIFTY in the last half an hour.

The immediate supports for NIFTY are at 15,700, 15,600, 15,550 and 15,500.

With the huge call OI buildup there, Let’s see if 15,800 can act as a resistance. 

35,500 and 36,000 are the next important resistances to be watched out for in BANK NIFTY. 35,500 is very crucial because of the call OI buildup there since last week.

BANK NIFTY has support at 35,000. BANK NIFTY has been successfully sustaining it for many days now.

INDIA VIX even went into 14 levels at one point of time yesterday. 

HDFC BANK and KOTAK BANK are still near important resistances. AXIS and ICICIBANK did well yesterday. So, these 2 banks can be watched today.

NIFTY has the highest call OI buildup at 16,000 followed by 15,800 and 15,700, indicating upside move is limited this week. NIFTY has the highest put OI buildup at 15,700 followed by 15,500, indicating strength in the market. PCR of NIFTY is 1.2.

BANK NIFTY has crazy amounts of call and put OI buildup at 35,500 and PCR is 0.6. Let’s see if BANK NIFTY will be bearish and that will take the whole market down, or BANK NIFTY will consolidate between 35,000 to 36,000.

Foreign institutional investors (FIIs) net sold worth Rs 186 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 983 crores in the Indian equity market. 

There is strength in our market. We moved up in the last few days even though there was weakness in the global markets. 

15,800-16,000 can act as a good resistance for NIFTY in the coming days. Major put additions suggest that 15,500 can be the lower range for the coming days. Hopefully, NIFTY will consolidate within this range.

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