News Shots

  • Lord & Taylor, the oldest US Department Store chain files for bankruptcy, due to the COVID-19 pandemic disruption. Read it along with e-tailers like Amazon growing exponentially during the same times.
  • Wockhardt Pharma jumped by 10% after the company announced that its UK subsidiary will be manufacturing the AstraZeneca-Oxford University Covid-19 vaccines for the UK government.
  • Jubilant Life Sciences launched remdesivir for injection under the brand name ‘JUBI-R’ in the Indian market at a price of ₹4,700 per vial of 100 mg. For perspective, Cipla’s remdesivir drug costs Rs 4,000 per vial.
  • Moody’s Investors Service has upgraded YES Bank’s long-term foreign-currency issuer rating after the bank’s equity capital raise of Rs 15,000 crore. The outlook on the private lender’s ratings has been changed to stable from positive.
  • The National Bank of Bahrain (NBB) has chosen Infosys Software – Finacle to digitally transform its transaction banking business.
  • Bank of India is planning to raise Rs 7000-8000 crore in combination of equity and bonds to boost capital even as it steps up recovery to improve earnings.
  • Alembic Pharma QIP issue opens today, floor price set at Rs 980.75 per share. 
  • Q1 Results Announcement Today:
    • Godrej Consumer Products
    • Tata Consumer Products

What to expect today?

  • Yesterday, NIFTY crossed major supports and closed below 10,900. But, as we discussed, there is major support between 10,850 and 10,900. Once again, the downward movement was concentrated and led by few heavyweight stocks. Reliance and HDFC Bank again fell more than 2.5% thereby dragging NIFTY down. In fact, the other major banks also joined the party yesterday.
  • Global and local cues are mostly positive. The downfall, or the retracement should end soon. The retracement is mostly attributed to fall in heavyweights and general profit booking.
  • US Markets are up. Asian markets are up. SGX NIFTY is currently trading higher at 10,946, indicating a gap up opening in the Indian Market!
  • NIFTY is likely to trade between 10,850 and 11,100 today. There is support at 10,870 and 10,830 and resistance at 11,000 and 11,100.
  • Highest Call Open Interest at 11,000, followed by 11,300. Highest Put Open Interest at 11,000, followed by 10,500. 
  • Foreign institutional investors (FIIs) bought shares worth Rs 7,818.49 crore while domestic institutional investors (DIIs) sold shares worth Rs 135.55 crore in the Indian equity market.
  • Pharma can still do well. Banks need to be in continuous watch. Once they get support, we can expect a huge rally as they have been underperforming since long.