News Shots

The co-founder of Infosys S D Shibulal bought shares worth nearly Rs 93 crore of the firm through an open market transaction. This is for the fifth time in May when Shibulal has picked up the shares of the IT major through an open market deal.

TVS Motors expands in Iraq with the launch of two new products.

Kolkata-based playboard major Greenply Industries will be investing a total of Rs 115 crore for setting up of greenfield plywood and its allied products manufacturing plant in Uttar Pradesh and the plant is expected to be operational by March-April quarter of 2022.

Jammu & Kashmir Bank to consider the proposal of capital infusion in the bank by the state government as its promoter shareholder to the extent of Rs 500 crore on June 4.

Magma Fincorp appointed Adar Poonawalla as the Chairman of the company.

Trent allotted 5,000 unsecured, redeemable NCDs of Rs 10 lakh each aggregating to Rs 500 crore on a private placement basis.

HDFC Mutual Fund acquired 24.81 lakh equity shares in IRB Infrastructure at Rs 111 per share. 

Intellect Design Arena partners with Canadian Western Bank CWB to enhance payment service technology for business owners. 

J Kumar Infraprojects Ltd has secured an order worth Rs 1,307.88 crore from the Mumbai Metropolitan Region Development Authority (MMRDA).

Some major Q4 result announcements today:

  • ITC
  • Gujarat Gas
  • JM Financial
  • Radico Khaitan
  • Balrampur Chini Mills
  • Tata Coffee
  • Sterling and Wilson Solar
  • Emami Paper Mills

What to expect today?

Yesterday, NIFTY opened flat and kept moving up throughout the day to cross the important level of 15,500 and then closed just below 15,600. You can read all about yesterday’s movements here.

BANK NIFTY was more bullish than NIFTY, thanks to ICICIBANK, AXISBANK and HDFCBANK. BANK NIFTY kept moving up from the open and closed above 35,500. The support at 35,000 was validated again.

RELIANCE had another great day yesterday. NIFTY METAL rallied again as steel prices are expected to rise again. 

The European and US were closed yesterday.

Asian markets are flat and mixed. European and US futures are slightly in the red.

SGX NIFTY is currently trading flat at 15,628 indicating a gap up opening in the Indian market. 

The immediate supports for NIFTY are at 15,500, 15.450 and 15,400.

15,700 can act as a resistance where a there is a considerable amount of call option contracts.

36,000 is the next important resistance to be watched out for in BANK NIFTY.

BANK NIFTY has support at 35,500 and 35,000. Let’s see if BANK NIFTY can sustain 35,500 or 35,000.

There are more put contracts in NIFTY than call contracts indicating strength in the market. The PCR of NIFTY is 1.4.

The largest put option buildup is at 15,400. There is a good buildup at 15,500 as well. Both of these indicate the strength in the market.

BANK NIFTY has call buildups as well with PCR below 1, indicating bearishness. But that can change with the movements of index heavyweights HDFCBANK and KOTAKBANK.

3 major levels to be watched out for today, which can influence how NIFTY and BANK NIFTY moves – RELIANCE around 2200, HDFCBANK around 1520 and KOTAKBANK around 1814-1824.

Foreign institutional investors (FIIs) net bought worth Rs 2412 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 179 crores in the Indian equity market. 

Another important thing that has happened is INDIA VIX reaching 16.8, which is the year’s low! So, let’s expect very less volatility.

GDP data was announced yesterday and Q4 data was indeed better than expectations. FY 2020-21 data also came out to be near expectation.

As a new month is starting today, a lot of economic data will be announced. Stay tuned.

As said, I will be looking into the above mentioned heavyweights today. I feel the markets are looking positive but the upside should be limited this week. We may find good consolidation.

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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