News Shots

The Russian Direct Investment Fund (RDIF) and drug firm Panacea Biotec announced the launch of production of the Sputnik V Covid-19 vaccine in India. 

Bal Pharma launched Favipiravir formulation in the Indian market, under the brand name BALflu. Favipiravir is an emerging anti-viral drug used for patients with mild to moderate Covid-19 infection.

GMM Pfaudler commenced manufacturing operations at its facility at Vatva near Ahmedabad on May 24. The new facility will enhance the company’s capacity in Heavy Engineering.

Clarios to sell 1.71 crore shares of Amara Raja Batteries for an aggregate $174 million. The floor price is fixed at Rs 746 per share.

Zydus Cadila announced the launch of ‘Ujvira’, a highly effective drug for treating both early and advanced HER2 positive breast cancer.

Grasim Industries reported a 13.3% YoY increase in consolidated net profit to Rs 2,616.64 crore for the quarter ended March (Q4).

Ramco Cements Ltd reported a 51.08% YoY increase in consolidated net profit to Rs 216.16 crore for the quarter ended March (Q4). 

Balaji Amines Ltd reported a 174.17% YoY jump in consolidated net profit to Rs 84.50 crore for the quarter ended March (Q4).

Some major Q4 result announcements today:

  • Emami
  • Lux Industries
  • Laxmi Organic Industries
  • Alkem Laboratories
  • TTK Prestige
  • AstraZeneca Pharma India
  • Bajaj Electricals
  • Bayer Cropscience
  • Computer Age Management Services
  • Gati

What to expect today?

Yesterday, NIFTY opened with a gap up near 15,200 and moved up quickly, came down and then consolidated throughout the day between 15,250 and 15,150. The resistance at 15,250-260 and the support at 15,150-140 were respected. You can read all about yesterday’s movements here.

BANK NIFTY remained to be more bullish than NIFTY as it moved nearly 1% up and even crossed 35,000 at one point of time. It closed just below 35,000.

PSU Banks moved up the most led by SBI. Metals and FMCG were the only sectors to close in the red.

The European markets closed slightly up. The US markets closed marginally higher, with NASDAQ closing 1.4% up. The positivity in the global market continues.

Asian markets are all strongly up. European and US futures are slightly up. SGX NIFTY is currently trading higher at 15,303 indicating a gap up opening in the Indian market. 

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

15,260, 15,300 and 15,340 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 34,500 and 34,100.

There is a huge put option buildup at 15,000 indicating that 15,000 will act as a good support going forward. The largest call option buildup is at 15,500.

There was a good call option buildup at 15,300 yesterday, but all of them will be taken out today if NIFTY crosses 15,300 with strength. The PCR continues to be at 1.2.

Foreign institutional investors (FIIs) net bought worth Rs 585 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 708 crores in the Indian equity market. 

With global and local positivity, and technical bullishness, it was expected NIFTY will move up this week. But this is a very strong move that we are seeing. As we have been seeing in the last 2 weeks, after a quick up move, NIFTY cools down creating a new higher low. That can be expected this week also.

Also, we have seen gap up openings of more than 100 points not sustaining. So watch NIFTY patiently for the first 15 minutes to understand today’s trend.

VIX is still very low and we have been seeing super steady movement in the market for many days.

There are high chances that NIFTY will sustain above 15,000 this week. This is the last week of the month and thus, we might see some volatility. Please take safe trades only.

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