News Shots

India’s largest telecom operator Reliance Jio widened its mobile subscriber base to 414.9 million in February, with healthy addition of 4.2 million users, as it managed a comfortable lead in the market

Dr Reddy’s Laboratories has inked a licensing pact with Eli Lilly and Company to produce Baricitinib in the country for treatment of COVID-19.

Infosys announced it has been selected by Britvic, one of the leading branded soft drinks businesses in Europe, as a strategic partner to help deliver its transformation roadmap and operations, across applications, Cloud infrastructure, service management and end user computing.

Mahindra & Mahindra said its sales volume for the quarter ended June 2021 is estimated to be lower by 15-20 per cent as compared to the year-ago period due to the second wave of the coronavirus pandemic.

ABB Power Products and Systems India has closed its manufacturing facility in Peenya, Benguluru, from Monday onwards in view of COVID-19 restrictions in place in Karnataka.

Geojit Financial Services has entered into an agreement with Punjab National Bank to provide demat accounts through a three-in-one account to the bank’s customers. Under the agreement, the bank will offer a savings account-linked Demat account and Geojit will offer the trading account. Both accounts can be opened online.

Siemens, the automation company posted an over 90 per cent rise in consolidated net profit at Rs 334.4 crore for the March quarter, mainly on the back of higher revenues.

Godrej Consumer Products reported a 59.13 per cent increase in its consolidated net profit to Rs 365.84 crore for the fourth quarter ended March 2021.

Some major Q4 result announcements today:

  • Asian Paints
  • Pidilite Industries
  • Tata Power
  • Lupin
  • Jindal Steel and Power
  • UPL
  • Voltas
  • Vaibhav Global
  • Happiest Minds
  • Apollo Tyres

What to expect today?

Yesterday, NIFTY opened with a gap down below 14,800 and moved up strongly till 14,900. A fall came exactly when it touched 14,900 at around 1 pm and then NIFTY fell to close at 14,850. You can read all about yesterday’s movements here.

BANK NIFTY, also opened with a gap down below 32,700 and then moved up, crossed 33,000 and went to 33,150. BANK NIFTY also fell in the second half to close below 32,900.

PSU stocks performed extremely well yesterday. Energy stocks also had a great day while Metals fell after many days.

The European markets closed deep in the red. All US markets were deeply trading in the red but there was some recovery towards the last. Still, all indices have closed in the red with DOW closing 1.36% down.

The US will announce inflation data and that is going to be very crucial as the interest rates are dependent on it. 

Asian markets are mostly down, with most of them trading more than 0.5% in the red. SGX Nifty is currently trading lower at 14,810  indicating a gap down opening in the Indian market. 

Everytime NIFTY has reached 15,000 in the last 2-3 times, profit booking has kicked in and the index has fallen. It is happening again. But this time, there are negative global cues also as the reason for the fall.

14,850-14,900, 15,000, 15,100 are important resistances for NIFTY.

The immediate supports for NIFTY are at 14,750, 14,700 and 14,600.

33,000, 33,300, 33,500 and 34,000 are the immediate resistances to be watched out for in BANK NIFTY.

BANK NIFTY has supports at 32,750, 32,300, 32,000 and 31,500. Slipping below 32,000 can cause weakness in BANK NIFTY.

We have a large call option buildup at 15,000 and 15,100. There is large put option buildup at 14,500 and 14,000.

14,900 put option saw major unwinding yesterday but there was good buildup at 14,800. As a lot of you rightly answered in the comments section yesterday, these are mostly straddles at 14,800, expecting NIFTY to expire between 14,650 and 14,950. Do you think NIFTY will expire in this range? Do let me know below. Or else, comment down below where you think NIFTY and BANK NIFTY will expire today.

Foreign institutional investors (FIIs) net sold shares worth Rs 336 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 676 crores in the Indian equity market. 

HDFCBANK, RELIANCE and other heavy weights are still not moving much. NIFTY Small Cap and NIFTY Mid Cap moved up strongly yesterday.

There are many good companies announcing results today. You may focus on them to get good stock-specific actions.

The initial movement in NIFTY after the opening is important, to understand the trend for the day. Since we won’t be opening with a huge gap down, if the sentiments continue to be bad, we might see our market falling in the day.

One more thing to note is India VIX is so low that it is below 20 now. So the market is not making violent moves. So I think upside risks are minimum but downside risks are there with the global negativity.

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