News Shots

Paytm board will meet over a virtual meeting to give their go-ahead for a Rs 21,000 crores initial public offering (IPO), making it the biggest in India’s history.

An MOU has been signed between Bharat Biotech International and Gujarat Covid Vaccine Consortium for contract manufacturing the drug substance for Covaxin. GCVC comprises Gujarat Biotechnology Research Centre, Hester Biosciences and Omnibrx Biotechnologies. Hester has estimated an outlay of Rs 40 crore for this project.

TCS completed the acquisition of GE’s stake in Tata Consultancy Services Saudi Arabia.

Navneet Education approved buyback of shares from the open market at a maximum price of Rs 100 per share for an aggregate amount of up to Rs 50 crore.

UCO Bank approved raising up to Rs 3000 crore equity capital via Follow on Public Offer, Qualified Institutional Placement, preferential issue etc.

The casinos operated by Delta Corp and its subsidiaries in Goa will remain closed till June 15 as the state government has extended the lockdown due to a surge in Covid-19 cases.

Sun Pharma reported an over two-fold jump in consolidated net profit to Rs 894.15 crore for the quarter ended March 2021.

Eicher Motors reported a 73 per cent jump in consolidated profit after tax at Rs 526.14 crore.

Dixon Technologies reported a 60.48 per cent increase in consolidated net profit at Rs 44.26 crore.

Tyre maker Goodyear India reported over threefold jump in its profit after tax (PAT) to Rs 43.22 crore.

“Jockey” brand manufacturer Page Industries reported nearly four-fold jump in its net profit at Rs 115.56 crore.

Some major Q4 result announcements today:

  • Mahindra & Mahindra
  • 3M India
  • REC
  • Ipca Laboratories
  • Sundaram Finance
  • Max Healthcare
  • Glenmark Pharmaceuticals
  • Aditya Birla Fashion & Retail
  • Indian Bank
  • City Union Bank
  • Sumitomo Chemicals

What to expect today?

Yesterday, NIFTY opened with a gap up and moved down suddenly to test 15,300. There was huge volatility owing to the monthly expiry. NIFTY moved up to 15,360, then down to 15,270 and finally shot up to 15,380. You can read all about yesterday’s movements here.

BANK NIFTY moved more than NIFTY. BANK NIFTY moved up and tested 35,000 with the support of up moves in Kotak Bank and SBI. 35,000 couldn’t be broken first but finally it was broken and BANK NIFTY closed 1.18% up at 35,095.

PSU BANKS and BANKS had a great day yesterday. NIFTY IT also moved up.

The European markets closed flat but if you look at the charts you can see that they moved up throughout the day. The US markets closed absolutely flat.

U.S. weekly jobless claims hit fresh 14-month low as economic recovery looks strong. Also, Biden is reportedly set to unveil a budget that would take federal spending to $6 trillion in the coming fiscal year.

Asian markets are mostly up, with Japan trading nearly 2% up. European and US futures are up. SGX NIFTY is currently trading higher at 15,459 indicating a gap up opening in the Indian market. 

The immediate supports for NIFTY are at 15,360, 15,320 and 15,270.

The all-time high 15,430 can act as a resistance and above that NIFTY is in unchartered territories. 15,500 can act as a resistance.

35,200 is an important resistance to be watched out for in BANK NIFTY, above which it can show more strength. 

BANK NIFTY has support at 34,400-500 and 34,100.

For next week’s expiry, we can see more put contracts than call contracts indicating the strength in the market.

Foreign institutional investors (FIIs) net sold worth Rs 600 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 112 crores in the Indian equity market. 

So, NIFTY reaching all time high again! I hope you are happy looking at your swing trades and long term investments. When an important level like all time high is reached, it is natural for the market to further breakout from there or undergo minor profit booking. Let’s see what will happen.

Today’s movement will set the course for the market for the next week.

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