News Shots

Aether Industries will make its debut on the bourses on June 3. The issue price has been fixed at Rs 642 per share.

Elevation Capital V FII Holdings sold a 2.16 percent equity stake in Fiem Industries via open market transactions on June 1. With this, its shareholding in the company stands reduced to 6.59 percent, down from 8.75 percent earlier.

Promoter Sadhanala Venkata Rao offloaded a 7.75 percent equity stake in Pharmaids Pharmaceuticals via open market transactions on June 2. With this, Rao’s shareholding in the company stands reduced to 22.39 percent, down 30.14 percent earlier.

Promoter Rameshchandra Chimanlal Shah and persons acting in concert (PACs) acquired 4.25 lakh equity shares in Prudent Corporate Advisory Services via open market transactions on June 2. With this, their shareholding in the company stands increased to 57.81 percent, up from 56.78 percent earlier.

UltraTech Cement announced Rs 12,886 crore towards increasing capacity by 22.6 mtpa with a mix of brownfield and greenfield expansion. This would be achieved by setting up integrated and grinding units as well as bulk terminals. The additional capacity will be created across the country. Commercial production from these new capacities is expected to go on stream in a phased manner by FY25.

MTAR Technologies has entered into a Share Purchase Agreement with sellers and GEE PEE Aerospace & Defence Private Limited for the acquisition of 100 percent stake in GEE PEE Aerospace & Defence. The acquisition cost is Rs 8.82 crore.

What to Expect? 

NIFTY opened with a gap-down at 16,496, took support at previous day-low and moved higher. Though there was a large pull-back, the index continued the up-trend. NIFTY closed a 16,628, up by 105 points or 0.64%.

BANK NIFTY opened with a gap-down 35,522 and consolidated. There was finally a breakout but the magnitude was small. BNF closed flat at 35,613, down by 7 points or 0.02%.

IT moved higher.

The US markets moved higher. The  European markets also closed in the green.

The Asian markets are mixed with NIKKEI trading in the green. The Chinese markets are on holidays as it is Dragon Boat Festival. The U.S. Futures and the European futures are flat to green.

SGX NIFTY is trading at 16,789 indicating a gap-up opening. 

NIFTY has supports at 16,610, 16,570 and 16,510. We can expect resistances at 16,700, 16,850 and 16,920.

BANK NIFTY has supports at 35,500, 35,350 and 35,000. Resistances are at 35,750, 36,000 and 36,300 .

INDIA VIX is at 20.8.

Foreign Institutional Investors net sold shares worth Rs 450 crores. Domestic Institutional Investors net bought shares worth Rs 130 crores. 

After a long time, NIFTY saw a bullish expiry day. There was a proper up-trend though there was a large pull-back even crossing 16,500 on the downside. 16,700 will be a major hurdle for NIFTY.

The financial stocks were underperforming unlike the previous week. Reliance was very bullish. Let us watch HDFC twins and Reliance today.

There is bullishness indicated by Sgx Nifty. The western markets also were positive with US markets shooting up later. However, the question is if the up-move is sustained for some days. We have been seeing sharp sell-offs as soon as major resistance levels are reached.

Note that the reason for positivity in NIKKEI is the Services PMI data that has indicated the fastest growth in the last sixth months.

I will be watching 16,700 on the upside and 16,500 on the downside.

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