News Shots

Tata Motors has set in motion a business plan to protect and serve the interests of its customers, dealers and suppliers as the lockdowns enforced in various parts of the country are expected to impact vehicle demand temporarily.

Bank of Maharashtra will consider raising capital by issuing Basel III bonds either through a follow-on public offer, rights issue, qualified institutional placement, preferential issue or a combination of these.

Tech Mahindra reported a 34.6 per cent jump in net profit to Rs 1,081 crore for the March 2021 quarter.

SBI Cards and Payment Services reported a 110 per cent rise in net profit at Rs 175 crore for the quarter ended March 2021.

NTPC has invited expression of interest (EoI) for the sale of desalinated water produced at its joint venture project NTECL Vallur in Tamil Nadu.

HDFC Life Insurance reported a 2 per cent increase in its standalone profit after tax to Rs 318 crore in the quarter ended on March 31, 2021.

Major Q4 Result Announcements Today:

  • Axis Bank
  • Bajaj Finance
  • Maruti Suzuki
  • Hindustan Zinc
  • Britannia Industries
  • ABB
  • TVS Motors
  • PNB Housing
  • Hatsun Agro Products
  • VST Industries

What to expect today?

Yesterday, NIFTY opened with a gap up, moved up suddenly and then consolidated with a negative bias to close below 14,500. You can read all about yesterday’s movements here.

Bank Nifty, continued to outperform NIFTY by closing 1.7% up. It had crossed the important resistance of 32,300 but had to close below it at 32,275.

Realty and Metals performed really well yesterday. Pharma turned out to be the only sector to close in red.

The European markets closed flat. The US markets are mixed with NASDAQ closing up and DOW JONES closing down.

Asian markets are mostly down. European and US Futures are up. SGX Nifty is currently trading higher at 14,450 indicating a muted in the Indian market. SGX NIFTY has been falling from 14,550 levels after opening.

Yesterday, the market moved up because of the strength in Reliance, ICICI Bank and Axis Bank. As I said, there will be stock specific movements this week because of result announcements and that can influence the market.

Owing to the result announcement, today’s focus can be on Maruti Suzuki and Bajaj Finance majorly. Axis Bank already gave movement yesterday, Also, focus on HDFC Bank as it underperformed yesterday.

The rate at which the number of COVID cases are increasing has significantly gone down in Mumbai. This is something positive.

Karnataka went into a lockdown like situation yesterday. In fact, if more states are doing so, that can be good for the markets as lockdowns have proved effective in bringing down the cases.

14,200 has been acting as a very important support for NIFTY. Looking at the open interest, 14,000 should act as a strong support this week. But the more interesting thing with open interest is that we can see a lot of put addition at 14,500 and below, till 14,000 indicating major support below 14,500. 

32,000 and 31,350 are the immediate supports to be watched out for in BANK NIFTY.

The resistances for NIFTY are at 14,500, 14,600 and 14,700 while for Bank Nifty, they are at 32,750 and 32,900.

The largest call OI buildup is at 15,000 followed by 14,800. The largest put OI buildup is at 14,000 followed by 14,300 and 14,500. But the number of puts at 14,000 is higher than the number of calls at 14,800 and 15,000. The number of puts at 14,500 and 14,300 is higher than the calls at 14,800. This indicates strength in NIFTY. But I wouldn’t take decisions on NIFTY’s movement just on the basis of OI analysis.

Foreign institutional investors (FIIs) net sold shares worth Rs 1111 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 1022 crores in the Indian equity market. 

A lot of positive and negative cues, mixed technicals, high VIX all indicating very volatile and confused markets.

NIFTY has to break 14,700 for it to regain strength is what I believe. Till then, I expect another down move to happen anytime.

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