News Shots

HDFC Bank along with its subsidiary HDFC Securities will pick up stake worth Rs 6.9 crore in backend software infrastructure development company Borderless Softtech.

HDFC Bank to hire 500 people over two years in two entities the lender is setting up to strengthen its technology infrastructure. The “Digital Factory” arm will build new businesses based on upcoming tech stacks or applications, while the “Enterprise Factory” will upgrade legacy infrastructure.

Hindustan Unilever has added 30 per cent more capacity in its supply chain, making it more flexible and agile, while adding alternate sources in order to meet the challenges in case of a third wave of COVID-19.

Hero MotoCorp will hike its vehicle prices by up to Rs 3,000 from July to partially offset the impact of the higher commodity prices.

Adani Ports and Special Economic Zone has been excluded from investment by Norway’s largest pension fund, KLP and the KLP Funds with effect from June 2021.

Wipro Lighting announced to partner Enlighted, a Siemens group firm, to provide an internet of things (IoT)-based solution for commercial buildings and make workplaces smarter.

The auto components maker Minda Industries will acquire 51 per cent stake in Uzbekistan-based automotive lighting manufacturer UZ Chasys for around Rs 58 crore.

Century Plyboards (India)’s wholly-owned subsidiary, Century Panels, has considered a proposal for setting up a new unit in Andhra Pradesh for manufacturing of Medium Density Fiber boards. The new MDF unit will cost the company approximately Rs 500 crore.

The realty firm Sobha reported a 65 per cent decline in its consolidated net profit at Rs 17.9 crore for the quarter ended March.

The state-owned metal firm NMDC posted a manifold jump in its net profit to Rs 2,838 crore for the quarter ended March 31, 2021.

Some major Q4 result announcements today:

  • Apollo Hospitals
  • Allcargo Logistics
  • Schneider Electric Infrastructure
  • Hindustan Construction Company
  • Andrew Yule & Company
  • Sharda Motor Industries
  • Munjal Showa 

What to expect today?

Yesterday, NIFTY opened with a near 100 point gap-up at around 15,830 and moved up to take resistance at 15,900. Then NIFTY moved down steadily throughout the day to close above 15,750. You can read all about yesterday’s movements here.

BANK NIFTY also opened with a gap up and shot up briefly before starting to move down. The strong support at 35,000 was broken and the index closed at 34,745.

NIFTY AUTO performed the best among sectors as Maruti Suzuki shot up 5%.

The European markets all closed in the green. The US markets also moved up, closing strongly in the green. NASDAQ hit an all time high and S&P 500 just reached all time high.

The US markets moved up as the Federal Reserve Chair Jerome Powell reaffirmed to encourage a “broad and inclusive” recovery of the job market, and not to raise interest rates too quickly based only on the fear of coming inflation.

Almost all Asian markets are in the green. US and European futures are also up currently.

SGX NIFTY is trading higher at 15,840 indicating a gap up opening in the Indian market.

The immediate supports for NIFTY are at 15,750 and 15,650. The index is seeing some good buying when it is moving down.

Meanwhile, 15,840 and 15,900 will act as strong resistances.

35,000, 35,115 and 35,300 and are the important resistances to be watched out for in BANK NIFTY. 

BANK NIFTY has good support at 34,650 and 33,900 to 34,000 zone.

The highest call OI buildup is at 16,000 followed by 15,900. The highest put OI buildup is at 15,500 followed by 15,600. 

BANK NIFTY continues to have the highest call OI at 35,000, which will act as a huge resistance. 

Foreign institutional investors (FIIs) net sold worth Rs 1,027 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 302 crores in the Indian equity market. Very interesting to see how DIIs are still buying near the market top.

The market has been making large moves for multiple days now – 500 points on Friday (300 points down and 200 points up), 250 points on Monday and 150 points yesterday. Many are expecting consolidation soon but hey, today is Wednesday and Wednesdays are infamous for being volatile, and that too with monthly expiry tomorrow.

Talking about resistances, BANK NIFTY has 35,000 and NIFTY has 15,850-15,900, which are the levels to watch out for next.

Stock specifically, RELIANCE can be watched ahead of its AGM tomorrow. HDFC BANK seems to have announced some positive news. Let’s watch it around the important resistance of 1500.

If NIFTY is moving up, 15,900 will be tested for the third time, and thus, might be successful.

The market has been all over the place in the last many days (look at the chart since last week) making trading very difficult. A lot of put sellers lost money yesterday. A lot of call sellers might lose today (who sold 15,800 call aggressively yesterday). I would suggest to stay safe in such uncertain times.

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

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