News Shots

Ashok Leyland has decided to form two new subsidiaries. The first unit is being formed to carry on the electric vehicle strategy in India and forms part of its global entity. The second subsidiary will focus on providing mobility as a service offering.

Mahindra & Mahindra (M&M) has tied up with its vehicle recycling arm Cero to offer the option of scrapping to its customers trading in their vehicles older than 15 years at its showrooms.

IDFC First Bank has raised Rs 3,000 crore through QIP in which global marquee investors like BNP Paribas and Baillie Gifford participated alongside domestic players such as Bajaj Allianz Life and HDFC Life.

Muthoot Finance to raise Rs 1,700 crore through public issue of secured redeemable NCDs. The issue will open today and close on April 29. The funds raised through this issue will be utilised primarily for lending activities of the company.

UCO Bank has approved allotment of preference shares to the government for infusing Rs 2,600 crore capital.

Computer Age Management Services (CAMS) has unveiled an e-KYC facility using an one time password based Aadhaar verification to serve the new mutual fund investors.

Jindal Steel & Power has expressed interest to set up a container manufacturing unit at Paradip, as part of its commitment to ‘Atmanirbhar Bharat’ and ‘Make in Odisha’ initiatives.

Bharti Airtel has launched ‘Airtel loT’ – an integrated platform that enables enterprises to harness the power of Internet of Things and be ready for the emerging era of connected things. Airtel loT is an end-to-end platform with the capability to connect and manage billions of devices and applications in a secure and seamless fashion.

What to expect today?

Yesterday, thanks to the RBI Policy Announcement which came out good, NIFTY moved up strongly and closed just below the important support of 14,880-900. You can read all about yesterday’s movements here.

Bank Nifty was even more bullish after the event and crossed 33,000. It took a perfect resistance at 33,200 and ended up closing just below 33,000.

All the sectors did well yesterday with banks leading from the front.

FTSE continues having great strength in Europe. The US markets after moving up strongly in the last few days and reaching all time high, consolidated at the same levels.

In the US, the minutes of the Federal Reserve’s latest policy meeting revealed that the officials are wary about the ongoing risks of the coronavirus pandemic and are committed to bolstering the economy until its recovery is more secure. This has brought in lots of positivity into the market.

Asian markets are mostly positive. US and European Futures are also up. SGX Nifty is currently trading higher at 14,930 indicating a gap up opening in the Indian market.

We know 14,900 is a strong resistance for NIFTY which has been tested 4 times in the last few weeks. This time it seems that NIFTY will break it and move past 15,000 in the days to come.

If the gap up opening today is above 14,900, NIFTY may come down and test 14,880-14,900 once before moving up. That is, if 14,900 is sustained, then we may see a larger up move.

Talking about today’s expiry, there is a huge call OI buildup at 15,000 and that can lead the market to expire under 15,000 but OI isn’t everything. FIIs also turned buyers yesterday which is a sign that the market can go up.

NIFTY has strong resistances at 14,900, 15,000 and 15,100. BANK NIFTY has good resistance at 33,200. BANK NIFTY has to sustain above 33,800 to be back into bullish momentum.

The next supports for NIFTY are at 14,750, 14,650 and 14,600 while for Bank Nifty, they are at 32,500 and 32,300.

Foreign institutional investors (FIIs) net bought worth Rs 227 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 381 crores in the Indian equity market.

The highest call OI build up is at 15,000 followed by 15,200. The highest put OI buildup is currently at 14,000 followed by 14,500. Heavy put buildup has happened at 14,500, 14,600 and 14,700 yesterday. 

Again, let’s see how NIFTY respects 14,900. If it is broken from the top and NIFTY is moving down, I’ll be happy to sell calls above 15,000.

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