News Shots

Tata Consumer Products has commissioned a new plant in Gopalpur in the Odisha’s Ganjam district. The plant was commissioned in a span of 18 months with an investment of Rs 100 crore.

Stock exchange BSE announced the launch of trading in delivery-based futures contract in steel billets, which will provide a risk hedging instrument to stakeholders.

Mahindra Lifespace Developers board to consider the proposal for issuance of bonus equity shares, subject to requisite approvals.

Tata Power to sell 100% stake in Trust Energy Resources Pte to Tata Power International Pte, a wholly-owned subsidiary of the company, for $285.64 million. 

Wipro launched FieldX, a cloud-based end-to-end digital service lifecycle automation solution. Using FieldX, manufacturing organizations can enhance and scale-up their after-sales customer service operations while reducing costs.

PSP Projects secured new work orders worth Rs 82.79 crore till date in the financial year 2021-22 for Institutional and Industrial projects.

Tanla Platforms approved the proposal to buyback up to 5,15,873 shares of the company for an aggregate amount of Rs 65 crore at a price not exceeding Rs 1,260 per share.

Magma Fincorp has been renamed as Poonawalla Fincorp. The company’s fully-owned housing finance subsidiary, Magma Housing Finance Limited, has also been renamed as Poonawalla Housing Finance. Under Poonawalla brand, the group said that it will focus on consumer and MSME segment. The company will also expand its product range to include personal loans, loans to professionals, merchant cash advance, loan against property, consumer finance and machinery loans along with existing products of business loan, pre-owned car loans and home loans.

Major Q1 result announcements today:

  • Reliance Industries
  • JSW Steel
  • SBI Cards and Payment Services
  • Ambuja Cements
  • United Spirits
  • Yes Bank
  • Crompton Greaves
  • Consumer Electricals
  • Atul
  • Federal Bank
  • Jubilant Pharmova

What to expect today?

Yesterday, NIFTY opened with a gap up and moved up to cross 15,800. There was major consolidation after 15,800 was crossed and NIFTY closed 1.23% up at 15,824. You can read all about yesterday’s movements here.

BANK NIFTY could not recover as much as NIFTY. The resistance at 35,000 was tested once and then it moved down to close at 34,677. 

METALS and IT led the rally yesterday. All sectors closed in the green yesterday.

The European markets and the US markets closed slightly up, making it 3 continuous days of up move.

Asian markets are trading flat and mixed, without a clear direction. US and European futures are trading higher in the green.

SGX NIFTY is trading absolutely flat at 15,824 indicating a flat opening in the Indian market. 

The immediate supports for NIFTY are at 15,800-15,790, 15,750 and 15,700.

The immediate resistance for NIFTY will be 15,840 and 15,900.

35,000 is the important resistance to be watched out for in BANK NIFTY. 

BANK NIFTY has good support at 34,500-34,400.

Foreign institutional investors (FIIs) net sold worth Rs 247 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 948 crores in the Indian equity market. 

Looking at the OI buildups, 16000 has a huge call OI buildup in NIFTY and 35,000 has a huge call OI buildup in BANKNIFTY.

RELIANCE will announce its result today, but after market hours. ICICIBANK will announce its result tomorrow. These are key events that can influence the market. So, watch out.

BANK NIFTY has major catching up to do, compared to NIFTY. I will focus on BANK NIFTY in the coming days.

If NIFTY stays above 15,800, it is an indication of strength. If it slips below and falls into its favourite consolidation area of 15,700-15,800, then 16,000 will remain a distant dream.

Today can be a consolidating day, looking at the local and global cues. Watch out for 15,800 as support and 15,840 as first resistance, 15,880-15,900 as second resistance.

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