News Shots

Bharat Petroleum Corporation is ready to sell up to 8.68 crore shares, or 4% of the company equity, through a block deal today. Floor price of Rs 435 per share is at 6.8% discount to Monday’s closing price of Rs 467.

Zydus Cadila is ready to release the Phase-III testing data of its Covid-19 vaccine by the end of this month or early next month.

Godrej Properties shareholders have approved the company’s proposal to raise up to Rs 3,750 crore through issue of securities.

Max Ventures Investment Holdings, a promoter of Max Financial Services on Monday offloaded shares worth Rs 85 crore through an open market transaction, at an average price of Rs 910.

Shareholders of Tata Motors have approved the separating off of its passenger vehicles business into a separate entity.

HUL will eliminate the word ‘normal’ from packaging and advertising of all its beauty and personal care brands to demolish stereotypes as consumer activism.

Coal India has approved an investment of about Rs 47,300 crore on mining projects.

The record date for the 1:5 stock split in Dixon Technologies has been set as March 19, 2021.

Lemon Tree Hotels has signed a License Agreement for an 80 room upcoming hotel at Biratnagar in Nepal under the brand ‘Lemon Tree Premier’.

PSP Projects received Letter of Acceptances for work orders worth Rs 1,491.3 crore for construction of medical colleges and hospitals at multiple locations in Uttar Pradesh.

What to expect today?

Yesterday, NIFTY opened gap up and then consolidated with a negative bias. 15,000 was broken and NIFTY closed at 14,956. You can read all about yesterday’s movements here.

Bank Nifty, though moved with slight bearishness, could not break the support at 35,000.

As we discussed on the pre market report yesterday, PSU Banks performed well. All other major indices consolidated yesterday.

The global markets continue to be in a good state. Europe moved up strongly towards the close. Dow Jones hit all time high. NASDAQ saw major sell off. 

Most of the Asian markets moved down in the beginning but are recovering now. US Futures are up. SGX Nifty is currently trading higher at 15,077 indicating a gap-up opening in the Indian market.

Looking at how 15,100 was respected yesterday, NIFTY has to sustain 15,100 to be in the bullish state.

Moving up, 15,070, 15,170 and 15,260 will act as resistances. Looking down, there are supports at 14,900, 14,800, 14,750, 14,630 etc

Foreign institutional investors (FIIs) net sold worth Rs 1494 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 483 crores in the Indian equity market. 

There is good put option OI buildup at 14,500 and 14,000. Maximum call contracts are at 15,500 and 16,000.

14,900 to 15,100 is the level I will be watching out for. There will be high volatility today given that the expiry is tomorrow. 

FIIs in a selling mood is a concern. They are selling heavily. Markets can consolidate until they return back to their buying spree.

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