News Shots

ICICI Bank has raised over Rs 2,827 crore by issuing bonds on a private placement basis.

Wipro extended its partnership with Levi Strauss & Co. The four-year agreement builds upon the companies’ existing collaboration in digital commerce, infrastructure, and finance. Wipro will provide Global IT support services across Levi Strauss & Co.’s consumer digital technology space.

Coal India has decided to close down 23 unviable mines and it would help save the company around Rs 500 crore considering all costs.

The sugar producer Dalmia Bharat Sugar and Industries is planning to increase its ethanol manufacturing capacity to 15 crore litres per annum from January 2022, from the current 8 crore litres. This move is in line with the government’s decision to raise ethanol blending in auto fuels to 20 per cent by 2025 from around 8 percent currently.

Canara Bank will be the lead sponsor of National Asset Reconstruction Company Limited (NARCL) or bad bank with a 12 percent stake in the entity.

The fast-food chain and operator of Domino’s Pizza and Dunkin’ Donuts Jubilant FoodWorks reported over three fold jump in its consolidated net profit at Rs 105.30 crore for the fourth quarter ended March 2021.

Dish TV to consider raising up to Rs 1,000 crore by issue of permissible securities.

Some major Q4 result announcements today:

  • CESC
  • Asahi India Glass
  • Rites
  • Somany Ceramics
  • Welspun Enterprises
  • Nureca
  • RSPG Ventures
  • Olectra Greentech

What to expect today?

Yesterday, NIFTY opened with a gap up and consolidated between 15,850 and 15,900. IT continued to perform strongly. You can read all about yesterday’s movements here.

BANK NIFTY showed some strength and sustained above 35,000. Many banking stocks moved up strongly. It looks like BANK NIFTY has broken a down trend channel. Let’s see if there is an actual trend change in the index.

NIFTY IT continued to do well, with INFY leading the pack. PHARMA had a bad day.

The European markets closed flat. The US markets moved down and all of them closed in the red.

The Asian markets are also mostly in the red. European and US futures are flat and some are slightly in the red.

The US and Asian market are down as the Fed will announce the latest policy tonight. Interest rates are mostly expected to remain the same and then, it will not have much impact on the market. If the interest rates are increased, that will have a negative impact on the market.

SGX NIFTY is currently trading lower at 15,831 indicating a small gap down opening in the Indian market.

The immediate support for NIFTY are at 15,800, 15,700, 15,620, 15,570 and 15,500.

15,900 acted as a very strong resistance yesterday.

35,400, 35,500 and 35,800 are the next important resistances to be watched out for in BANK NIFTY. 

BANK NIFTY has good support at 35,000 and 34,650.

INDIA VIX seems to have found the new normal, comfortably trading in the 14 ranges.

The highest call OI buildup is at 16,000 followed by 15,900. The highest put OI buildup is at 15,800 followed by 15,700. The PCR in NIFTY is 1.2. 

BANK NIFTY continues to have a huge call OI buildup at 35,500, with a bearish PCR.

Foreign institutional investors (FIIs) net bought worth Rs 633 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 649 crores in the Indian equity market.

As mentioned above, it looks like BANK NIFTY has broken out from a bearish channel. If BANK NIFTY crosses yesterday’s high of 35,320-35,400 with strength, then the rally may continue. So, watch out for that.

IT has been moving up strongly for many days now. Including INFY, many IT stocks are reaching their all time high now. If a resistance is taken at the all time high and these stocks consolidate/reverse, that can have an impact on NIFTY. Do watch specifically into INFY and TCS today.

So many negative cues in the global market after a long time. Remember, our market has strength in it. You shouldn’t take aggressive positions just because NIFTY is moving down a bit. Also remember that today is Wednesday and I am gently reminding the craziness that we witnessed in the last 2 Wednesdays. So, trade with caution.

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