News Shots

RBI Monetary Policy Committee decision will be announced today. Repo rate is likely to be unchanged.

Britannia Industries has approved a proposal to raise Rs 698.51 crore by issuing bonus debentures to eligible equity shareholders.

Telecom gear maker Nokia and HFCL will participate in the Rs 12,195-crore telecom PLI scheme.

Domestic air traffic nosedived to 19.20 lakh passengers in May from around 57.3 lakh in April, registering a sharp 65-67 per cent month-on-month contraction on account of the second wave of the pandemic.

Tata Motors’ wholly-owned arm, TML Holdings Pte Ltd (TMLH) has raised $425 million (over Rs 3,100 crore) in unsecured notes.

Ministry of Defence signed a contract with Mahindra & Mahindra’s Mahindra Telephonics Integrated Systems for procurement of 11 Airport Surveillance Radars with Monopulse Secondary Surveillance Radar for Indian Navy and Indian Coast Guard for Rs 323.47 crore.

Lupin launched the authorised generic version of Brovana (arformoterol tartrate) Inhalation Solution 15 mcgꝉ/2 mL in the U.S.

Some major Q4 result announcements today:

  • Punjab National Bank
  • Bharat Forge
  • Bank of India
  • Jubilant Pharmova
  • MOIL
  • Varroc Engineerings
  • IOL Chemicals and Pharmaceuticals
  • NIIT
  • Jammu Kashmir Bank

What to expect today?

Yesterday, NIFTY opened with a gap up and consolidated for a very long time. There was strength towards the end when NIFTY tested 15,700 and closed just below it. You can read all about yesterday’s movements here.

BANK NIFTY showed strength and helped move NIFTY as well. KOTAKBANK, HDFCBANK and SBIN helped the index to move up. BANK NIFTY closed 0.78% up at 35,649.

RELIANCE has sustained above 2,200. NIFTY REALTY did exceptionally well yesterday.

The European markets closed in the red. The US markets also traded with a negative bias, where NASDAQ has closed more than 1% down.

Asian markets are mostly down. European and US futures are flat, but in the red.

SGX NIFTY is currently trading flat at 15,694 indicating a flat opening in the Indian market.

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

Let’s see if the resistance at 15,700 will be broken today.

36,000 is the next important resistance to be watched out for in BANK NIFTY. 

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

INDIA VIX has closed in 15 levels, which is the lowest ever since February 2020, indicating stability in the market.

HDFCBANK and KOTAKBANK are to be watched near 1520 and 1820 respectively.

Foreign institutional investors (FIIs) net bought worth Rs 1079 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 278 crores in the Indian equity market. 

From here, it looks like banks are in a position to move further up and that can take the whole market up.

There is strength in our market. We moved up in the last few days even though there was weakness in the global markets. Let’s see if the rally continues or the market cools down.

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