News Shots

The Tata Groups’ Tata AutoComp Systems along with US-based charging infrastructure company Tellus Power Green has executed a supply order for 64 200kW DC fast chargers to Tata Power. Tata Power is setting up charging stations for the EV buses in Mumbai as well as Ahmedabad.

The drug firm Granules India said its US-based facility has cleared an audit by the US health regulator.

Bharti Airtel announced a collaboration with Intel for 5G network development by leveraging virtualized radio access network and open radio access network technologies.

Adani Ports and SEZ to issue benchmark-sized USD-denominated senior notes with long 10-year and/or 20-year tenors. Note issue to repay existing indebtedness, for capital expenditures and for general corporate purposes in India and Sri Lanka.

Bajaj Finance to buy 19.9% stake in Bajaj Finserv Direct Ltd. BFSD is a wholly-owned subsidiary of Bajaj Finserv. Bajaj Finance will invest Rs 284 crore and Bajaj Finserv will invest Rs 342 crore in BFSD during the transaction. BFSD is in the business of distribution of insurance products through a digital marketplace.

Reserve Bank of India has clarified that after the expiry of lock‐in period of 5 years, IDFC Limited can exit as the promoter of IDFC FIRST Bank Limited.

Wipro to invest $1 billion in cloud technologies, capabilities, acquisitions and partnerships over the next three years.

Infosys has launched a blockchain network to modernise public recordkeeping for County of Riverside in California.

Major Q1 result announcements today:

  • Ultratech Cement
  • Bajaj Auto
  • Hindustan Zinc
  • ICICI Lombard Genenral Insurance Company
  • Biocon
  • Mphasis
  • Bajaj Holdings
  • Persistent Systems
  • IndiaMART InterMESH
  • Bank of Maharashtra
  • IEX

What to expect today?

Tuesday, NIFTY opened with a gap down and slipped down 15,700 immediately. There was weakness throughout the day, even 15,600 was broken once and NIFTY closed at 15,632. You can read all about Tuesday’s movements here.

BANK NIFTY again led the fall in the market by falling nearly 2%. Major support at 34,500 was also broken to close at 34,415.

BANKS and FINANCIAL SERVICES continued to perform bad while FMCG was the only sector to close in green.

The global markets, as expected, have recovered completely in the last 2 days. US has almost completely erased all the losses.

The European markets are up 1-2%. US markets also are up nearly 1% yesterday and 2% day before yesterday.

All Asian markets are trading in the green, inspired from the positivity in the western markets. US and European futures are trading flat.

Owing to the positivity in the global markets, SGX NIFTY is trading higher at 15,753 indicating a gap up opening in the Indian market. 

The immediate supports for NIFTY are at 15,700 and 15,640.

The immediate resistance for NIFTY will be 15,800.

35,000 is the important resistances to be watched out for in BANK NIFTY. 

BANK NIFTY has good support at 34,500-34,400.

Foreign institutional investors (FIIs) net sold worth Rs 2834 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 873 crores in the Indian equity market. 

The largest call OI buildup is at 15,800, followed by 15,700 and the largest put OI buildup is at 15,500, followed by 15,600. The PCR is at 0.5 currently, indicating bearishness.

These 15,700 call sellers will have to cover and that may propel a short covering rally.

Normally, we see gap up openings getting sold into, and the markets moving down. But, this time, if you see the US markets, in the last 2 days they opened with a gap up and continued moving up.

Look at how NIFTY has returned to its favourite consolidation position of 15,700-15,800. My view is the same – if 15,700 is broken, there will be further weakness. If 15,800 is broken, then the market is getting ready to move further up. Let’s see how it goes.

HDFC BANK continued to be bearish on Tuesday thereby making all banking stocks weak. Let’s see how they perform today. So, BANK NIFTY can be crucial today. BANK NIFTY has major catching up to do, compared to NIFTY.

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