News Shots

Ethos will make its debut on Dalal Street on Monday. The company’s Rs 472.29 crore IPO was open for subscription between May 18-20 as the company sold its shares in the range of Rs 836-878 apiece. The issue was overall subscribed 1.04 times only.

Mahindra & Mahindra reported nearly five-fold jump in standalone profit at Rs 1,192 crore for the quarter ended March 31, 2022. The company had posted a profit of Rs 245 crore for the year-ago period.

On the back of the best-ever price it earned on crude oil it produces, ONGC reported a record net profit of Rs 40,305 crore in the fiscal year ended March 31.

DLF achieved a 10 per cent growth in its rent income at Rs 3,350 crore during last fiscal year, mainly on the back of recovery of business at its shopping malls. DLF holds the bulk of its rent-yielding commercial properties in DLF Cyber City Developers (DCCDL).

United Spirits reported a 12.14 per cent decline in consolidated net profit at Rs 178.6 crore for the fourth quarter ended March as margins were impacted by rising inflation. The company had posted a net profit of Rs 203.3 crore in the year-ago period.

Sun TV Network reported a 15.92 per cent decline in consolidated profit after tax at Rs 410.17 crore in the fourth quarter ended March 2022. The company had posted a consolidated profit after tax of Rs 487.86 crore in the same quarter previous fiscal.

Oil India reported its highest-ever quarterly net profit in the three months to March as it got nearly USD 100 per barrel price for oil produced and sold. Net profit at Rs 1,630.01 crore in January-March was almost double of Rs 847.56 crore profit in the same period of last year.

What to Expect? 

NIFTY opened with a gap-up at 16,300 on Friday and moved down. Taking support above 16,200, the index moved higher giving a follow-up for Thursday. The index closed the day at 16,352, up by 182 points or 1.13%.

BANK NIFTY opened with a gap-up at 35,335  and moved higher. Taking support at 35,400, the index continued the rally and BNF closed at 35,613, up by 518 points or 1.48%.

IT moved up by 2.5%.

The US markets continued the recovery. The  European markets also closed in the green.

The Asian markets are trading higher with NIKKEI 2% in the green. The U.S. Futures and the European futures are slightly higher.

SGX NIFTY is trading at 16,490 indicating a gap-up opening. 

NIFTY has supports at 16,300, 16,240, 16,000 and 15,900. We can expect resistances at 16,400, 16,450, 16,600 and 16,680.

BANK NIFTY has supports at 35,400, 34,800 and 34,400. Resistances are at 36,000,, 36,400 and 36,800.

INDIA VIX is at 21.5.

Foreign Institutional Investors net sold shares worth Rs 1,900 crores. Domestic Institutional Investors net bought shares worth Rs 2,700 crores. 

The global markets are in the recovery mode with the US markets moving higher by more than 6% last week. Our markets were crazy by falling heavily in the first half followed by a stellar recovery on Thursday. So, make sure that you are in safe positions and trade with fewer quantities due to volatility.

It is a holiday for the US markets on account of Memorial day. We will miss cues from the US.

As NASDAQ is shooting up, we can expect a continuation in the recovery of the IT stocks provided NIFTY does not take a major resistance.

There is a gap to be filled in NIFTY and it is a wide range of nearly 200 points. Let us see if NIFTY can fill the gap this week. You can expect sharp corrections as well.

This week, I will be watching 16,500 on the upside and 16,200 on the downside.

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